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☆ Stocks making the biggest moves premarket: Disney, Lyft, Krispy Kreme and more
▼ + stars: | 2023-11-09 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Virgin Galactic posted a loss of 28 cents per share, versus the 43 cents per share loss expected by analysts polled by LSEG. Krispy Kreme — Shares of the donut maker dropped 4.8% after the company fell short of expectations on earnings and revenue. Krispy Kreme reported earnings of 3 cents per share on revenue of $407 million, while analysts polled by LSEG expected earnings of 6 cents per share on $414 million in revenue. The ridesharing company reported third-quarter bookings of $3.55 billion, lower than the $3.90 billion anticipated by analysts polled by FactSet. Earnings came out at $3.42 per share, while analysts polled by LSEG had called for $3.43 per share in earnings.

Persons: Virgin Galactic, Krispy Kreme, LSEG, Goldman Sachs, FactSet ., —, Bud, Dickinson, Wall, FactSet, CNBC's Hakyung Kim, Jesse Pound, Sarah Min, Lisa Kailai Han Organizations: Galactic, Virgin Galactic, LSEG . Revenue, Virgin, Disney —, Disney, ESPN, —, ISI, Barclays, Apellis Pharmaceuticals, FactSet, Arm, Anheuser, Busch InBev —, HSBC, Busch, Company Locations: U.S

☆ Here are Thursday's biggest analyst calls: Nvidia, Disney, Tesla, Instacart, Arm, Rivian, Target & more
▼ + stars: | 2023-11-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs initiates Apellis Pharmaceuticals as buy Goldman initiated the biotech company with a buy and says it sees "continued execution." Bank of America reiterates Disney as buy Bank of America said it's standing by its buy rating after Wednesday's earnings report. Goldman Sachs reiterates Arm as overweight Goldman said it's sticking with its buy rating after the stock's earnings report on Wednesday. Goldman Sachs reiterates Instacart as buy Goldman said it's sticking with its buy rating on the grocery delivery company after Instacart's earnings report on Wednesday. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's sticking with its overweight rating on the electric vehicle company. "

Persons: Goldman Sachs, Goldman, Tesla, WK Kellogg, Kellogg, Wolfe, Instacart, Morgan Stanley, Rivian, Eli Lilly, MRK's Keytruda, Evercore, it's bullish, Parker, Wells, it's, Hein Schumacher Organizations: Apellis Pharmaceuticals, HSBC, Tesla, Barclays, JPMorgan, Bank of America, Disney, ARM, Deutsche Bank, Deutsche, Merck, pharma, TAP, Industrial, Nvidia, Anheuser, Busch InBev, Bud, Offshore, Unilever, OW, Citi Locations: North America, Montrose

☆ JPMorgan says controversial eye disease treatment can more than double this biopharma stock
▼ + stars: | 2023-10-06 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

A controversial eye treatment from Apellis can lead to sharp returns for investors, according to JPMorgan. The bank upgraded the biopharmaceutical stock to overweight from neutral and raised its price target to $81 from $60. The drug aims to treat an eye disease called geographic atrophy, which, according to the Syfovre website, affects about 1 million people. APLS YTD mountain Apellis ytd chart Analyst Anupam Rama believes that Apellis' overall pipeline has only been strengthened by recent approvals of Syfovre. The analyst noted that some physicians who had initially paused treatment of Syfovre have already begun to return to prescribing the injection.

Persons: Anupam Rama, Apellis, Rama, Michael Bloom Organizations: JPMorgan, ~$ Locations: 4Q

☆ Stocks making the biggest premarket moves: Pioneer Natural Resources, Levi Strauss, Tesla, Philips and more
▼ + stars: | 2023-10-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Pioneer Natural Resources — The energy stock soared nearly 10% in premarket trading after The Wall Street Journal reported Pioneer was close to reaching a deal to be bought by Exxon Mobil for about $60 billion. Levi Strauss — The denim apparel maker shed 1.3% after cutting its full-year sales forecast. Apellis Pharmaceuticals — Shares of the biopharmaceutical company rose 5.5% after Apellis reported growing sales for its Syfovre drug in August. Aehr Test Systems — Shares fell more than 11% despite Aehr Test Systems reporting an earnings and revenue beat for its first quarter. Frontline — The shipping stock shed 4.8% in premarket trading after Euronav said its second shareholder, Compagnie Maritime Belge, would acquire Frontline's shares in Euronav for $18.43 per share.

Persons: Levi Strauss, Philips —, ResMed, Tesla, Euronav, Macheel, Jesse Pound Organizations: Resources, Street Journal, Exxon Mobil, Exxon, Philips, U.S . Food, Drug Administration, FDA, U.S, Apellis Pharmaceuticals, JPMorgan, Aehr, Systems, Compagnie Maritime Belge Locations: Dutch, U.S, Euronav

☆ Stocks making the biggest moves midday: Pioneer Natural Resources, MGM Resorts, Levi Strauss and more
▼ + stars: | 2023-10-06 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Levi Strauss — Shares slid 0.8% after the denim apparel maker cut its full-year sales forecast. Late Thursday, Levi posted fiscal third-quarter revenue that missed expectations, and it cut its full-year sales guidance again. MGM Resorts — The resort and casino operator rose 4.9% after offering an update on a cybersecurity issue experienced last month. Liberty Media Formula One — Shares of the motorsports stock advanced 3.6% following an upgrade to buy from neutral by Citi. Frontdoor — The home repair company's shares climbed 4.4% on the back of a Truist upgrade to buy from hold.

Persons: Tesla, Levi Strauss —, Levi, Aehr, FactSet, Truist, — CNBC's Pia Singh, Yun Li, Michelle Fox, Samantha Subin Organizations: Resources, Street Journal, Exxon Mobil, Exxon, stoke, MGM Resorts, MGM, CNBC, Securities and Exchange Commission, Philips —, U.S . Food, Drug Administration, Philips, FDA, Pharmaceuticals, JPMorgan, Jefferies, Liberty Media, Citi, Las Vegas, UBS, AES Locations: Virginia, U.S

☆ Here are Friday's biggest analyst calls: Netflix, Nvidia, Eli Lilly, Disney, Levi's, Exxon, Walmart and more
▼ + stars: | 2023-10-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan reiterates Exxon as overweight JPMorgan said it's standing by its buy rating on the oil and gas giant. Seaport initiates Netflix as buy Seaport said it sees plenty of upside in shares of Netflix. JPMorgan upgrades Eaton to overweight from neutral JPMorgan said the industrial and electrical company is best in class. UBS reiterates Levi's as buy UBS said Levi's is still an attractive stock despite the company's disappointing earnings report Thursday. " JPMorgan upgrades Apellis to overweight from neutral JPMorgan said the pharmaceutical company is well-positioned for more upside.

Persons: Piper Sandler, Bernstein, Disney, XOM, Jefferies, TD Cowen, Cowen, Eaton, Eli Lilly, Doug McMillon, Berenberg, Morgan Stanley, Meta, Levi's, Oppenheimer downgrades O'Reilly, AutoZone, Oppenheimer, it's, Truist Organizations: Disney, Netflix, Hulu, JPMorgan, Exxon, Barclays, Nvidia, Intel, Gaudi, Citi, Discover Citi, DFS, Seaport, Bank of America, Energy, of America, Apple, Vegas, Prix, Clearway Energy, Walmart, United Auto Workers, Auto, Meta, UBS Locations: Parks, NVDA, China, ETN, TEL, AZO, ORLY

☆ Wells Fargo’s top fourth-quarter trade ideas include a biopharma stock that could rally 60% off a new treatment
▼ + stars: | 2023-10-06 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

As investors approach year-end, Wells Fargo is offering its top high-conviction and catalyst-driven trade ideas for the fourth quarter of 2023. Question marks notwithstanding, analysts at Wells Fargo recently shared their top 10 tactical ideas for the next three months. But the worst could now be over, wrote analyst Derek Archila. APLS YTD mountain APLS YTD chart Within technology, Wells Fargo highlighted Microsoft as a top pick. Wells Fargo also included hotel and casino company Caesars Entertainment and discount retailer Ollie's Bargain Outlet among its top trade ideas for the fourth quarter.

Persons: Derek Archila, Wells, Michael, Matt Akers, Akers, Wells Fargo, — CNBC's Michael Bloom Organizations: Nasdaq, Wells, Microsoft, Aerospace, L3Harris Technologies, Caesars Entertainment Locations: Wells Fargo, 3Q23

☆ Stocks making the biggest moves premarket: Arm Holdings, GM, Ford, Adobe and more
▼ + stars: | 2023-09-15 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

General Motors assembly workers picket outside the General Motors Bowling Green plant during the United Auto Workers national strike in Bowling Green, Kentucky, October 10, 2019. Apellis Pharmaceuticals — The biopharmaceutical company climbed 3.5% before the open after Wells Fargo upgraded to overweight from equal weight. General Motors , Ford , Stellantis — GM and Ford fell less than 1% and Stellantis rose less than 1% after the United Auto Workers went on strike Thursday night. DoorDash — Shares of the food delivery company slid almost 3% premarket after MoffettNathanson downgraded DoorDash to market perform from outperform. Adobe — Shares fell 3.4% on the back of the company's fiscal third-quarter earnings report Thursday.

Persons: —, Piper Sandler, Piper, Morgan Stanley, Wells, Apellis, Stellantis, MoffettNathanson, Needham, Goldman Sachs, — CNBC's Brian Evans, Michelle Fox, Alex Harring, Hakyung Kim, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: Motors, General Motors, United Auto Workers national, Pharmaceuticals, Ford, United Auto Workers, Unity, Bank of America, Arm, Nasdaq, JPMorgan, LSEG Locations: Bowling Green , Kentucky, — The Cleveland, DoorDash, British

☆ Stocks making the biggest moves midday: General Motors, Stellantis, Planet Fitness, Adobe and more
▼ + stars: | 2023-09-15 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Nucor — The steelmaker fell 6.1% after offering worse-than-expected guidance for third-quarter earnings, with the company pointing to pricing and volume challenges. Core & Main — The infrastructure stock retreated 4.1% a day after it announced a secondary stock offering. The bank said Apellis has a favorable risk/reward ahead of third-quarter earnings. The Wall Street firm said the resumption of loan repayments introduce bookings risk to food delivery. The Wall Street firm said its pessimistic outlook was changing despite recent underperformance in the reinsurance space.

Persons: Stellantis, Chris Rondeau, Rondeau, Craig Benson, Nucor, Raymond James, Needham, Charles Shi, Lam, Goldman Sachs, Apellis, MoffettNathanson, Estée Lauder, Goldman, Yun Li, Jesse Pound, Samantha Subin, Pia Singh, Brian Evans, Lisa Kailai Han Organizations: UAW, General Motors Wentzville, General Motors, Ford, United Auto Workers began, Workers, CNBC, LSEG, PTC Therapeutics, Medicines Agency's, Medicinal Products, Arm, Investment, Bloomberg News, Apple, Dexcom, ASML Holding, Lam Research, Taiwan Semiconductor, Adobe, Bank of America, JPMorgan, Apellis Pharmaceuticals, Waste Systems Locations: Wentzville , Missouri, New Hampshire, Wells, underperform

☆ These stocks are getting hit hard this summer, with four down at least 50%
▼ + stars: | 2023-08-24 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Some stocks on Wall Street have been hit hard throughout the summer. CNBC scanned FactSet data to screen for the Russell 1000's hardest-hit stocks from Memorial Day through Wednesday's 4:30 p.m. Hawaiian Electric has gained notoriety in recent weeks after wildfires ravaged the historic town of Lahaina, Hawaii. HE 3M mountain Hawaiian Electric stock from Memorial Day. The stock has suffered as a result, with a decline of more than 66% between Memorial Day and Wednesday.

Persons: Russell, haven't, FactSet Organizations: Nasdaq, Dow Jones, CNBC, Electric, AMC, Hawaiian, Pharmaceuticals Locations: Lahaina , Hawaii

☆ Stocks making the biggest moves premarket: Nvidia, Foot Locker, Safehold, Kohl's and more
▼ + stars: | 2023-08-23 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Nvidia -- Shares of the chipmaker ticked up 0.7% in heavy premarket trading. The company reported adjusted earnings of 52 cents per share, while analysts polled by Refinitiv expected 22 cents. Foot Locker -- The stock plunged more than 32% before the bell after the sneaker retailer slashed its outlook for the second time this year. Dicks Sporting Goods -- Shares were trading 2% lower a day after the company reported lower-than-expected earnings and cut its forward guidance.

Persons: Refinitiv, Apellis, Locker, Goldman Sachs, —, Samantha Subin, Jesse Pound, Sarah Min Organizations: Nvidia, Revenue, Apellis Pharmaceuticals, Dicks Sporting Goods Locations: Santa Clara , California

☆ Stocks making the biggest moves midday: Nvidia, Peloton, Foot Locker, Dick's Sporting Goods and more
▼ + stars: | 2023-08-23 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Nvidia has been one of the biggest winners on the back of the AI boom with shares rising nearly 220% this year. Peloton reported a loss of 68 cents per share, versus the 38-cent loss per share expected by analysts polled by Refinitiv. Foot Locker — The athletic retailer plunged 33% after cutting its outlook again for the year and suspending its quarterly dividend. Advanced Auto Parts — Advance Auto Parts rose 1% after beating analysts' revenue expectations for its second quarter. The auto retail company reported revenue of $2.69 billion, greater than the consensus estimate of $2.66 billion, according to Refinitiv.

Persons: Locker, Fitch, Abercrombie, Charles Schwab —, Schwab, Oppenheimer, Brown, Forman —, Morgan Stanley, Avery Dennison, Davidson, Safehold, Goldman Sachs, Goldman, it's, Shane O'Kelly, — CNBC's Hakyung Kim, Samantha Subin, Yun Li, Sarah Min, Jesse Pound Organizations: Nvidia, Refinitiv . Revenue, Dick's, Goods, Abercrombie, Pharmaceuticals, Nike —, Urban Outfitters, Refinitiv, Revenue, Netflix, Bank of America, UBS, DA, Marvell Technology, Susquehanna Locations: Louisiana, Pacific

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ Stocks making the biggest moves midday: Ford, AT&T, Yelp, Figs and more
▼ + stars: | 2023-07-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Paramount Global — The entertainment company's stock shed 4.4% after the new "Mission: Impossible" movie underperformed expectations at the box office. The Wall Street firm said Progressive's valuation is now compelling after its poor results in June, and said the company has long-term earnings power and growth potential. Yeti — The cooler company's stock fell 5.8% following a downgrade to underweight from sector weight by KeyBanc. The Wall Street firm cited concerns over Yeti's growth and its heavy wholesale channel inventory. State Street — The asset manager slipped more than 3.1% after the firm was downgraded by multiple Wall Street firms, including JPMorgan.

Persons: Rivian, Tesla —, Knight, Yelp, Goldman Sachs, Raymond James, Cantor, —, Samantha Subin, Alex Harring, Tanaya Macheel, Brian Evans Organizations: Ford —, Ford, Tesla — Elon, Constellation Software, Intercontinental Exchange, Citi, BridgeBio Pharma —, Activision, Microsoft, Sony, PlayStation, Activision Blizzard, Paramount Global, Variety, Apellis Pharmaceuticals, American, JPMorgan, Wall, State Street's, Iris Energy

☆ Small stocks are cheap and finally joining the market rally
▼ + stars: | 2023-06-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

Small cap stocks are domestic bellwethers, since smaller companies generate most of their revenue from US customers. Investors say that recent gains in small caps are helping prop up the burgeoning bull market, even as a potential economic downturn draws near. Cheap buysNow, the rally in small caps suggests that Wall Street is optimistic about the economy’s health. Some investors say cheap valuations and and hopes for a muted economic downturn means small caps look more attractive than they have in months. Optimism about the economyThe small caps’ rally is also an auspicious sign for the broader economy, says Quincy Krosby, chief global strategist at LPL Financial.

Persons: they’ve, Rambus, ”, John Ragard, Quincy Krosby, Russell, Francis Gannon, Anna Rathbun Organizations: New, New York CNN, Investors, Valley Bank, Signature Bank, First Republic Bank, Apellis Pharmaceuticals, Shockwave, Management, LPL, Penn Capital Management, Royce Investment Partners, Federal Reserve, CBIZ Investment Advisory Services Locations: New York, That’s

☆ Stocks making the biggest moves midday: Tesla, Marathon Oil, WWE, UnitedHealth and more
▼ + stars: | 2023-04-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

UnitedHealth — Shares of the health insurance giant gained about 4% after the Center for Medicare & Medicaid Services on Friday announced updated payment rates. The Wall Street firm said Marqueta is facing a "multitude of headwinds" without an ironed-out renewal deal with Block. Extra Space Storage , Life Storage — Shares of Extra Space Storage fell 5% after the company said it would acquire Life Storage in an all-stock transaction for $145.82 per share, an 11.2% premium to where Life Storage closed Friday. Shares of Life Storage shares rose 3%. Ovintiv – The oil and natural gas exploration and production company saw shares jump 10% after announcing it will acquire certain Midland Basin assets from EnCap Investments for about $4.3 billion.

☆ Citi names its top biotech stock picks for 2023 — and gives one 73% upside
▼ + stars: | 2022-12-30 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Biotech has been a "stock-pickers market" — and it may have just what it takes to remain one in 2023, according to Citi. Under a bad recession scenario, Citi prefers names with large cash balances and which have already commercialized drugs, or which are on the verge of drug approvals. Some names that meet those criteria include Apellis Pharmaceuticals , Acadia Pharmaceuticals and Amylyx Pharmaceuticals , Citi said. Its pre-clinical pipeline could also "drive long-term value across a number of large market opportunities." "[Its] strong cash position makes BEAM attractive even in a hard-landing scenario," Citi said.

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