In a Quiet Market, One Stock Closed up 185%
One key stock gained 185% even though the stock indexes looked quiet just before closing, and it could gain a lot more.
The stock markets were mostly flat as the week’s trading closed, but Ocean Biomedical (OCEA) saw massive gains.
Listed on the Nasdaq Composite, Ocean Biomedical Inc. is a biopharmaceutical company that works with medical researchers and pharmaceutical companies to help fund health projects and create a project pipeline. By bringing multiple medical disciplines together, Ocean helps to speed up development and attribution processes.
The stock shot up 185% by the close of trading last week, becoming the biggest gainer on the markets by far. The stock is currently at $1.57 per share and has enjoyed incredible growth over the last few days. Throughout 2023, Ocean was in serious decline, losing more than $10 in share price since February 2023.
Its stock used to be valued at $11 per share, but over a period of 10 months, Ocean’s shares dropped 95%, nearly bottoming out. The stock gained $1 recently and looks to be staying positive. It is currently considered a low-performing stock because of its poor showing over the last year, but the company is also managing to discourage doubts about financial distress for the near future.
Compared to the Wider Market
What makes Ocean’s performance really stand out over the last few days is that few other stocks even moved very much. On the Dow Jones, stocks fluctuated no more than 1-2%, while the S&P 500 saw similar low momentum. On the Nasdaq Composite, however, a few stocks gained 60 and 70% over the course of the day, most notably Telesis Bio Inc., AXT Inc., and Maravai LifeSciences Holdings.
The big losers for the Nasdaq, like Pop Culture Group, Greenbrook TMS, and Smith Micro Software, were down 40-43%.
The Nasdaq Composite could have a lot of momentum as trading opens for Monday, thanks to these fast-moving stocks. The overall Nasdaq Composite was down 0.28%, though, on closing. The market looks very quiet from a distance, but looking closely at a few key stocks shows incredible movement balanced out by both very high and very low earners.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals