TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Amid the ongoing tough environment, mixed market sentiment on earnings releases 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
Video game software development company Unity Software Inc. (U) was the biggest laggard in pre-market trading, plummeting over 23% in pre-market trading at the time of writing. Negative sentiment followed the company’s below-expectation revenue guidance for both Q2 2022 and full-year 2022 despite lower-than-expected first-quarter 2022 loss. For Q2 2022, the company expects revenue in the range of $290 million to $295 million, versus the consensus estimate of $360 million. Revenue for 2022 is anticipated in the range of $1.35 billion to $1.425 billion, falling short of analysts’ expectations of $1.5 billion.
Meanwhile, Chinese biopharmaceutical company Zai Lab Limited (ZLAB) surged 17% in pre-market trading at the time of writing. For Q1 2022, the company reported total revenues of $46.7 million, which more than doubled from the prior-year quarter’s results. Also, net loss per ADS came in at $0.86, much below the net loss of $2.64 per ADS recorded in the same quarter last year. Providing corporate updates, Zai Lab CEO Dr. Samantha Du said, “Today, Zai’s broad, proprietary pipeline consists of 11 assets with global rights.”
Coinbase Global, Inc. (COIN) lost 16% in pre-market trading at last glance. Investor confidence was shaken in the crypto exchange platform operator after it posted worse-than-expected Q1 2022 results and guidance, citing lower volatility impact and price of crypto assets as reasons.
Aggravating the situation, according to the company’s 10-Q filing, the company said, “Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.” Nevertheless, Coinbase CEO Brian Armstrong emphasized that the company has “no risk of bankruptcy.”
Evotec SE (EVO) dropped around 12.9% in pre-market trading at the time of writing after it recorded gains of 16.42% at Tuesday’s close. Investor anxiety followed the German biotech’s announcement to expand its partnership with Bristol Myers Squibb (BMY) in targeted protein degradation by eight years.
Israel-based ICL Group Ltd. (ICL), which is engaged in the manufacture and sale of chemicals and fertilizers, completes the list. It rose 10.3% in pre-market trading, at last check. Positive sentiment followed upbeat first-quarter 2022 results and a strong outlook provided by the company. For 2022, the company now expects adjusted EBITDA in a range of $3,500 million to $3,750 million. Raviv Zoller, the President and CEO of ICL, said, “We continued to focus on long term cash generation by innovating within our specialty businesses product portfolio and by driving cost efficiencies…We will continue to optimize our customer and supplier relationships, to manage through global supply challenges and to work to ensure consistent and reliable product supply for our customers.”
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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