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Whew! It’s a bloodbath out there — trade safe… Meanwhile, there are still some big movers today. Check ‘em out. And check US out in the Market Masters Trade Room 🔥.
(Don’t forget Jeff’s Bullseye is going out right before the market opens. What’s he gonna pick??? Get on his list quick to find out!)
FOCUS LIST🔎
ETHD – Up over 40% in the pre-market, as market turmoil has this inverse Ethereum ETF soaring
ZVRA – Up over 20% in pre after FDA Advisory Committee votes favorably that the data support Arimoclomol as effective treatment for patients with Niemann-Pick Disease Type C
MIRA – Up over 10% in pre after Ascendiant Capital initiates coverage on Mira Pharmaceuticals with Buy rating, announces price target of $11
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HOTLIST🔥
ETHD – Up over 40% in the pre-market, as market turmoil has this inverse Ethereum ETF soaring
ETHD is the Proshares UltraShort Ether ETF (ETHD). This is an inverse or short ETF which usually trades inversely to how Ethereum or the price of ETH is performing.
Crashes in Japanese markets this morning due to strengthening in the YEN have markets in turmoil before the open. Crypto has not been left unscathed and Ethereum/USD traded down over 20% in the pre-market.
Due to the large fall the Proshares UltraShort Ether ETF traded up over 40% in the pre-market this morning, making new all-time highs.
The first target for bulls is the pre-market high at $83.75.
Above it targets to the upside are $85, $90 and $100.
Below $83.75, targets to the downside are $80, $75 and $70.
I’d expect to see increased volatility today with the VIX at elevated levels and margin calls rampant throughout markets.
ZVRA – Up over 20% in pre after FDA Advisory Committee votes favorably that the data support Arimoclomol as effective treatment for patients with Niemann-Pick Disease Type C
Zevra Therapeutics, Inc. (ZVRA) discovers and develops various proprietary prodrugs to treat serious medical conditions in the United States.
In the after-hours on Friday, the company announced that he U.S. Food and Drug Administration (FDA) Genetic Metabolic Diseases Advisory Committee (GeMDAC) voted favorably (11 yes, 5 no) that the data support that arimoclomol is effective in the treatment of patients with Niemann-Pick disease type C (NPC).
The committee’s recommendation will be considered by the FDA as it completes its independent review of the Arimoclomol NDA; however, the feedback from the GeMDAC is not binding upon the Agency. The arimoclomol NDA has been assigned a Prescription Drug User Fee Act (PDUFA) action date of September 21, 2024.
ZVRA stock traded up over 20% in the pre-market in reaction to the news.
The $7.15 area has acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $7.50, $8, $9 and then the pre-market high at $9.44. Beyond that, $10.50 and $11.50 come into play.
Below $7.15, targets to the downside are $7, $6.50 and then a gap fill at $6.30 with $5.50 below that.
MIRA – Up over 10% in pre after Ascendiant Capital initiates coverage on Mira Pharmaceuticals with Buy rating, announces price target of $11
MIRA Pharmaceuticals, Inc. (MIRA) operates as a pre-clinical-stage pharmaceutical development company with two neuroscience programs targeting a range of neurologic and neuropsychiatric disorders.
One focuses on an oral Ketamine treatment and the other an oral pharmaceutical marijuana treatment.
In the pre-market this morning, it was reported that Ascendiant Capital initiated coverage on Mira Pharmaceuticals with a Buy rating and announced a price target of $11.
The price target represents an increase of over 400% of MIRA’s closing price on Friday of $2.17.
The stock traded up over 10% in the pre-market in reaction to the Buy rating and price target.
The $2.30 area has acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $2.40, $2.60 and then $2.80.
Below $2.30, targets to the downside are $2.20, a gap fill at $2.17 and then $2.
MARKET NEWS 📰
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