Stock Track | Cloudflare (NET) Stock Soars 5.11% in Pre-market Trading on Analyst Upgrade and Clinical Trial Data

Stock Track11-21 22:45

Shares of Cloudflare (NET) surged 5.11% in pre-market trading on Thursday, propelled by two key factors driving investor optimism. First, Oppenheimer analyst Timothy Horan issued a new buy recommendation and price target upgrade for the technology giant. Second, promising early clinical trial data from Perspective Therapeutics (CATX) fueled excitement in the biotech sector, likely boosting sentiment for technology stocks like NET.

Horan's bullish stance on Cloudflare cited the company's strong growth prospects and competitive advantages in the cloud security and edge computing markets. The analyst's positive endorsement could have contributed to the stock's pre-market rally.

Additionally, Perspective Therapeutics, a radiopharmaceutical company, announced initial results from its Phase 1/2a clinical trial of [212Pb]VMT-α-NET, a targeted alpha-particle therapy for neuroendocrine tumors. The trial data showed a favorable safety profile and signals of anti-tumor activity, prompting the company to pursue dose escalation. While not directly related to Cloudflare's business, the positive biotech news may have boosted investor sentiment across the broader technology sector, benefiting NET's stock price.

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