Today’s Top 5 Trades
DENVER, Colo., Dec. 12, 2023 (247marketnews.com)- The following companies are our five favorite trades of the day; Siyata Mobile Inc. (Nasdaq:SYTA), Aditxt Inc (NASDAQ:ADTX), C4 Therapeutics Inc. (NASDAQ:CCCC), IN8bio Inc. (NASDAQ:INAB), and Innoviz Technologies Ltd (NASDAQ:INVZ).
Siyata Mobile (Nasdaq:SYTA)
Siyata Mobile (Nasdaq:SYTA) published its year-end CEO message and it contained some gems. Siyata’s value proposition, current position, and prospects are attractive.
Siyata manufactures the only Mission Critical Push-to-Talk (MCPTT) cellular radio device currently offered by leading North American cellular carriers, as well as a growing number of top international carriers, and is rapidly becoming a global leader in the ever-growing Push-to-Talk Over Cellular industry with Next Generation Cellular Technology.
FINRA is reporting that the short share trades account for anywhere from 36-64% of the daily volume, meaning that around half of its trading volume during that timeframe were short sales that may not have covered yet, so there is probably a bunch of shares that need to be purchased. Since this has a low share float, of around 504K shares, that could be a very powerful driver, especially considering that it traded nearly twice its float in just one day last week.
Siyata laid a strong foundation this year, including a new factor funding vehicle that eliminates the cause for the biggest downward pressure on its stock and “Our number one goal in 2024 is to ramp up sales and reach profitability, which we are confident can be achieved. Based on our projected sales and carrier incentives, we are forecasting large-scale opportunities in different verticals including first responders, education, health care, security, utilities, hospitality and more.”
Siyata is now in an “extremely unique position; we’ve secured many of the world’s largest cellular carriers which understand that land mobile radio (LMR) is an antiquated and costly technology and are working hard to move this massive industry over to cellular technology. The carriers see an opportunity to offer our next generation product portfolio in this multi-billion-dollar market to their clients and light up their SIM cards in our devices. Fiscal year 2024 will continue to present growth opportunities for our company, as the carriers have clear incentives to sell our MCPTT devices to their enterprise and first responder customers.”
Aditxt Inc (NASDAQ:ADTX)
Aditxt Inc (NASDAQ:ADTX) is a great example of the low share float power, as it just announced that it entered into Definitive Agreement to acquire Evofem Biosciences. It also has around half a million shares in the float and quickly hit $5.86, up $2.06 (+54.21) on the news.
Its 52-week range is $3.2727 to $76.40 and its November 30 pop was similar to Siyata’s December 5 move.
Evofem posted $13.4 million in net sales of Phexxi for the first nine months of 2023 and Aditxt plans to quicken Evofem into the $27.7 billion global non-hormonal birth control market.
C4 Therapeutics, Inc. (NASDAQ:CCCC)
C4 Therapeutics, Inc. (NASDAQ:CCCC) stated, this morning, that it entered into an exclusive license and collaboration agreement with Merck to develop degrader-antibody conjugates (DACs), an emerging modality designed to selectively target and neutralize disease-causing proteins in cancer cells.
We covered C4T this morning at $1.54, up $0.36 (+30.51%), on 3.8M shares traded.
Its 52-week range is $1.06 to $9.41. This hit a new 52-week low last week and may be driven higher by short covering. This setup has been very kind to many traders over the past month.
IN8bio, Inc. (NASDAQ:INAB)
IN8bio, Inc. (NASDAQ:INAB) reported, after yesterday’s market close, positive updated data from its Phase 1 investigator-sponsored trial of INB-100 in patients with hematologic malignancies, which was presented in a poster presentation at the 65th ASH Annual Meeting & Exposition.
We covered IN8bio this morning when it, too, was at $1.54, up $0.26 (+20.31%), on 969K shares traded.
Its 52-week range is $0.65 to $3.9499. It’s trading at a multi-month high and can now begin to challenge its June trading levels, but the volume needs to pick up to have a chance and is probably a better scalp setup.
Innoviz Technologies Ltd (NASDAQ:INVZ)
Innoviz Technologies Ltd (NASDAQ:INVZ) made a massive move yesterday and is holding strong this morning. If it can form a base at this level, it could setup and ride another wave higher. Today’s $2.29 low or yesterday’s $2.30 close might be stop losses to consider.
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Few succeed in the stock market. Don’t trade if you’re not able to devote the necessary time. Earmark your surplus funds that you’re prepared to lose. Assess your risk appetite and set your stops accordingly, and honor your stop losses. Always employ loss limiting strategies. Be prepared to be blindsided by hidden risks, a bad company financing or other move can turn gains into losses.
Learn technical analysis, charting, patterns, and setups. Buying at the bottom and selling at the top is a myth. The middle half of a move is the sweet spot and learn how to exit a winning position, because trying to time the exact top can turn into big losses. Trade small and take advantage of small price move strategies, like scalping.
Remove emotional and psychological biases, and consider that you’re competing against professionals who’re deploying a number of powerful stock market tools. Successful traders make more on their winners than they lose on their losers. Learn how to interpret the ECN/Level 2 data.
The stocks and strategies discussed are simply ideas only and are in no way financial advice or recommendations. The author may or may not at any time be holding securities discussed. The author may or may not enter trades in the stocks mentioned. Some positions in mentioned stocks may already be held or are being adjusted or are simply examples, ideas or discussion topics. You are always trading at your own risk.
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