The key stock market indices are down today as the market awaits earnings news and the growing tensions between the U.S and China. Today, China has made a statement against the U.S decision to close the Chinese consulate in Houston, stating that it would take countermeasures against the move by the U.S. The flare-up of tensions between the two countries amidst an ongoing pandemic is reeling the markets. Nonetheless, there are stocks that are gaining strongly ahead of market opening. Most of the big movers pre-market are biotech and energy stocks. Some of the big movers at the moment are as below:
Bionano Genomics Inc [NASDAQ:BNGO]
Bionano Genomics Inc [BNGO] is a big mover pre-market and is up by 18% and gaining. BNGO stock has been gaining momentum driven by two recent developments on its biotech projects. Yesterday, Bionano Genomics Inc announced that an international consortium spearheaded by Laila El Khattabi of the Cochin Hospital in France had published a paper touching on the use of Bionano’s Saphyr Genome Imaging instrument. This was with regard to testing the performance of Bionano’s data when compared to the cytogenetic standard of care in the treatment of inherited genetic disorders. The team found that Bionano’s Saphyr was able to detect all; chromosomal aberrations in a total of 85 samples. The positive news came just a few days after BNGO announced that its data is a key part of the first-ever full assembly of a human being’s X-chromosome. With such positive developments, the momentum around BNGO stock is on the rise even as the rest of the market looks shaky ahead of Mid-week trading.
Zomedica Pharmaceuticals Corp [NYSE:ZOM]
Zomedica Pharmaceuticals Corp [ZOM] is another top performer in pre-market trading and is up by 16% at the moment. This follows the ZOM announcement that it had successfully installed TRUFORMA™ remotely. This is a point-of-care diagnostic device that has allowed the company to go ahead with test validation. The CEO has stated that ZOM is focused on making TRUFORMA™ available in the market soon.
TransAtlantic Petroleum Ltd [NYSE:TAT]
This is another top gainer ahead of market opening and is up by 78% pre-market. TransAtlantic Petroleum Ltd [TAT] has been on the rise since it reported financial results for Q1 of 2020. TransAtlantic Petroleum Ltd reported that revenues were down due to the decrease in oil prices. It also added that its hedge at the time was for an oil price of $36 a barrel. Like most energy prices, TAT stock has been buoyed by the increase in oil prices, and its current price action is among the best in the market. Its strong position is also driven by the fact that it was in good cash flow even during the time when oil was at its lowest.