5 Stocks Soar, Will It Continue? SIRI, EVLO, GFAI, KTTA, PMGM

There have been a fair number of stocks that have clocked notable gains over the past few days and many of those may continue to come onto the radars today. Here is a quick look at five stocks that clocked gains in recent days and could well be worth tracking.

Sirius XM (NASDAQ:SIRI) – There was no news about the company yesterday but the Sirius XM made notable moves and at one point, it had soared by as much as 35%. There were a number of volatility halts and it appears that it was due to a short squeeze.

The short interest in the stock was at 34.5% yesterday and that made Sirius XM one of the most shorted stocks in the market. The rally on Thursday was the biggest gain in a session in 14 years and brought the stock to its highest level in 2 years. The interest was primarily generated by those who were invested in the company through Liberty Media.

Next month the Liberty Sirius XM shares would be split into new shares and that may have been the reason behind the activity. It should be noted that the company is going to announce its financial results for the second fiscal quarter on August 1, 2023. It had been projected that the company would report earnings of 7 cents a share against revenues of $2.24 billion. In three of the previous four quarters, the company had failed to hit its projections.

Evelo Biosciences Inc (NASDAQ:EVLO) was one of the biggest percentage gainers on Thursday’s trading session and ended up 52.40% to $9.86 on hefty volume. The stock has been trending higher over the past week with a rally of 153%. However, this may not excite investors much as the stock is still down 69% so far this year and far way from its 52-week high of $65.80.

The clinical-stage biotech company is involved in the development of a unique platform for anti-inflammatory medicines that are administered orally. The medicines act on the small intestinal axis with therapeutic effects. The small intestine plays a significant role in the onset of inflammation in any part of the body.

On July 12 Evelo Biosciences Inc announced that it had closed the private placement of 11025334 shares of its common stock for $2.31 each and raised gross proceeds of $25.5 million. The offering was led by Flagship Perishing, the company’s founder and there was participation from existing as well as new investors. The net proceeds from the private placement would be used to finance the conclusion of the Phase 2a trial of EDP 2939, for general corporate purposes and also for paying down debts to the tune of $5 million.

The company’s Chief Executive Officer Simba Gill noted that everyone at Evelo Biosciences was pleased to have secured the funding since it would provide the cash runway for its EDP 2939 trial.

Guardforce AI Co Limited (NASDAQ:GFAI) was another stock that bounced back after high volatility in April. On Thursday, the stock surged 57.50% to $6.44. The stock has lost 42% in the past year.

The global security solutions providing company is looking to build on its legacy secured logistics business. Guardforce AI Co Limited is also working on the expansion of its artificial intelligence and Robot-as-a-service business. Yesterday, the company announced that it had gone into a partnership with Concorde Security Pte Ltd, a security-providing leader, to jointly launch a robotic security solution in Singapore.

Concorde is based out of Singapore and is a specialist in providing cost-effective and innovative security products for schools, industrial parks, hotels and office buildings. The concierge robot from Guardforce AI Co would be fitted with an access control module for operating a visitor management system. Such systems are employed by digital system companies to track and register all guests who enter their premises.

The robot would also be equipped with the advanced software security system from Concorde which would provide automated patrol surveillance. The solution is essentially meant for providing efficient automation for hotels and other industries.

Pasithea Therapeutics Corp (NASDAQ:KTTA) – The biotech company is mainly focused on the research, development, and discovery of novel treatments for treating disorders of the central nervous system and RASopathies.

Yesterday, Pasithea Therapeutics Corp announced that its board of directors had approved the move to re-buy through a tender offer worth $4 million of as many as 5.7 million shares of its outstanding common stock. The expected cash purchase price for the same is $0.70 a share. The directors and executive officers of the company informed Pasithea Therapeutics that they would not be tendering any shares of their common stock in the tender offer.

KTTA stock surged 23.90% to $0.59 in yesterday’s trading session. Despite the recent jump, the stock has lost 48% over the past year.

Priveterra Acquisition Corp (NASDAQ:PMGM) – The black check company had been established for the purpose of consummating a merger, share purchase, reorganization, share exchange, asset acquisition, and other transactions of a similar nature. It is primarily focused on such transactions with companies in the life sciences industry.

The company had recently affected a business combination and a name change to AEON Biopharma Inc. On July 17 it was announced that the new AEON common stock and the AEON warrants had been authorized to be listed on the New York Stock Exchange. The approval was granted on July 13, 2023. AEON would operate as a fully owned subsidiary of Priveterra Acquisition Corp.

PMGM stock rallied 41.73% on Thursday and closed at a multi-month high.