Shares of Nikola Corporation (NKLA) took a sharp dive on Monday, plummeting 10.4% to $7.28. The decline came after the company announced entering into a securities purchase agreement and filing for a mixed shelf offering. This move likely spooked investors, leading to the significant sell-off.
Meanwhile, the stock market saw several notable gainers. Alzamend Neuro, Inc. (ALZN) skyrocketed a staggering 262% to $7.37 after announcing a groundbreaking partnership with Massachusetts General Hospital. This partnership will see the two entities collaborate on a first-of-its-kind Phase II clinical study of AL001, a potential treatment for Post-Traumatic Stress Disorder (PTSD). The news sparked enthusiasm among investors, driving up the company’s share price considerably.
Another significant gainer was Virax Biolabs Group Limited (VRAX), which climbed 152% to $5.37. This surge can be attributed to the continued strength in vaccine and mpox-related stocks. The World Health Organization (WHO) last week declared mpox a global health emergency, fueling investor interest in companies involved in developing treatments and vaccines for the virus.
Applied DNA Sciences, Inc. (APDN) also saw impressive gains, rising 116% to $1.6903 after jumping 78% on Friday. The company’s strong performance suggests investor confidence in its potential.
Sonder Holdings Inc. (SOND) experienced a 66% increase to $4.36 following the announcement of a long-term licensing agreement with Marriott. This strategic partnership, combined with the securing of an additional $146 million in liquidity, boosted investor sentiment and propelled the stock upward.
Other notable gainers included Tonix Pharmaceuticals Holding Corp. (TNXP), GeoVax Labs, Inc. (GOVX), fuboTV Inc. (FUBO), Telomir Pharmaceuticals, Inc. (TELO), ALT5 Sigma Corporation (ALTS), Terran Orbital Corporation (LLAP), Maxeon Solar Technologies, Ltd. (MAXN), Sidus Space, Inc. (SIDU), Foghorn Therapeutics Inc. (FHTX), ZIM Integrated Shipping Services Ltd. (ZIM), MultiSensor AI Holdings, Inc. (MSAI), Xperi Inc. (XPER), Inozyme Pharma, Inc. (INZY), TG Therapeutics, Inc. (TGTX), Clover Health Investments, Corp. (CLOV), Valneva SE (VALN), Digital Turbine, Inc. (APPS), and e.l.f. Beauty, Inc. (ELF).
While many stocks experienced gains, some saw significant losses. Liquidia Corporation (LQDA) tumbled 39% to $8.63 after the FDA granted tentative approval of YUTREPIA inhalation powder for treating adults with pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. This news, while positive for the company’s future, appears to have disappointed investors who were expecting a full approval.
Theriva Biologics, Inc. (TOVX) shares dipped 30% to $0.1411 after announcing a 1-for-25 reverse stock split. This move, intended to increase the stock’s price, often signals financial distress and can negatively impact investor confidence.
Other notable losers included Cingulate Inc. (CING), Seelos Therapeutics, Inc. (SEEL), GD Culture Group Limited (GDC), Yunji Inc. (YJ), Genius Group Limited (NYSE GNS), Greenlane Holdings, Inc. (GNLN), Faraday Future Intelligent Electric Inc. (FFIE), Graphjet Technology (GTI), Zevra Therapeutics, Inc. (ZVRA), CompX International Inc. (CIX), ImmunityBio, Inc. (IBRX), Sweetgreen, Inc. (SG), and HP Inc. (HPQ).
The stock market remains volatile, with a mix of gainers and losers reflecting the diverse economic and industry landscape. As always, it’s crucial for investors to conduct thorough research and consult with financial advisors before making any investment decisions.
