NASDAQ stocks are up again today as we get closer to inauguration day
The Dow nearly hit 20,000 this morning, the NASDAQ is approaching 5500 and the S&P is testing levels around 2270. This being the case, we’ve not only seen several stocks make even larger moves during the first half of the market’s trading hours. Looking at several companies, many being NASDAQ stocks, we’ve already noticed clear channel breakouts and continuation trends in the market today. Companies including Groupon Inc (NASDAQ:GRPN), Orexigen Therapeutics, Inc. (NASDAQ:OREX), and CymaBay Therapeutics Inc (NASDAQ:CBAY) have caught attention on Wednesday morning for those looking for NASDAQ stocks to buy.
Groupon Inc (NASDAQ:GRPN) has seen a significant decrease in share price over recent months, however the current trend that has been indicating a potential bull run shows a multi-day upswing in share price. Previous to this, shares of Groupon plummeted 40% since it reported Q3 EPS results on October 26. While the company continues to face “substantial fundamental challenges,” these now appear to be “largely priced in,” following the share price correction, RBC Capital Markets’ Mark Mahaney said in a report. “On the positive side, we have viewed the company’s successful efforts to streamline its International footprint and reduce its Goods Billings as fundamentally correct.”
Since hitting lows of $3.29 late last week, the NASDAQ stock has jumped by as much as 9%. This was after hitting highs on Wednesday of $3.59 before the lunch hour.
Orexigen Therapeutics, Inc. (NASDAQ:OREX) also caught our attention on Wednesday morning for NASDAQ stocks to watch. The company recently unveiled “Brains Behind Weight Loss,” a new, national direct-to-consumer advertising campaign demonstrating to patients how the brain plays an important role in weight loss. The campaign will underscore how CONTRAVE (naltrexone HCl/bupropion HCl), an FDA-approved prescription weight-loss medicine, is believed to work on two important areas of the brain – the hypothalamus (hunger center) to reduce hunger and the mesolimbic reward system to help control cravings. (The exact neurochemical effects of CONTRAVE leading to weight loss are not fully understood). Since the beginning of 2017 the stock is up more than 80% and sentiment continues to suggest that this latest move by the company could be a major catalyst behind the uptrend.
Finally, CymaBay Therapeutics Inc (NASDAQ:CBAY) has hit the scanners as a significant gap up with this NASDAQ stock put 2 day percentage points at nearly 60% and with a large influx of trading volume. Immediatley following Tuesday’s closing bell, the company announced that it has entered into an exclusive license agreement with Kowa Pharmaceuticals America, Inc. for the development and commercialization of arhalofenate in the United States.
Under the terms of the agreement, CymaBay will receive up to $15 million in upfront and near-term milestone payments and is eligible to receive up to an additional $190 million in payments based upon the achievement of specific development, regulatory and sales milestones.
This all having been said, it would appear that the early gains seen from increased post market activity on Tuesday may have subsided. Shortly after hitting highs of $2.85, stock prices have pulled back to as low as $2.37 leading into lunch.
We’re going to continue to put together mid-day reports covering some of the most active NASDAQ stocks and most active NYSE stocks in the market. If it’s trending, we want to have a finger on the pulse of the market so please stay tuned.
*Please note that we have not been compensated by any company mentioned to be included in this update.