Lucid Is Revving Up, but This Nasdaq Stock Is Jumping Even More
Investors often look forward to strong performance for the stock market toward the end of the year. This December, though, sustained gains have been hard to come by, and uncertainty about the economic prospects for 2023 is weighing on sentiment. Despite a string of recent declines on past days, stock index futures were mixed Tuesday morning, with futures on the Nasdaq Composite (NASDAQINDEX: ^IXIC) easing lower by about a quarter percent as of 8 a.m. ET.
There were a few stocks that tried to buck the downtrend and move higher. Lucid Group (NASDAQ: LCID) got a modest boost following good news in its efforts to raise capital, with shares trying to bounce back from lows not seen since its 2020 initial public offering. However, a stock that's not quite as much on most investors' radar screens got an even bigger boost, as attention turned to biopharmaceutical company Verona Pharma (NASDAQ: VRNA) and its most recent study results for a key candidate treatment. Read on for more on both companies.
Shares of Lucid Group were higher by about 5% in premarket trading on Tuesday morning. The electric vehicle (EV) company revealed that it has completed a program designed to raise capital for its auto business in an effort to strengthen its balance sheet and give it more liquidity to make investments in business expansion and for other general corporate purposes.
Source Fool.com
