Up and Down- 24/7 Market News Wrap 14 Dec 2023
DENVER, Colo., Dec. 14, 2023 (247marketnews.com)- 24/7 Market News covered the following companies today; C4 Therapeutics Inc. (NASDAQ:CCCC), Aditxt Inc (NASDAQ:ADTX), Siyata Mobile (NASDAQ:SYTA), Freight Technologies, Inc. (NASDAQ:FRGT)
Volume Plays
Our day started by reminding readers that multiple low-float listings are trading oddly, including C4 Therapeutics Inc. (NASDAQ:CCCC), Aditxt Inc (NASDAQ:ADTX), and Siyata Mobile (NASDAQ:SYTA), and their days were very dissimilar.
We covered C4’s exclusive licensing agreement with Merck (NYSE:MRK) news, yesterday, when it was trading at $1.89 a share. After 4C hit a high of $6.03 it pulled back to close at $5.51, up $3.17 (+135.47%), on 223.3M shares traded, so it churned through its 42 million share float more than 5.5 times.
Since so many traders thought that they missed the top, we decided to explain that it was impossible for many of the short trades to cover, so C4 would likely make another run and we were glad to see it hit $8.37 this morning, but the volume dropped and the price followed. C4 closed today $5.01, down $0.50 (-9.07%), on 161.3M shares traded.
The trading volume over the past two days means that every share in C4’s float exchange hands between nine and tin times, which is odd. That combined with Stifel upgrading C4 to “buy” with a $12 price target is enough to warrant keeping this on your trading screens.
After Aditxt Inc (NASDAQ:ADTX) shares hit a $9.50 high, this week, it closed today at $5.25, down $1.04 (-16.53%), on 556K shares traded.
Aditxt’s volume today is more than its float, so the previous two days’ volume means that every share exchanged hands over 65 times this week. It’s basically impossible that the shorts covered, so the analysts’, from Dawson James and H.C. Wainright, “Strong Buy” consensus is something that investors should investigate.
Siyata Mobile (NASDAQ:SYTA) shares have been consolidating in the $3 range since the company’s recent recapitalization and reorganization. The company’s float is just over 500K shares and it churned through its float multiple times recently, so today’s trading signals that something big should happen in the upcoming sessions, as Siyata close near today’s high, at $3.49, up $0.58 (+19.93%), on 81K shares traded.
Freight Tech
We then covered Freight Technologies (NASDAQ:FRGT), which reported that Amazon Mexico renewed selection of its Fr8App logistical solutions, when it was trading at $0.4554, up $0.1759 (+62.93%), on 7.4M shares traded.
Freight opened the regular session at $1.20 and, despite trading halts, raced to $1.40, but the continued trading halts were too much and it closed at $0.5997, up $0.3202 (+114.56%), on 188.1M shares traded.
Follow throughs
A number of issues that we covered yesterday followed through today, which is why we’re so insistent about keeping these on your screens.
We covered Shattuck Labs (NASDAQ:STTK), which reported positive data from its ongoing Phase 1A/B clinical trial, when it was trading at $2.88, up $0.77 (+36.49%), on 1.8M shares traded, and stated that it could set a new 52-week high price. Shattuck hit a new 52-week high, $5.4199, a few minutes into the regular trading, but 30 minutes later was trading at $3.67, before it made a nice run for the remainder of the session, closing at $4.86, up $2.75 (+130.33%), on trading volume of 56.8M shares.
Today Shuttuck hit $7.50, shortly before closing at $6.96, up $2.10 (+43.21%), on 21.7M shares traded.
Another easy trade that we spotted yesterday was ADC Therapeutics SA (NYSE:ADCT), which we covered when it was trading at $1.42, up $0.39 (+37.86%), on 4.9M shares traded. A rare NYSE mover, ADC made two easy tradable moves, with the second hitting $1.748, just before closing at $1.68, up $0.65 (+63.11%), on 7.7M shares traded.
Today it hit $1.8599, before closing at $1.79, up $0.11 (+6.55%), on 1.9M shares traded.
It still feels like, at least, one of these is going to turn into a big short squeeze, so keep these on your trading screens for the next week.
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