ProKidney, Sunnova and Big Lots All Gain 25%+ as Wall Street's Meme-Stock Craze Spreads
Wall Street's meme-stock madness extended to more companies Tuesday, with $ProKidney(PROK.US$ and other names rising more than 25% despite no apparent news.
ProKidney -- a volatile biotech that's developing kidney-disease treatments – gained 33.8% to close at $4.12 even though the company had no news or other no obvious catalysts for the rally.
The stock has had a volatile history ever since going public in 2022 via a merger with a special purpose acquisition company (SPAC) headed by billionaire venture capitalist Chamath Palihapitiya.
PROK has been volatile since going public, peaking at $14.19 a share in March 2023 before shedding 90%+ of its value to bottom out at $1.12 last November.
However, the stock has been rebounding since then, rising more than 250% over the past six months amid several days of big percentage price swings and heavy trading volume.
Other volatile stocks rose sharply Tuesday, joining a meme-stock frenzy that began Monday with huge gains for $AMC Entertainment(AMC.US$ and $GameStop(GME.US$. Tuesday's fresh crop of big gainers included:
-- Solar-power firm $Sunnova Energy International(NOVA.US$, which added 27.5% to $5.33. NOVA rose in apparent sympathy with fellow solar stock $SunPower(SPWR.US$, which gained 59.6% Tuesday to $4.39. However, both solar stocks are down more than 90% from their 2021 peaks.
-- Struggling retailer $Big Lots(BIG.US$, which rose 27% to $4.71. BIG has long faced financial difficulties, and even after including Tuesday’s rally, its stock is down 93.6% from a $73.23 peak seen in March 2021.
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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Borealis : Blllllllocked mfr
MARKET-TEST-DUMMY : Been held down and shorted