Biotech stock soars 195% on FDA green light 🚀

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. It's Tuesday, September 26th. I hope you have a great day. Now, let's get ready to trade! Markets 📈 Stocks kicked off the trading week with modest gains on Monday. The Nasdaq, S&P 500, and Russell 2K added 0.4%, while the Dow trailed with a 0.1% advance. Today, S&P 500 futures are down 0.3% in early premarket trading Sponsored [The AI Singularity Clock Is Ticking]( The dot-com crash… the COVID crash… but we've still never seen anything like what's next for artificial intelligence in the next few months. It's called the Singularity – and it refers to the exact millisecond when AI breaks free from its shackles to grow BILLIONS of times more powerful than humans. [Click here to get on the right side of this historic event.]( Premarket Highlights 🔎 ⚪ None No major news to report in today's premarket. What to Watch Today 👀 Housing Market Update With mortgage rates soaring and inventories crashing, the housing market is feeling the pressure from higher rates. Today, we'll get updated data on the S&P Case-Schiller Home Price Index and new home sales that could shed some light on the current state of the residential real estate market. With mortgage rates recently eclipsing the 8.0% mark, it'll be interesting to see how higher rates are impacting home prices. Major Earnings 💰 Cintas Corporation [CTAS] ... AM Ferguson Plc [FERG] ... AM TD Synnex Corporation [SNX] ... AM United Natural Foods, Inc. [UNFI] ... AM Costco Wholesale Corporation [COST] ... PM Progress Software Corporation [PRGS] ... PM AAR Corp. [AIR] ... PM Millerknoll, Inc. [MLKN] ... PM Mei Pharma, Inc. [MEIP] ... PM Economy 🏗 - S&P Case-Shiller home price index [Jul] ... 9:00a - New home sales [Aug] ... 10a - Consumer confidence [Sep] ... 10:00a Running Hot 🔥 Gainers - Tharimmune [THAR] >> +56.3% - Avalo Therapeutics [AVTX] >> +28.1% - 7GC Holdings [VII] >> +31.5% - Infobird [IFBD] >> +24.2% Decliners - Transcode Therapeutics [RNAZ] >> (69.8%) - Conduit Pharma [CDT] >> (20.0%) - PolishedCom [POL] >> (19.4%) - United Natural Foods [UNFI] >> (19.3%) Garmin [GRMN] - Last Close: $105.40 An industry award is lifting shares of Garmin. This morning, the GPS pioneer was named the 2023 Manufacturer of the Year by the National Marine Electronic Association. Garmin received the award at the NMEA's annual conference in Orlando, FL last week. Manufacturer of the Year honors are awarded to companies based on excellence in product service and support in the field. GRMN is leading the S&P 500 with a 2.8% gain on the news. My Take: GRMN is having a lot of trouble breaking through $107.50. It's currently above that mark, and, if it can hold on through the close, it could find new support at this level. Immunovant [IMVT] - Last Close: $20.28 Immunovant is trending after a clinical update. This morning, the small-cap biotech firm said IMVT-1402 produced a reduction in Immunoglobulin G in a Phase 1 trial. The drug candidate is currently being study as an inhibitor with a potential use in treating autoimmune diseases. IMVT-1402 also showed similar or greater potency compared with batoclimab, another candidate from Immunovant. IMVT is one of today's top stocks with a 63.9% gain on active trading volume. My Take: IMVT has been volatile as of late, but it has a solid positive trend line even before today's rally. Now, it's on pace to set a new 52-week high. There could be more gains ahead, but be wary of a pullback. Soleno Therapeutics [SLNO] - Last Close: $4.43 Soleno Therapeutics is also racking up gains after a clinical update. The tiny biopharma firm announced positive, statistically significant top-line data from a randomized study of DCCR for Prader-Willis syndrome. The study, dubbed C602, met its primary endpoint by producing a significant change in AQ-CT compared to placebo. Soleno CEO Anish Bhatnagar said the study's findings will support the filing of a new drug application with the FDA by the middle of next year. SLNO is a breakout performer this morning, with a 145.8% gain on elevated volume. My Take: It sounds like this study set SLNO up for a potential drug approval down the road, but it will take some time for the entire regulatory process to shake out. I expect we'll see some volatility here in the coming days and weeks. Femasys [FEMY] - Last Close: $0.3316 Femasys is rallying after an FDA green light. Monday evening, the micro-float biotech said it received clearance from the FDA to begin marketing its innovative FemaSeed infertility treatment. The FemaSeed intratubal artificial insemination procedure has already been approved in Canada. The procedure also works with Femasys' FemVue FDA-cleared diagnostic device for in-office ultrasound assessment of Fallopian tubes. FEMY tripled on the news, but it's beginning to pull back. Shares are currently up 195.9% on active elevated premarket trading volume. My Take: This could be a game-changing procedure for FEMY. I wouldn't be surprised if there are some Big Pharma players eyeing it for a potential acquisition. This stock could be an excellent speculative biotech play. That's it for today! Thanks for reading, and good luck out there! Best Regards, Chris D. -- Elite Trade Club P.S... Want alerts delivered straight to your cell every morning for free?* Text ELITE to 47121 to sign up now and get our watchlists sent directly to your phone! 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