Why Is Cadrenal Therapeutics (CVKD) Stock Up 71% Today?

Healthcare Triangle shares more than doubled Wednesday premarket following an 8.3% gain in the previous session.

Cadrenal Therapeutics shares surged 78%, adding to Tuesday's gains.

Eloxx Pharmaceuticals shares rose 18%, extending Tuesday's rally.

Freeline Therapeutics Holdings shares increased 13%, adding to Tuesday's gains.

Novonix Limited gained 8% following a 1.9% gain in the previous session.

It’s time to start off Wednesday with an overview of all the biggest pre-market stock movers worth watching this morning!

Penny stocks are dominating our pre-market stock movers today with many of them rallying alongside heavy trading volume this morning.

Let’s get into that news below!

Pre-Market Stock Movers: 10 Top Gainers

• Healthcare Triangle stock is rocketing more than 160% alongside heavy pre-market trading.
• Cadrenal Therapeutics shares are soaring over 136% as they also see strong trading volume on Wednesday morning.
• Eloxx Pharmaceuticals stock is surging more than 28% as it continues a penny stock rally that started yesterday.
• Enochian BioSciences shares are rising over 28% despite a recent delisting notice.
• FLJ Group stock is gaining more than 20% as it also takes part in this morning’s penny stock rally with heavy trading.
• Ault Alliance shares are climbing over 15% after addressing shareholders in a business update.
• CBL International stock is increasing more than 13% without any clear news on Wednesday morning.
• BTCS shares are jumping 13% despite a lack of news this morning.
• Top KingWin stock is getting an over 11% boost on no apparent news today.
• Harbor Custom Development shares are up more than 10% this morning.

10 Top Losers

• ShiftPixy stock is crashing close to 29% after launching a public stock offering.
• PainReform shares are diving over 25% following a massive rally on Tuesday.
• Silk Road Medical stock is tumbling more than 23% and that may be tied to a potential decision on stents from the Centers for Medicare & Medicaid Services.
• CytoMed Therapeutics shares are retreating over 15% following a rally on Tuesday.
• Biodexa Pharmaceuticals stock is taking a more than 12% beating after jumping yesterday with a clinical trial update.
• FOXO Technologies shares are sliding over 9% without any recent news to report.
• Cingulate stock is dropping more than 9% as it continues negative movement from yesterday.
• Minim shares are decreasing over 9% after rallying yesterday.
• Adial Pharmaceuticals stock is dipping more than 9% after also seeing a big rally on Tuesday.
• Wand & Lee shares close out our pre-market stock movers down almost 9% today.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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It has been a tough, quiet year in the market for initial public stock offerings (IPOs) which has investors eagerly searching for high potential IPOs. In the global IPO landscape, the first quarter of 2023 witnessed a total of 299 IPOs, raising an amount of $21.5 billion. Nevertheless, this signifies a substantial decline of 61% in volume when compared to the previous year. The IPO market’s quietness can be attributed to its high-risk nature, leading to a slowdown in skittish markets. The decline in tech stocks in recent times has also reduced interest in young companies. However, history shows that the IPO market tends to rebound even in challenging times.

To navigate the IPO market successfully, carefully selecting high potential IPOs to invest in is crucial. Investors should seek companies that have recently turned profitable or demonstrate positive cash flow. While waiting for the IPO market to pick up, it’s important to stay informed about any upcoming offerings that could soar.

Nextracker (NXT)

Nextracker offers groundbreaking technology that optimizes solar power plant efficiency by tracking the sun’s movement. Through dynamically tilting panels, Nextracker maximizes exposure to electricity-generating rays. This innovative approach positions the company as one of the top IPOs to invest in for solar energy.

With the extension of tax credits for solar plant builders and operators under last year’s Inflation Reduction Act, Nextracker stands to benefit significantly. This favorable policy shift opens doors for increased adoption of their cutting-edge solutions. In the previous fiscal year, Nextracker achieved remarkable financial success, generating a net income of $51 million from $1.5 billion of revenue.

In summary, Nextracker is a game-changer in the solar power industry. NXT stock presents a compelling opportunity with its innovative technology, financial success and alignment with sustainability initiatives. This high potential IPO is set to shine as it disrupts the solar power market with its snazzy and unique approach.

Cadrenal Therapeutics (CVKD)

Cadrenal Therapeutics has emerged as one of the hottest IPOs in the biotech sector. Founded in January 2022, Cadrenal Therapeutics made significant strides in April by acquiring the rights to tecarfarin, a promising drug under development for treating cardiorenal diseases. The company is currently trading on the Nasdaq Capital Market after starting its stock trading journey on January 20th. CEO Quang Pham retains a majority interest, reinforcing his confidence in Cadrenal’s long-term success. Before the IPO, Pham held 61.3% of the company’s stock and now retains 53.9% following the successful offering.

Cadrenal Therapeutics’ entry into the biotech market showcases its potential to impact treatments for cardiorenal diseases. Investors seeking IPOs to buy now should closely monitor Cadrenal’s innovative approach and the progress of tecarfarin’s development.

Instacart

Grocery delivery service Instacart has caught the attention of investors as one of the hottest IPOs with high potential. Despite its revenues reportedly soaring over 39% to approximately $2.5 billion in 2022, the company postponed its plans to go public.

The sustained increase in revenues indicates that Instacart has become more than just a temporary solution adopted by customers during the Covid-19 pandemic. However, investors might approach cautiously, considering the performance of another Covid success story, DoorDash . Since its IPO in late 2020, DoorDash’s stock has declined by over 57%.

Instacart’s decision to delay its IPO suggests a thoughtful approach to market timing. As the company prepares for its upcoming IPO, investors will closely monitor Instacart’s strategy and financial performance. The leak of its impressive revenue growth indicates that Instacart has the potential to thrive beyond the pandemic, making it an enticing opportunity in the IPO market.

On the publication date, Faizan Farooque did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.

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Cadrenal Therapeutics said Monday the US Food and Drug Administration has granted fast track designation to its drug candidate tecarfarin for the prevention of blood clots of cardiac origin in patients with end-stage renal disease and atrial fibrillation.

The designation enables more frequent meetings with the regulator to discuss the drug's development plan as well as eligibility for accelerated approval and priority review, if relevant criteria are met.

Tecarfarin also holds the FDA's orphan drug designation, the company added.