24/7 Market News Wrap 2 Jan 2024
DENVER, Colo., Jan. 2, 2024 (247marketnews.com)- 24/7 Market News covered the following companies today; Longboard Pharmaceuticals Inc (NASDAQ:LBPH), Voyager Therapeutics Inc (NASDAQ:VYGR), Polished.com Inc (AMEX:POL), C4 Therapeutics Inc. (NASDAQ:CCCC), Siyata Mobile (NASDAQ:SYTA), and Merck (NYSE:MRK).
This year is starting out like last year ended, as the day belonged to low-float listings.
For example, even though we missed Longboard Pharmaceuticals’s (NASDAQ:LBPH) initial pop, we covered their news, that it’s preparing for its global Phase 3 program, after achieving positive topline data from the PACIFIC Study evaluating bexicaserin (LP352), when Longboard pulled back to $12.764, up $6.734 (+111.67%), on 2.68M shares traded.
We noted that it was already well above its 52-week price and trading volume highs, and it didn’t disappoint.
After hitting a premarket high of $19.70 and trading 6.75M premarket shares, it pulled back to open the regular session, five minutes later, at $18.48. The shorters were winning the initial battle and dropped the price to $16.20, but they began to lose control at about 11 a.m. and were being routed by early afternoon, on its way to a high of $25.8199, before closing at $25.10, up $19.07 (+316.25%), on 44.87M shares traded.
Today’s volume means that Longboard traded more than double its 21.44M shares outstanding and nearly triple its 15.04M shares in the float, which means that it’s very likely that Longboard may follow-through for additional gains.
No 24/7 Market News reader was surprised with how some of today’s other low-float listings, like Polished.com (AMEX:POL) and C4 Therapeutics (NASDAQ:CCCC), traded, as they’re a few of the low float listings that we been covering and stating that it had much more room to run.
Polished.com hit a high of $13.00 and closed today’s trading at $9.18, up $3.15 (+52.24%), on 19M shares traded. It’s about three times higher than when we first covered it and with 2.11M shares outstanding and 2.07M in the float, which mean that shorters still need to cover.
We’ve been covering C4 Therapeutics (NASDAQ:CCCC) since it announced its exclusive licensing agreement with Merck (NYSE:MRK) and Stifel upgrading C4 to “buy” with a $12 price target. It hit a high of $6.68 and closed at $6.52, up $0.87 (+15.40%), on 12.6M shares traded.
Siyata Mobile (NASDAQ:SYTA) is an ultra-low float listing reporting under 560K shares outstanding and about 574K shares in the float. Siyata traded, on average, its float every week in December, which is a very likely sign that shorters are desperate for shares and, if Siyata makes am impact announcement, it’s very likely that will push its shares much higher.
Siyata opened today at $4.16 and it closed at its high of the day, $4.66, up $0.29 (+6.89%), on 42.9K shares traded.
Voyager Therapeutics (NASDAQ:VYGR) was disappointing, considering this morning news and a setup, and seemed like it should have held more of today’s gains. It opened today regular trading at $10.53 and traded as high as $11.72, but closed at $9.00, up $0.56 (+6.64%), on trading volume of 12M shares.
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