Short squeeze stock rockets 141% 🚀

Stocks edged lower on Wednesday, led by a selloff in Big Tech stocks. The Nasdaq fell 1.2%, while the Dow lost 0.3% and the S&P 500 closed half a point lower. The small-cap Russell 2K lost 0.2%.

Futures are down again in early morning trading. Dow and S&P 500 contracts are both down 0.3%.

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Bank of England Doubles Down on Rate Hikes

The BOE raised its key interest rate by a half-point on Thursday, outpacing its economic peers. UK policymakers choose to go with the more aggressive rate hike in order to curb the country's inflation rate, which is currently the highest in the G7.

My Take: This rally has already exhausted a lot of energy, but ROOT has a high short percentage and prices are still well below the reported acquisition price. There could be more upside left here but don't get caught holding the bag.

A possible short squeeze is developing in shares of ShiftPixy.

The staffing solutions company is rallying this morning, despite no major news to explain the move.

As of May 31st, PIXY had an elevated short percentage of 11.59%, and it may have gone even higher since then.

The stock also set a new 52-week low on Wednesday, and it has suffered steep declines since the start of the year.

However, it appears that the short-selling-induced declines may be bottoming out. PIXY is rebounding from its Wednesday low in dramatic fashion today.

PIXY is this morning's top performing stock with a 141.6% premarket gain on elevated trading volume.

My Take: This PIXY rally has all the hallmarks of a short squeeze. I wouldn't be surprised if the Wall Street Bets crew had a hand in this one. Just be careful you don't get caught holding when the bulls decide to take their profits.

ASLAN Pharma [ASLN] - Last Close: $3.93

ASLAN Pharma just landed a big licensing deal.

The Singapore-based biopharma firm announced a strategic licensing deal with leading Japanese pharmaceutical company Zenyaku Kogyo Co.

Under the terms of the deal, ASLAN will grant Zenyaku rights to develop & commercialize eblasakimab for atopic dermatitis and other indications in Japan.

ASLAN will receive an upfront payment of $12 million in exchange for the license, plus up to $126.5 million in additional milestone payments.

ASLN is up 20.6% on news of the deal.

My Take: ASLN stock has performed well this year, and its chart has a notable up-trend that still appears to be intact. If it can hold onto its current gains, it could find new support at $4.50 per share.

T2 Biosystems [TTOO] - Last Close: $0.0722

The "smart money" is doubling down on T2 Bio.

According to a Form SC 13G filing that was published yesterday, GSA Capital Partners has boosted its stake in the micro-cap biotech firm.

The institutional investor now controls roughly 1.7% of the tiny, Massachusetts-based biotech company.

TTOO set a new 52-week low on Wednesday of $0.0681 per share, but the GSA Capital helped spark a rebound rally in today's premarket.

TTOO is one of this morning's top-performing stocks with a 20.2% gain on active trading volume.

My Take: TTOO has really gotten beat up this year, but there could be significant upside if the company can survive. The GSA Capital investment shows it has at least some institutional support, but the company's small size is an undeniable concern.

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