Why Arcutis Biotherapeutics Shares Are Trading Higher By Around 25%; Here Are 20 Stocks Moving Premarket
Portfolio Pulse from Avi Kapoor
Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares increased by approximately 25% in pre-market trading following the FDA's approval of its ZORYVE topical foam for seborrheic dermatitis. Other stocks experienced significant movement in pre-market trading, with various gainers such as Banzai International, Inc. (NASDAQ:BNZI) and losers like Minerva Surgical, Inc. (NASDAQ:UTRS), which intends to delist from Nasdaq.
December 18, 2023 | 1:10 pm
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POSITIVE IMPACT
Arcutis Biotherapeutics' stock rose by 25.3% in pre-market trading due to FDA approval of its ZORYVE topical foam for seborrheic dermatitis treatment.
FDA approval of a new drug is a significant positive catalyst for biotech companies, likely leading to increased investor confidence and demand for the stock in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Banzai International, Inc. shares increased by 120.8% in pre-market trading after completing a business combination with 7GC & Co.
Completion of a business combination can be a strong positive driver for a company's stock as it may lead to synergies and improved market positioning.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
Minerva Surgical, Inc. shares dropped 53.3% in pre-market trading as the company notified Nasdaq of its intent to voluntarily delist its common stock.
The intent to delist is typically viewed negatively by investors as it reflects potential issues with the company and can lead to reduced liquidity and investor exit.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 90