Here are 6 notable stocks that made some big moves in the premarket trading session, turning heads among investors and analysts. Novo Nordisk, Whirlpool, and Sarepta Therapeutics have been surprising front runners. Their success is indicative of a powerful combination of momentum and a robust market response to what’s been happening lately.
Novo Nordisk, the world’s largest maker of diabetes treatments and new obesity drugs, saw its stock skyrocket. This increase came on the heels of the announcement of breakthrough results from their clinical trials. The good news, the company beamed, was that their new drug really, truly lowers blood sugar. On the patient side, people with type 2 diabetes are seeing stunning outcomes. That positive news has restored some investor confidence, sending the stock price up nearly 5% in pre-market trading. Analysts predict that if these results are validated in broader trials, Novo Nordisk could solidify its position as a frontrunner in diabetes management solutions.
Whirlpool saw its stock price drop before the market opened. The appliance manufacturer revealed disappointing quarterly earnings that fell short of analysts’ expectations. Some of the issues leading to this poor performance were supply chain interruptions and increased material costs that have impacted manufacturing efficiencies. Whirlpool’s shares dropped by nearly 4%. This drop forced investors to re-evaluate the company’s economic prospects during a time of unprecedented economic crisis.
Sarepta Therapeutics seized market headlines last week with its stock jumping after getting a key regulatory nod. This week, the biotech company celebrated its achievement in obtaining Orphan Drug Designation from the United States Food and Drug Administration (FDA). The designation is for its front running gene therapy product candidate, which is aimed at treating Duchenne Muscular Dystrophy (DMD). With this designation, Sarepta’s competitive market position is greatly enhanced. It unlocks access to tangible post-approval benefits such as tax incentives and market exclusivity. As a result, shares skyrocketed by about 6% in premarket trading.
Other stocks showing significant momentum included the technology sector. All of these companies experienced increased demand for their products and services as remote work and digital transformation trends continued to accelerate. Developments like this have investors on the edge of their seats, as they may be signs of changing consumer priorities in a post-pandemic landscape.
Market analysts believe that the volatility we’ve seen in premarket trading is indicative of larger economic concerns. Despite a cooling inflation rate, upcoming interest rate hikes, and the ongoing Russia-Ukraine war keep shrouding investor sentiment in uncertainty. As earnings season rolls on, companies will get more specific about their performance and what plays into their strategy going forward.