SRNE - Hot Stocks: SRNE gains on FDA news CHS rises on earnings HPQ dips on Q3 estimates and OSCR falls

Sorrento Therapeutics, Inc. ( NASDAQ: SRNE ) has traded higher in early market trading after news broke that the FDA granted fast track designation to Scilex's drug/device product. Chico's FAS, Inc. ( NYSE: CHS ) also ticked upward as it beat on its latest earnings report.

While SRNE and CHS are higher, shares of HP Inc. ( NYSE: HPQ ) slipped lower as the tech firm reported third-quarter numbers that came up shallow. Also in the red is Oscar Health, Inc. ( NYSE: OSCR ) as a key service agreement between an insurer will be concluding.

Gainers

Sorrento Therapeutics, Inc. ( SRNE ) tracked higher by 7.2% on Wednesday morning. SRNE moved upward as the U.S. Food and Drug Administration granted fast track designation to Scilex's drug/device product candidate SP-103 to treat acute low back pain.

Chico's FAS, Inc. ( CHS ) has gained 0.4% as the woman’s clothing firm topped its second quarter GAAP EPS and revenue . CHS reported Q2 GAAP EPS of $0.34 which topped estimates by $0.09 and also outdid revenue by $14.82M as it posted revenue of $558.72M (+18.4% Y/Y).

Decliners

Shares of HP Inc. ( HPQ ) dropped by 5.9% after the tech company posted third-quarter numbers that came up short of forecasts . HPQ also lowered its full-year earnings outlook, citing continued weakness in PC sales. The organization stated that it sees adjusted earnings per share between $4.02 and $4.12, below the previous range of $4.24 and $4.38 per share.

Oscar Health, Inc. ( OSCR ) headed south in premarket trading as it fell 3.1% . OSCR dipped as the company said that Health First Shared Services, a Florida-based insurer, is ending a services agreement as early as Jan. 1, 2023.

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