Market movers: Tesla, Sarepta Therapeutics, Reddit, Tencent...
Published: 15:30 18 Mar 2025 EDT
Reddit (NYSE:RDDT) shares pulled back more than 13% after Redburn Atlantic analysts initiated coverage on the stock with a ‘Sell’ rating.
The analysts awarded the stock a $75 price target, implying downside of about 41% from Reddit’s previous closing price.
Tencent Music Entertainment Group shares surged following fourth-quarter earnings that exceeded expectations that reinforced its strategic focus on high-quality growth and artificial intelligence (AI) to enhance user engagement.
Tencent Music's total revenue rose 8.2% year-over-year to RMB7.46 billion, exceeding consensus estimates by 2.2%.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares plunged more than 21% after it revealed a patient with Duchenne muscular dystrophy (DMD) has died following treatment with its gene therapy ELEVIDYS.
Although acute liver injury is a known potential side effect of ELEVIDYS and similar therapies, this level of severity had not been previously reported, the company said in a statement.
Pensana PLC (LSE:PRE, OTC:PNSPF) shares surged 38% in early trading after securing full financing of $268 million for its Longonjo rare earth project in Angola.
The funding package includes a $160 million loan facility led by Africa Finance Corporation (AFC) and Absa Bank, alongside $92 million in equity and convertible loans from Angola’s Sovereign Wealth Fund (FSDEA) and AFC.
Chariot Ltd's (AIM:CHAR, OTC:OIGLF) shares surged 21% in early trading after the company secured a $75 million funding package for its South African electricity trading business, Etana Energy.
The deal includes $55 million in guarantee financing from Standard Bank and up to $20 million in equity investment from Standard Bank and Norfund, a Norwegian state-backed investment fund.
Greatland Gold PLC's (AIM:GGP, OTC:GRLGF) shares surged 9% after the company unveiled its first-ever mineral resource estimate for the Telfer gold and copper mine, confirming 3.2 million ounces of gold and 117,000 tonnes of copper.
Managing director Shaun Day called the result “outstanding,” highlighting the asset’s long-term potential. With these figures, Greatland’s total resource base, including the Havieron project, has jumped over 40% to 10.2 million ounces of gold and 387,000 tonnes of copper, solidifying its position as a major player in Australia’s mining sector.
Tesla Inc's (NASDAQ:TSLA) shares slumped 4.8% in after-market trading as a new threat to its dominance of the electric car market emerged.
The gut punch? Chinese EV maker BYD unveiled a new line of electric vehicles capable of charging at speeds that could rival refuelling a petrol car.
