Tuesday morning brought a cautious tone to the markets, with Dow futures dipping around 0.2% as traders sized up the day ahead. But the broader market weakness was just the backdrop for some more dramatic moves happening in individual stocks before the opening bell.
Leading the Decliners
Lightwave Logic Inc. (LWLG) took the hardest hit among notable pre-market movers, with shares plunging 14.5% to $3.22. The catalyst? The company announced pricing for a $35 million public offering of common stock. It's the classic equity offering playbook: companies need cash, they issue new shares, and existing shareholders get diluted. Investors responded accordingly.
Kyverna Therapeutics Inc. (KYTX) followed a similar script, falling 7.2% to $10.04 after announcing its own capital raise—a $100 million offering. When biotechs tap the capital markets, it's usually to fund clinical trials and operations, but the immediate effect is the same: more shares outstanding means each existing share is worth a bit less.
Other Notable Decliners
Ascent Solar Technologies, Inc. (ASTI) saw shares dip 15.1% to $3.54 in pre-market action. The decline came after the stock had jumped 34% on Monday, suggesting some profit-taking or momentum reversal was at play.
Fractyl Health Inc. (GUTS) fell 10.4% to $2.00 in pre-market trading, continuing its downward trajectory.
Ready Capital Corp. (RC) dropped 9% to $2.12, an interesting move considering the company actually announced some positive news: a quarterly cash dividend of $0.01 per share of common stock and Operating Partnership unit for the quarter ended December 31, 2025. Sometimes even good news can't overcome broader selling pressure.
Cellectis SA (CLLS) declined 8.4% to $4.39 as the company reported results for Servier in arbitration with Cellectis. Legal proceedings rarely inspire confidence in the short term.
Destiny Tech100 Inc. (DXYZ) slipped 7.4% to $31.59 in pre-market trading without any specific catalyst disclosed.
Maase Inc. (MAAS) fell 6.3% to $4.16, while Argo Blockchain PLC – ADR (ARBK) dropped 6% to $5.32. The blockchain company's troubles extended beyond Tuesday morning—it had already dipped 18% on Monday, suggesting a multi-day selloff was underway.
Canopy Growth Corp. (CGC) declined 5.4% to $1.57, and Neogen Corp. (NEOG) fell 4.5% to $6.54 in pre-market trading.
The common thread across many of these movers? Capital raises tend to put immediate pressure on stock prices, while stocks that had big runs often face morning-after selling. It's a reminder that pre-market action can set the tone for the trading day, even if the broader market indices are only showing modest moves.