Stock futures began the shortened Thanksgiving holiday week on a positive note in early Monday trading.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
Shares of NuScale Power (NYSE:SMR) rebounded by 8% after experiencing an almost 14% decline on Thursday. This drop followed a research report from a short seller that warned about NuScale’s cash burn rate, suggesting a risk of bankruptcy after the cancellation of its flagship nuclear reactor project. The short-seller, Iceberg Research, released a new report asserting that the company’s Standard Power contract is merely “a pipe dream” designed to divert attention from the loss of UAMPS. The company’s stock had previously dropped by 33% a week ago when it scrapped plans for an Idaho power plant. Iceberg Research, which holds a short position on the company, attributed the cancellation to rising costs and suggested that future projects could face similar risks.
MediciNova (NASDAQ:MNOV) shares rose by 25% after positive results from a Phase 2 clinical study of MN-166 (ibudilast) in glioblastoma patients. The progression-free survival rate at six months of the experiment indicated that the combined treatment of MN-166 and temozolomide (TMZ) was potentially efficacious, safe, and acceptable. Preclinical research on MN-166 in conjunction with anti-PD1 or anti-PD-L1 therapy in glioblastoma models was also showcased.
Biggest stock losers
Chegg (NYSE:CHGG) shares dipped 3.5% after Morgan Stanley downgraded it to underweight. The downgrade was attributed to weaker trends in October and increased competition from generative AI. Morgan Stanley analyst Josh Baer also lowered Chegg’s price target to $9 ( the stock closed at $10.50 on Friday). Baer cited weaker web traffic and app download data in October as reasons for the downgrade, high consensus estimates, and aggressive fourth-quarter guidance for implied subscriber additions.