MQ - Hot Stocks: RETA nearly triples on FDA approval; FSLR surges on earnings; NVAX MQ plunge

Weighed down by more hawkish comments from Federal Reserve officials, the Nasdaq and S&P 500 posted another day of modest declines on Wednesday. Meanwhile, the Dow managed to eke out a thin gain.

Novavax ( NASDAQ: NVAX ) was among the standouts to the downside. Shares lost more than a quarter of their value after the company raised concerns about its cash position. Marqeta ( MQ ) also posted a significant decline, falling more than 20% on a weak forecast.

On the other side of the spectrum, Reata Pharmaceuticals ( RETA ) nearly tripled in value, fueled by a regulatory approval. At the same time, earnings news sent First Solar ( FSLR ) to a new 52-week high.

Standout Gainer

Reata Pharmaceuticals ( RETA ) skyrocketed more than 198% after the company received a key regulatory approval for its Skyclarys product as a treatment for Friedreich's ataxia, an inherited neuronal disorder.

The U.S. Food and Drug Administration approved the drug for FA patients who are at least 16 years old. This is the first FDA-approved treatment for the rare condition, which impacts about 5K people in the U.S.

Prompted by the approval, RETA soared $62 to close at $93.17. The company also reached an intraday 52-week high of $95.

Standout Decliner

Novavax ( NVAX ) crashed in the wake of its latest earnings report. With the vaccine maker also raising red flags about its cash position, shares dropped almost 26%

The company revealed a loss that narrowed from last year but still came in wider than analysts had expected .

Meanwhile, NVAX raised concerns about its 2023 revenue, government funding and issues related to its Gavi vaccine alliance, leading it to warn "substantial doubt exists regarding our ability to continue as a going concern through one year from the date that these financial statements are issued."

NVAX dropped $2.40 to close at $6.86. During the session, shares reached an intraday 52-week low of $6.64.

Wednesday's slide added to a recent downtrend. Shares have fallen almost 43% in the past month. Over the past year, the stock has fallen 92%.

Notable New High

First Solar ( FSLR ) surged to a new 52-week high, jumping almost 16% after it released a narrower-than-expected Q4 loss and gave an upbeat forecast for 2023.

The company posted a GAAP loss of $0.07 per share, topping projections by $0.06 per share. Revenue climbed 10% to $1B.

Looking ahead, FSLR predicted 2023 net sales of $3.4B-$3.6B. Analysts were looking for a figure of around $3.4B. The firm also projected operating income of $745M-$870M.

FSLR ended Wednesday's session at $195.68, a surge of $26.54 on the day. The stock also reached an intraday 52-week high of $196.90. Shares have climbed 34% so far in 2023. Over the past year, the stock has advanced more than 180%.

Notable New Low

Marqeta ( MQ ) slumped to a new 52-week low after the company's quarterly update included a weaker-than-expected forecast . The stock dropped more than 22% on the news.

The credit card issuing platform posted a narrower-than-expected loss for Q4, with revenue that jumped 31%. However, the company issued a disappointing forecast for 2023, predicting revenue growth of 26%-28%. This was below the nearly 29% that analysts had projected.

Hurt by the earnings news, MQ declined to an intraday 52-week low of $4.27. The stock eventually finished at $4.50, a decline of $1.30 on the day.

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