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Traders witnessed an explosive rally among several stocks today, with Soleno Therapeutics $SLNO leading the charge, soaring 42.35% to $69.71. The biotech firm secured a game-changing FDA approval for Vykat XR, its first commercial treatment for Prader-Willi syndrome, a rare genetic disorder. The approval sent investors rushing into the stock, betting on strong future revenues. Additionally, options data revealed heightened institutional interest, with whales positioning bets between $45 to $85, suggesting further upside potential.
Another standout performer was Concentrix ($CNXC), which jumped 38.34% to $63.20 after delivering better-than-expected earnings. The company reported Q1 EPS of $2.79, smashing analyst estimates of $2.58, while revenue of $2.37 billion exceeded expectations. Concentrix also raised its fiscal 2025 revenue outlook, signaling confidence in future growth. This bullish guidance fueled the stock's momentum, attracting traders looking for a strong earnings-driven play.
Nano-cap Dermata Therapeutics ($DRMA) surged 21.48% to $1.64 following positive results from its Phase 3 STAR-1 trial for Xyngari, a once-weekly acne treatment. The drug met all primary endpoints with a statistically significant difference from placebo, a key milestone for the company. With minimal reported side effects and strong efficacy data, Dermata could see continued upside if investors bet on FDA approval down the line.
Hertz Global Holdings ($HTZ) rallied 18.55% to $4.09 after crossing above analysts' 12-month price target of $3.33. This breakout move signals renewed investor optimism despite ongoing concerns about the rental car industry's challenges.
TAT Technologies ($TATT) and EDAP TMS S.A. ($EDAP) also posted double-digit gains, rising 12.59% and 10.15%, respectively. While TAT Technologies missed earnings expectations, the stock saw increased interest, possibly from value investors betting on a turnaround.
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