TipRanks has compiled a list of Monday’s biggest pre-market stock movements.
Mixed market sentiment on company-specific news, macro factors, and other variables seem to have dominated today’s stock market. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
HUTCHMED (China) Limited (HCM) was the biggest laggard in pre-market trading, plunging around 25% at the time of writing. Negative sentiment followed the issuance of a Complete Response Letter (CRL) by the U.S. Food and Drug Administration related to the New Drug Application (NDA) for surufatinib. The letter demanded a multi-regional clinical trial (MRCT) for obtaining U.S. approval.
The drug is designed to treat pancreatic (pNETs) and extra-pancreatic (non-pancreatic, epNETs) neuroendocrine tumors (NETs). According to the U.S. regulator, the current data package, which is based on two positive Phase III trials in China and one study in the U.S., are not adequate to get approval in the U.S.
Companhia Energética de Minas Gerais (CIG) declined 10.02% in pre-market trading at last glance. Though there is no company-specific news to explain the downward movement for the Brazilian power company, it seems that macro challenges have taken upon the stock.
Meanwhile, the provider of business and consumer banking services Hilltop Holdings Inc. (HTH) gained around 15.8% in pre-market trading, at last check. Positive sentiment followed the company’s announcement of the commencement of a modified “Dutch auction” tender offer. The offer indicates the purchase of common stock for cash up to $400 million at a price per share in the range of $28 to $32, excluding related charges.
Super Group (SGHC) Limited (SGHC) jumped around 7.5% in pre-market trading at the time of writing, after it dropped more than 6% at Friday’s close. There is no fundamental news to explain the trading frenzy. However, it seems that macro factors are driving volatility in the stock.
DISH Network Corporation (DISH), an American television provider and the owner of the direct-broadcast satellite provider Dish complete the list. It dropped around 6.8% in pre-market trading at the time of writing. The drop followed a 6.6% plunge in price at Friday’s close. The company inked a deal with Ceragon Networks Ltd. (CRNT), a global innovator and solutions provider of 5G wireless transport, under which the latter will provide ultra-high-capacity IP-50C microwave and IP-50E millimeter wave transport solutions to the former.
Continue to watch this space for possible volatility upon the market opens. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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