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BIIB.NQ -8.34%
Biogen Inc – Sharply lower in early trading after the U.S. government announced limited coverage of Alzheimer’s treatments including the drugmaker’s Aduhelm, dealing a blow to the controversial treatment that was approved last year. The company had been banking on the government’s coverage decision to help drive up sales of Aduhelm, which it hoped would help counter the hit to revenue from some of its main drugs from rising competition. Multiple downgrades.

AAPL.NQ 0.36%
Apple Inc – Higher for third straight session, brokerage Goldman Sachs says lead times for iPhones now suggest supply has mostly met demand; lead times for iPhone Pro models at 1-2 days across most regions except for the Pro Max in the U.S. Brokerage says MacBook Pro data, meanwhile, suggests continued supply challenges; adds they continue to see substantially extended MacBook Pro lead times with uneven changes across regions and models. Despite supply issues, we see marginally better iPhone lead time picture this year for the holiday season than we did last year.

Energy Stocks – Oil is trading at its highest since the highly contagious Omicron COVID-19 variant emerged in late November, as it has not impacted fuel demand the way previous variants did. We’ve seen many names in this group touch multi-year highs this week on the current strength in crude. XOM, CVX, COP, OXY, DVN, MRO

SQ.NY 1.72%
Block Inc – Higher on light volume for the third straight morning, Square announced the availability of on-demand delivery for Square Online orders in Canada through DoorDash Drive, DoorDash white-label fulfillment platform that powers direct delivery for any business.

DIDI.NY 5.71%
DiDi Global – Looking to extend a 3 session rally after SCMP reports DIDI’s Hong Kong IPO, announced in December, could happen in Q2 of this year. Simultaneously, DIDI would withdraw from NYSE.

Chip Stocks – Higher as a group for the third straight morning, a flurry of recent upgrades on positive analyst notes on the group has seen them leading Wall Street’s main chip index higher including AMD following yesterday’s KeyBanc upgraded the co to “overweight.” Barclays out this morning with an upgrade on INTC shares raising its PT from $45 to $50. AMD, NVDA, INTC, AMAT, TSM

DASH.NY 2.34%
DoorDash – Trading higher on light volume premarket after a solid rally Tuesday, Evercore upgrades to “Outperform” from “In line.” Evercore said the delivery service has strong fundamentals and the stock is at an attractive valuation.

IMRN.NQ 64.50%
Immuron Ltd – Low float pharma company higher after receiving a $6.2m reward from the DoD to examine a dosing regimen for the company’s Travelan more suited for use by the military.

NXGL.NQ 20.14%
Nexgel Inc – Announced the launch of its MEDAGEL Clear Comfort Hydrogel Patch. The patches – using NEXGEL’s advanced hydrogel technology – prevent and treat foot blisters by comfortably insulating the skin from friction caused by rubbing and chafing in shoes.

IMMX.NQ 31.68%
Immix Biopharma – The company’s IMX-110 produced a 50% response rate after 1 cycle of treatment as a monotherapy in first-line-therapy-resistant cancer – soft tissue sarcoma (STS) mice study. IMX-110 response rate surpassed standard of care doxorubicin response rate of 0% after 1 cycle of treatment in the same study.

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