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Premarket Movers Tuesday: Sage Therapeutics, MicroStrategy

Stocks moving in premarket trading Tuesday include Sage Therapeutics, Freeport-McMoRan, MicroStrategy, ContextLogic and Fastenal.
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Stock futures were mixed Tuesday one day after  after the S&P 500 posted another record high close.

Here are some of the top movers during premarket trading on Tuesday:

1. Sage Therapeutics | Down 12%

Sage Therapeutics  (SAGE)  shares tumbled after the biotech disclosed disappointing Phase 3 test results for a depression drug, Zuranolone, that it is producing with drug giant Biogen  (BIIB)

2. Freeport-McMoRan | Down 3%

Freeport-McMoRan  (FCX)  shares eased as copper prices sank to their lowest levels in nearly two months. Copper prices, which reached all-time highs last month, have been falling over the past two weeks amid concern about a crackdown on speculators from Beijing.

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3. MicroStrategy | Up 1.8%

MicroStrategy  (MSTR)  rose after the business software company filed a shelf registration with the Securities and Exchange Commission to sell as much as $1 billion of common stock for general purposes, including the purchase of more Bitcoin. As part of that effort, the company said it completed the sale of $500 million in bonds.

4. ContextLogic | Up 4.4%

ContextLogic  (WISH)  shares continued to climb after the San Francisco e-commerce platform unveiled a partnership with PrestaShop, an e-commerce platform focused on Latin America and Europe. The two-year accord will enable 300,000 merchants and brands on the PrestaShop platform to sell on the Wish marketplace.

5. Fastenal | Down 3.2%

Shares of Fastenal  (FAST)  were falling Tuesday after Goldman Sachs analyst Joshua Pokrzywinski downgraded the industrials and construction supplies distributor to underweight from equal weight. The analyst said the stock's upside was limited due to a high valuation and execution risk.