Market Movement: Pre-Market Stock Highlights: Palantir, Costco, Peloton, and More

Today's pre-market witnessed a marginal uptick in stock futures post the robust December jobs report, setting the stage for potential market activity.

Here's a glance at the significant stock movements:

Top Advancing Stocks

Peloton (NASDAQ:PTON) stocks, following a 14% surge on Thursday, soared an additional 7% pre-market. This climb resulted from the fitness platform's exclusive partnership with TikTok's subsidiary, opening avenues through #TikTokFitness. Peloton (PTON) will offer select live classes and original series via the TikTok hub in the U.S., U.K., and Canada, catering to the TikTok community.

Sana Biotechnology (NASDAQ:SANA) experienced a 13% surge post-FDA clearance of its Investigational New Drug (IND) application for SC262. The company gears up to launch a study targeting relapsed or refractory B-cell malignancies, with initial data anticipated in 2024.

Top Declining Stocks

Medical Properties Trust (NYSE:MPW) observed a 22% dip after extending financial support to its major tenant, Steward Health Care System. This step aimed to address outstanding loan balances and unpaid rent, with Steward owing approximately $50M in rent as of December 31. MPT provided additional support via a new $60M bridge loan, backed by existing collateral and new second liens on Steward's managed care business.

Voyager Therapeutics (NASDAQ:VYGR) witnessed a 17% decline following the pricing announcement of an underwritten public offering of common shares and pre-funded warrants totaling about $100M. The proceeds will support clinical development programs for Alzheimer's disease and amyotrophic lateral sclerosis, among others.

Applied Therapeutics (NASDAQ:APLT) shares plummeted 30% after mixed results from a Phase 3 study of its drug AT-001. The drug exhibited no significant difference in cardiac functional capacity versus placebo in certain patients, prompting the company to focus resources on its drug candidate, Govorestat.

Palantir Technologies (NYSE:PLTR) faced a 4% drop post-Jefferies' downgrade due to perceived AI "overhype." Analyst Brent Thill downgraded Palantir to underperform, expressing concerns over valuation levels and a lack of clear monetization strategy despite acknowledging its differentiated platform.