WISCONSIN (CoinChapter.com) — The tech-heavy NASDAQ led the morning gains, up about 0.5%, while the S&P 500 gained around 0.3% just after the opening bell. The Dow Jones Industrial Average was relatively flat.
Here are the five best stock market gainers:
Fulcrum Therapeutics Inc. (NASDAQ: FULC)
Fulcrum Therapeutics Inc. (NASDAQ: FULC), a clinical-stage biopharmaceutical firm dedicated to enhancing patients’ lives with genetically defined rare diseases, made an important announcement today, sending the stock price higher.
The US Food and Drug Administration has lifted the clinical hold on the Investigational New Drug application for FTX-6058, a potential treatment for sickle-cell disease. This development marks a key step in the advancement of this promising therapy.
VinFast Auto Ltd. (NASDAQ: VFS)
VinFast Auto Ltd. (NASDAQ: VFS) shares experienced a significant surge in their NASDAQ debut for Vietnam on Tuesday.
Following its $23 billion backdoor listing, the Vietnamese electric vehicle maker witnessed its stocks open at $22, more than double the $10 per share agreed with its SPAC partner, Black Spade Acquisition.
The company, which has yet to post a profit, saw its stock soar further during the session to $23.65, which raised its valuation to a staggering $85 billion. This surge in VinFast’s shares occurs as the startup anticipates raising money from global investors within the next 18 months.
Fabrinet (NYSE: FN)
Fabrinet (NYSE: FN) announced a post-close Monday per-share earnings of $1.86 in the fourth quarter of 2023, marking a substantial increase from the $1.68 reported in the same period last year. However, these figures are adjusted and not directly comparable with analyst estimates or previous periods.
The company’s revenue also rose significantly to $655.9 million, surpassing estimates by $14.5 million and last year’s revenue of $587.9 million. This positive financial performance increased Fabrinet’s stock, up 26.63% to $147.88 on Tuesday.
Despite this, the faster expansion of Fabrinet’s revenue than its earnings indicates a potential contraction in profit margins.
2U Inc. (NASDAQ: TWOU)
2U Inc. (NASDAQ: TWOU), the global online learning platform edX’s parent company, had no news to report Tuesday.
The most recent news of significance was 13 days ago when the company announced its financial and operating results for the second quarter of 2023. Despite a decrease in revenue from $241.5 million in Q2 2022 to $222.1 million in Q2 2023, there was a strategic update.
The 16% revenue drop in the Degree Program Segment, which equates to $23.6 million, is largely due to a decrease in full course equivalent enrollments. This decline primarily reflects the strategic transition to a new marketing framework in mid-2022.
However, it’s worth noting that the Alternative Credential Segment saw a revenue increase of $4.2 million, indicating promising growth potential.
Ultralife Corp. (NASDAQ: ULBI)
Ultralife Corp. (NASDAQ: ULBI) stock increased on Tuesday morning, with a 7.23% rise in pre-market trading. Over the past month, Ultralife Corp’s stock has risen by an impressive 60.40%.
Analysts have given ULBI a strong buy recommendation on average, demonstrating optimism about the stock’s future performance. The company has an average price target of $12.00, hinting at potential future growth.
The notable rise of Ultralife Corp. stock on Tuesday further cements its strong market position.
