Benzinga Pro's Top 5 Stocks To Watch For Wednesday, Sept. 30, 2020: VLDR, CMPS, BYND, MYOV, AXTI

Author: Benzinga Newsdesk | September 30, 2020 08:20am

Today's 5 Stock Ideas:

Velodyne Lidar (VLDR) - Will begin trading Wednesday following completion of its merger with special purpose acquisition company (SPAC) Graf Industrial Corporation.
Compass Pathways (CMPS) - A play on medical uses of psilocybin mushrooms. Mentioned by Citron Research editor Andrew Left on Benzinga’s PreMarket Prep show Tuesday.
Beyond Meat (BYND) - Shares rose more than 9% Tuesday on very heavy volume after a company press release highlighted the launch of an expanded distribution deal with Walmart (WMT). Despite the price action and volume Tuesday, Beyond Meat had already disclosed the news in an Aug. 4 conference call. A Wells Fargo analyst on Tuesday suggested taking profits.
Myovant Sciences (MYOV) - Myovant shares fell by almost 26% Tuesday after news broke the firm’s prostate cancer drug, relugolix, did not meet its primary endpoint in a Phase 3 clinical trial. An Evercore ISI analyst defended the stock and said the trial was “anything but” a failed study.
AXT Inc (AXTI) - The stock experienced a nearly 20% bump in its share price Tuesday without any obvious company news. Following Apple's (AAPL) Sept. 15 event in which the company unveiled its new watch, rumors suggested AXTI's gallium arsenide semiconductor substrates would be used in the Apple Watch Series 6, via Apple supplier and AXT customer Osram.