FDA’s New Orphan Drug, Blockchain & Hot Tech
Welcome back to the Rude Awakening for Wednesday, March 31, 2021.
We’re halfway through a shortened trading week, as the markets close at 1pm ET for Good Friday.
The futures were very flat overnight, after a day of losses across the major indices.
Looking at our technicals as we always want to do, there are some sell signals kicking in now, but we are still in buy mode.
Despite the fact we keep hitting volatility, and it may feel rough out there, remember that the trend is still unequivocally bullish.
Where’s the Action?
As for stocks seeing the most action today…
We’ll start with Surface Oncology (Nasdaq: SURF).
Globe Newswire issued a press release, stating:
[SURF] today announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation for one of the company’s lead therapeutic candidates, SRF617, for the treatment of patients with pancreatic cancer…
Orphan Drug Designation is granted by the FDA to drugs or biologics intended to treat a rare disease or condition, defined as one that affects fewer than 200,000 people in the United States. Programs with Orphan Drug status receive partial tax credit for clinical trial expenditures, waived user fees and eligibility for seven years of marketing exclusivity.
This news has certainly helped to boost the stock in the after-hours market, and this is one to watch as we see how the day unfolds.
We also have some earnings trades to look at today…
The big one we have seen so much volatility on is Riot Blockchain, Inc. (NasdaqGS: RIOT). This is a blockchain company, so as you can imagine it’s moving up and down as much as triple-digit percentages in a matter of days.
Reporting earnings this morning, we can definitely expect to see some activity in this stock today. Writing right at the market open, it’s currently down over 2% in just the first minute of the trading session.
An oldie but a goodie for you is Micron Technology, Inc. (NasdaqGS: MU). MU has had a fantastic run up since October of last year, moving from the $50 level to almost double in price at $95. We then saw a recent and healthy pullback down to the $82 level.
MU is seeing a strong open to start the day, up nearly 1% in just the first couple minutes.
Have a great trading day, folks.
Editor, Rude Awakening