NETE, DRYS, and CLGN Stocks Soar
These stocks are up big despite broad-market volatility
The Dow is trading sharply lower at midday, giving up its early morning gains. However, three names still making big moves higher are mobile payments expert Net ElementInc (NASDAQ:NETE), bulk shipping concern DryShips Inc. (NASDAQ:DRYS), and regenerative tissue specialist CollPlant Holdings (NASDAQ:CLGN). Below we'll take a look at what's moving shares of NETE, DRYS, and CLGN.
NETE Shares Soar on New Service For Cannabis Industry
After more than doubling to trade as high as $10.60 earlier, NETE stock was last seen up 63.6% at $6.56, thanks to news the company is launching a payments service for the cannabis industry. The shares are among the biggest Nasdaq gainers this afternoon.
Despite giving up much of its intraday gains, Net Element is set to top its 80-day moving average for the first time since July, and is still set for its highest close since mid-August. The shares have explored a range of roughly 30 points in the past year, but it's been mostly downhill since peaking at $33.51 in December. Today's rally could have several short sellers on edge, with 20.5% of Net Element's total float sold short.
DRYS Shares Make Another Big Move
DRYS stock is trading up 18.3% at $5.81, thanks to an upbeat update on capesize rates. At these levels, DryShips shares have a year-to-date lead of 64%, with the $4.50 level helping limit pullbacks in recent months.
Meanwhile, options volume has been light on an absolute basis, but those speculating on the shipping name have preferred calls. During the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) 433 calls have been bought to open, compared to just 65 puts.That number has already been surpassed today, with more than 2,000 DryShips calls crossing the tape so far -- five times the norm.
Unknown CLGN Stock Explodes
CLGN stock is exploding higher after the company signed a licensing deal with United Therapeutics (UTHR) for its 3D bioprinted lung transplant technology. CollPlant shares earlier traded as high as $8.73, but were last seen at $6.40, up 16.4% on the day. The equity traded as high as $9 earlier in the year, with the $5 level acting as a strong floor in recent months. There are no analysts covering CLGN.