TipRanks has compiled a list of Friday’s biggest pre-market stock movements.
Today’s stock market seems to be dominated by company-specific news, earnings releases, and other variables. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
Late-stage biotechnology company Iovance Biotherapeutics, Inc. (IOVA) was the biggest laggard in pre-market trading, plunging around 46.4% in pre-market trading at the time of writing. Negative sentiment followed the company’s clinical’s results related to its experimental melanoma drug. It included a 29% objective response rate in one cohort of patients. Additionally, Iovance’s plans to file a biologics application to the U.S. Food and Drug Administration in August remain on track.
Clinical-stage oncology company Mirati Therapeutics, Inc. (MRTX) plummeted 20.5% in pre-market trading at the time of writing. The drop in price followed after the clinical trial data released by the company related to its oral KRAS inhibitor, adagrasib. It is designed to treat lung cancer patients with KRASG12C mutation. Though the drug reduced tumors in 44% of advanced lung cancer patients, it reflected significant side effects in 43% of them.
Another loser, The Gap, Inc. (GPS), the largest specialty apparel company in the United States, lost 18.3% in pre-market trading at last glance. The retailer posted lower-than-expected results for the first-quarter Fiscal 2022 and provided disappointing guidance for Fiscal 2022. For Fiscal 2022, the company now expects revenue to decline in the low to mid-single-digit range on a year-over-year basis. Adjusted EPS is expected in the range of $0.30 to $0.60, down from the prior range of $1.85 to $2.05. The consensus estimate is pegged at $1.30.
Meanwhile, online sports betting and gaming operator Super Group (SGHC) Limited (SGHC) was the biggest gainer in pre-market trading, surging 14.1% at the time of writing. Recently, the company reported strong first-quarter 2022 results. Revenue jumped 7% year-over-year to €334.5 million, while adjusted EBITDA increased 14% to €61.5 million.
Dell Technologies Inc. (DELL) completes the list. The multinational information technology company that provides hardware and software services solutions rose 12.2% in pre-market trading at the time of writing. Better-than-expected results for the first quarter of Fiscal 2023 sparked positive sentiment. Elevated demand for enterprise computing hardware and strong sales of commercial PCs aided results. The company also updated its guidance.
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