Thursday's pre-market session brought a wave of selling pressure, with U.S. stock futures pointing lower and Dow futures shedding more than 100 points before the opening bell.
The biggest story in pre-market trading was Immuneering Corp (IMRX), which tumbled after sharing updates from its ongoing clinical trial. The biotech company announced updated overall survival and safety data from its Phase 2a trial of atebimetinib in combination with modified gemcitabine/nab-paclitaxel for first-line pancreatic cancer patients, with over 13 months median follow-up time. Shares dropped 20.7% to $6.61 in pre-market trading.
Notable Pre-Market Decliners
Several other stocks experienced significant downward pressure before the market opened:
Elme Communities (ELME) saw the most dramatic decline, plummeting 82.8% to $2.98 in pre-market trading.
Erasca Inc (ERAS) gave back some of Wednesday's gains, falling 14% to $4.45 in pre-market trading after surging 42% the previous day.
Phathom Pharmaceuticals Inc (PHAT) dropped 13.7% to $15.60 in pre-market trading after announcing pricing of a $130 million public offering of common stock and pre-funded warrants. Equity offerings tend to weigh on stock prices as they dilute existing shareholders.
United Microelectronics Corp (UMC) declined 6.3% to $8.37 in pre-market trading, despite jumping 10% on Wednesday after the company reported December and full-year sales growth. Sometimes a big rally invites profit-taking the next day.
Canadian Solar Inc (CSIQ) fell 6.1% to $20.68 in pre-market trading after announcing a $200 million proposed public offering. Like Phathom, the dilution concerns appeared to outweigh any positives from raising capital.
Trevi Therapeutics Inc (TRVI) declined 6.1% to $11.00 in pre-market trading.
Revolution Medicines Inc (RVMD) dipped 6% to $96.57 in pre-market trading following reports suggesting AbbVie is not in discussions with the company. When acquisition speculation fades, biotech stocks often retreat.
Sibanye Stillwater Ltd (SBSW) fell 5.7% to $15.01 in pre-market trading.
Vanda Pharmaceuticals Inc. (VNDA) dropped 5% to $8.11 in pre-market trading. In December, the U.S. Food and Drug Administration approved Vanda Pharmaceuticals' Nereus (tradipitant) to prevent vomiting induced by motion.
Logitech International SA (LOGI) declined 4.8% to $94.91 in pre-market trading. Logitech announced that it expects to release third quarter fiscal year 2026 financial results on Tuesday, Jan. 27.
