March Madness Market Movers: INBS, NCMI, CIFR, IMRX, STI

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March 2024 has seen notable advancements from several companies, and this piece will delve into five of these companies in detail.

Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company best known for providing intelligent, fast, and non-invasive testing solutions. On March 12, 2024, Intelligent Bio Solutions Inc. announced that it had concluded a previously announced private placement of $10.1 million capital raise at $4.55 consisting of 2,223,333 shares of its common stock. Additionally, the company also offered Series H-1 warrants to pick up a maximum of 2,223,333 shares of the common stock and Series H-2 warrants for the same number of maximum common shares.

National CineMedia Inc. (NASDAQ: NCMI) made headlines on March 18 with the release of its financial results for the fourth quarter and full year of 2023. As the largest cinema advertising platform operator in the United States, National CineMedia Inc.’s fiscal year performance showed a blend of outcomes. While quarterly revenues stayed steady year-on-year at $90.9 million, there was a notable increase in fourth-quarter income. Net income for the fourth quarter reached $23.7 million, a substantial rise from $6.1 million in the same quarter of the previous year.

Cipher Mining Inc. (NASDAQ: CIFR) garnered attention on March 5, 2024, with the disclosure of its financial outcomes for the fourth quarter and full fiscal year ending December 31, 2023. The announcement highlighted that the fourth quarter marked the initial full quarter with all data centers operating at maximum capacity. Furthermore, Cipher Mining Inc. stated in the press release that it achieved robust positive net income on both GAAP and non-GAAP bases during the fourth quarter. The company attributed its strong performance to robust unit economics.

Immuneering Corporation (NASDAQ: IMRX) is a clinical-stage oncology company focused on advancing and commercializing universal RAS and RAF medications for a broad range of cancer patients. The company gained attention on March 14 when it disclosed the top-line findings from Phase 1 of its Phase 1/2a clinical trial for IMM 1 104, its product. The firm announced that the initial findings from the clinical trial showcased promising and optimistic outcomes. There was notable tumor activity observed, and the product was well-tolerated by the group of patients with treatment resistance. Immuneering Corporation highlighted that the data collected until the February 20, 2024, endpoint was indeed promising.

Solidion Technology (NASDAQ: STI) experienced significant gains on March 18, with its stock being among the top performers due to intense trading activity. At one juncture, over 2.3 million shares of Solidion Technology were traded, close to its average daily trading volume of 2.8 million shares. This surge in stock activity wasn’t unexpected, considering the notable rally observed on the preceding Friday, during which the stock surged by 33.9%.