×
News Home

Stocks Jump Wednesday; Biogen Surges Higher on Strong Phase 3 Alzheimer's Treatment Results

Wednesday, September 28, 2022 01:55 PM | Nick Dey
Stocks Jump Wednesday; Biogen Surges Higher on Strong Phase 3 Alzheimer's Treatment Results

During trading Wednesday, 12 stocks traded to a 52-week high, while 193 stocks bottomed out at new 52-week lows. The S&P 500 is up 1.36% so far today while the Dow is up 1.4%, the Nasdaq is up 1.19%, and the Russell 2000 is up 2.81%.

Boosting sentiment for Wednesday's trading is the Bank of England saying that it will purchase however many long-dated government bonds as needed to quell the UK bond rout.

The sell-off was sparked by newly appointed Prime Minister Liz Truss's "trickle down" tax cuts aimed to boost economic activity. While the tax cuts (which pass most of the savings to the wealthiest of Britons) may help boost short-term activity, FocusEconomics questions the longevity of any benefits as it will also "increase the public debt, widen the budget deficit, stoke core inflation and weigh on the pound."

Biogen Inc (BIIB) is advancing 37.61% after data from the company's Phase 3 clinical trials on lecanemab for the treatment of Alzheimer's succeeded in the final-phase test. Biogen's study showed a 27% reduction in cognitive and functional decline compared to the placebo group. Importantly, lecanemab provided cognitive benefits for patients with early-stage Alzheimer's. The company expects a high likelihood of full approval and for sales to reap around $8 billion in out-year worldwide end-user sales - starting in 2024.

Sector Highlights

The Real Estate sector makes up the majority of our 52-week lows, as 44 out of our 193 lows come from the Real Estate sector. The Real Estate sector is outperforming the market today, increasing 1.61% so far on the day. Over the last month, the Real Estate sector has underperformed the market, decreasing 15.87% while the S&P decreased by 10.11%.

Real Estate: AAT, AGNC, AHH, AMH, BNL, CCI, VRE, CWK, DEA, DHC, DLR, EGP, ELS, EQC, EQIX, FR, FSP, GMRE, GNL, GPMT, ILPT, KW, LAND, LXP, MAA, MFA, MMI, NMRK, NXRT, O, ONL, OPI, ORC, PLD, PLYM, REXR, SAFE, STAG, TRNO, UBA, WE, WELL, WPC, WRE

The Lists

The following stocks traded to 52-week highs:

AGAC, AVAN, AZPN, AMPS, CHNG, CRU, HLIT, LGAC, LLY, SNRH, SWET

The following stock recently reported earnings and is at a 52-week high:

CALM

The following stocks traded to 52-week lows:

AA, AAT, ABT, ADV, AGNC, AHH, AIP, AKTS, ALE, ALGN, ALLY, AMBP, AMH, ARCC, ARCE, ATUS, AVGO, AVNT, AY, BBLN, BIP, BNL, BOOM, BRDS, BRKL, BURL, BX, CARG, QNGY, CCI, CFFN, CHD, CIDM, CL, VRE, CLOV, COO, CRIS, CSX, CVGI, CWK, CYXT, CZR, DEA, DELL, DHC, WBD, DLR, DOLE, DPZ, DS, DSEY, EAF, EBET, ECPG, EGHT, EGP, EHTH, PGY, ELS, ENJYQ, ENV, EQC, EQIX, EVER, FCF, FFIC, STRY, FORM, FR, FRG, FSP, GAN, GBDC, PSNY, BBAI, GLT, GMRE, GNL, GOGO, GPMT, GSHD, HAS, HYPR, HMST, HYFM, IAS, IBTX, IDEX, ILPT, LVWR, INTC, IRNT, JNCE, KD, KHC, KLR, KMB, KN, KRO, KTOS, KW, LAND, LKCO, LTRY, LXP, LYLT, MA, MAA, MAXR, MDLZ, MFA, MKC, MKTX, MMI, MNMD, MO, MSGE, MTEM, NAK, NMRK, NWE, NXRT, O, OGN, OLED, OLPX, ONL, OPI, ORC, PBH, PETQ, PFS, PLD, PLXP, PLYM, PNNT, POWW, PRA, PRAA, PRGS, BIOR, PSMT, PTON, QCOM, QTNT, REE, REXR, RKLY, ROOT, RUBY, SAFE, SASR, SB, SBGI, SBSI, SCHL, SCS, SDC, SIEN, SITE, SLQT, SMG, SOPA, SPNS, SSP, SSSS, STAG, STRC, TNXP, SST, TRNO, TSE, TSN, TW, UBA, LSAK, UP, UVE, UVV, UWMC, V, VFC, PARA, VNRX, VNTR, WBA, WE, WELL, WPC, WRE, CORZ, YUM

You May Also Like

Get the InvestorsObserver App

InvestorsObserver App
iOS App Android App