TipRanks has compiled a list of Tuesday’s biggest pre-market stock movements.
Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
Five Biggest Movers
Biopharmaceutical company BeiGene, Ltd. (BGNE) was the biggest gainer in pre-market trading, recording gains of 14.91% at the time of writing. There is no fundamental news to explain the trading frenzy. It seems that the recent initiation of coverage on BeiGene by CMB International Securities analyst Jill Wu with a Buy rating and a price target of $248.52 sparked investor optimism.
Sun Life Financial Inc. (SLF) jumped 11.12% in pre-market trading at the time of writing. Recently, the stock price of a Canadian financial services company moved below its 200-day moving average during trading.
The ultra-low-cost carrier Spirit Airlines, Inc. (SAVE) gained 12.27% in pre-market trading, at the last check. Positive sentiment followed the revised takeover offer from JetBlue Airways (JBLU) for $33.50 per share, which represents a 68% premium to Frontier’s (ULCC) offer.
Doximity, Inc. (DOCS), a digital platform for U.S. medical professionals, surged 9.18% in pre-market trading at last glance. The uptrend followed a 4.6% jump in stock price at Friday’s close. The company’s strong fundamentals seem to drive positive momentum.
China-based KE Holdings Inc. (BEKE) completes the list. It surged 8.63% in pre-market trading at the time of writing, after recording gains of 6.65% at the last check. Recently, Citigroup analyst Harry Chen initiated coverage on KE Holdings with a Buy rating and a price target of $22.50.
Chen commented, “Early beneficiary from market recovery; cash-rich B/S, +OCF & buyback protect downside; 90-day positive Catalyst Watch: As China’s top property agency platform (‘22E 31% share for existing homes), Beike should be an early gainer from a sales turnaround (est. flattish GTV in 2H), led by existing homes in T1/2 post easing and then a pick-up in new sales in 4Q.”
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers.