Reasons Behind Agenus Inc.’s Stock Decline
Agenus Inc., listed as AGEN on NASDAQ, experienced a notable drop in its stock price during Monday’s trading session. The company disclosed a 1-for-20 reverse stock split of its common stock, leading to a significant 17% decrease in its value to $0.4181 by the end of the day.
Other Key Stocks on the Move
Despite the market turmoil, several other stocks exhibited remarkable movement during the mid-day session on Monday.
Gainers
- Auddia Inc., trading under the ticker symbol AUUD on NASDAQ, saw a substantial increase of 231.7% to $4.72 after securing a U.S. patent for its core AI technology.
- Longeveron Inc. (NASDAQ: LGVN) experienced a surge of 93.2% to $4.2499 following the submission of paperwork for a share offering.
- UTime Limited (NASDAQ: WTO) gained 56.8% to $0.29 post the successful completion of a private placement.
- U Power Limited (NASDAQ: UCAR) jumped 48% to $6.96 after announcing plans for the commercial rollout of its innovative battery-swapping model in China.
- Arrowroot Acquisition Corp. (NASDAQ: ARRW) rose 38.2% to $19.53.
- Destiny Tech100 Inc. (NASDAQ: DXYZ) witnessed a significant increase of 33.8% to $79.30.
- TechPrecision Corporation (NASDAQ: TPCS) saw a rise of 29.8% to $4.2837 following the termination of an acquisition agreement.
- Adlai Nortye Ltd. (NASDAQ: ANL) soared 27.9% to $10.68.
- Connexa Sports Technologies Inc. (NASDAQ: CNXA) surged 26.8% to $0.3801.
- AXT, Inc. (NASDAQ: AXTI) reported a gain of 25.7% to $3.9089 after projecting strong revenue figures for the first quarter.
Amidst these market fluctuations, various companies witnessed significant movements, showcasing the dynamic nature of stock trading. While Agenus Inc. faced a setback with its reverse stock split announcement, other firms experienced positive growth, reflecting the unpredictable yet enticing realm of the stock market.
Market Volatility: Winners and Losers
Winners
- Axon Enterprises emerged as a bright spot, climbing 7.5% to close at $18.68. Analysts upgraded the stock from Neutral to Overweight while adjusting the price target from $19 to $16.
Losers
- 22nd Century Group, Inc. witnessed a sharp decline of 45.4% to $1.95. The company had experienced a significant surge of over 140% after securing a new contract manufacturing agreement for traditional cigarette products last week.
- Perion Network Ltd. dipped 36% to $13.51 following a cut in its FY24 revenue guidance.
- MediaCo Holding Inc. fell by 29.1% to $2.75 despite a 177% surge last Friday after Standard General L.P. revealed a significant stake in the company.
- SuperCom Ltd. saw a 24.3% decline, closing at $0.2175.
- Selina Hospitality PLC plummeted 23.7% to $0.0420.
- DatChat, Inc. recorded a 20.5% drop to $1.16.
- HUB Cyber Security Ltd. witnessed an 18% decrease to $1.26 following an $8 million financing announcement.
- Agenus Inc. declined by 17% to $0.4181 after disclosing a 1-for-20 stock split.
- TRACON Pharmaceuticals, Inc. fell by 16.2% to $0.2139.
- Conifer Holdings, Inc. dropped 15.9% to $0.8995. The company is set to discuss first-quarter earnings in an upcoming conference call.
- HWH International Inc. declined by 15.6% to $1.3408.
- Murano Global Investments Plc fell by 11.8% to $9.79.
- Globavend Holdings Limited faced an 11.2% decrease to $1.4567, despite a 57% jump the previous week.
- CCSC Technology International Holdings Limited dropped 11.2% to $3.00 after a 28% surge last week.
- Reliance Global Group, Inc. saw a 10.8% decrease, closing at $0.4327 after reporting FY23 earnings.
- ZOOZ Power Ltd. declined by 9.5% to $3.6675.
- Douglas Dynamics, Inc. suffered an 8.2% drop to $22.03. Analysts lowered the target price from $36 to $25.
- Trump Media & Technology Group Corp. fell by 7.4% to $37.60.
- Paramount Global dipped 7.1% to $11.12.
- Dell Technologies Inc. closed 4.1% lower at $127.22.
