Market News

These Stocks are the Biggest Pre-Market Movers on Wednesday

Story Highlights

Investors can use these insights to trade with precision today.

TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements. 

Company-specific news 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 

New Oriental Education & Technology Group Inc. (EDU), a provider of private educational services in the People’s Republic of China, was the biggest gainer in pre-market trading, which jumped 8.74% at the last check. The stock closed 24.39% higher yesterday. Following Beijing’s ban on companies that were making profits from teaching school curriculum subjects, New Oriental recently combined English-language learning with live-streamed e-commerce, which turned out to be a huge hit. Also, J.P. Morgan analyst Ds Kim upgraded the stock to a Buy from a Hold and lifted the price target to $24 (12.83% upside potential) from $14. 

Biopharmaceutical company Incyte Corporation (INCY) surged almost 7% in pre-market trading at last glance. The U.S. Food and Drug Administration’s (FDA) nod for OLUMIANT (baricitinib), a once-daily oral JAK inhibitor, pushed shares higher. OLUMIANT is the first-of-its-kind systemic medicine to treat adults with severe alopecia areata, discovered by Incyte and licensed to Eli Lilly and Company (LLY). 

Meanwhile, Cano Health, Inc. (CANO) lost 6.85% in pre-market trading at the time of writing. There is no company-specific news to explain the downtrend. However, it seems that the recent downgrade of the company’s rating to a Hold from a Buy by Bank of America Securities analyst Adam Ron raised investor concerns. 

Under Armour, Inc. (UAA) rose 5.71% in pre-market trading at the last check, after recording losses of more than 2% at Tuesday’s close. There is no fundamental news explaining the trading frenzy. 

Coinbase Global, Inc. (COIN) completes the list. The operator of a cryptocurrency exchange platform lost 5.3% in pre-market trading at the time of writing. Negative sentiment followed the news of the retrenchment of almost one-fifth of the company’s workforce due to the slump in its stock and crypto prices. According to a statement sent to employees, the cryptocurrency exchange is likely to reduce 18% of full-time jobs.

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… 

Read full Disclosure 

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More