| US benchmarks opened higher on Tuesday, but the S&P 500 and Dow reversed course midday and closed with a 0.2% and 0.4% loss, respectively. The Nasdaq edged out a 0.3% gain, and the small-cap Russell 2K added 0.4%. Today, futures are in the red in what has been a volatile premarket. S&P 500 contracts are currently trading 0.6% lower. The Best Lithium Stock for Less Than $1 📈
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Drills are turning on later this year, but very few investors know about it yet, so this ground-floor opportunity below $0.30 won't be around much longer. It's a new breed of lithium stock, and shares could be on course to explode. Get the Name and Trading Symbol Here The yield on the 10-year US Treasury bond topped 4% for the first time in over a decade, and it has climbed at its fastest rate in 40 years as investors anticipate more rate hikes ahead. Bank of England says it will buy bonds with long maturities "on whatever scale is necessary" to restore confidence in the country's bonds and currency. Biogen [BIIB] - Last Close: $197.79 New drug data is skyrocketing shares of this mid-cap biotech stock. The company said late Tuesday that the experimental Alzheimer's treatment it co-developed with Eisai Co. met all of its primary and secondary endpoints in a Phase 3 trial. Lecanemab reduced clinical decline on the global cognitive and functional scale compared with placebo by 27% at 18 months. Eisai, Biogen's clinical partner, says it will file for traditional approval in the US, along with marketing applications in Japan and Europe before Mar. 2023. Eisai and Biogen are co-commercializing and co-promoting the product, with Eisai having final decision-making authority. BIIB is today's #1 S&P 500 stock, with an incredible 45.6% premarket gain on active trading volume. My Take: It's not everyday you see a $29 billion company add $13 billion to its market-cap overnight, but an effective Alzheimer's treatment is the biotech industry's Holy Grail. This rally could put BIIB past a key resistance point at $275, so it'll be interesting to see where things go from here. Prothena Corporation [PRTA] - Last Close: $30.93 Prothena is also rallying on the upbeat drug data from Biogen and Eisai. The late-stage clinical biotech firm is moving higher in the premarket without any noteworthy news, and it's likely because Biogen's progress bodes well for Prothena's own Alzheimer's therapy. Prothena currently has several potential Alzheimer's treatment in development, including its PRX012 treatment and a dual Ass-Tau vaccine for the treatment and prevention of the disease. PRTA is one of this morning's top performers with a 61.9% gain on the Biogen news. My Take: I don't have a PhD in chemistry, so I am not sure exactly what the chemical similarities between these drugs are. However, the market clearly seems to think the BIIB news is a good sign for PRTA's similar therapies. Acumen Pharmaceuticals [ABOS] - Last Close: $4.70 Acumen is yet another biotech stock on the move in light of the BIIB news. The specialty boutique biotech firm focuses on clinical-stage therapies for Alzheimer's disease, and it's also getting a boost from the Biogen-Eisai news. Acumen is currently focusing on advancing a target immunotherapy drug candidate ACU193, a monoclonal antibody currently undergoing Phase 1 trials. Sharp-eyed investors are zeroing in on ABOS in the wake of Biogen & Eisai's clinical breakthrough. In fact, ABOS is currently this morning's most active premarket stock. ABOS is also one of the morning's top performers with an 86.5% gain. My Take: Wow, the BIIB news has really sparked a mad dash for Alzheimer's-related biotech stocks. I don't know enough about ABOS's therapy to predict which way this thing will go, but it's unusual to see such strong gains from so many stocks on one company's clinical data. Silo Pharma [SILO] - Last Close: $5.10 Silo Pharma is rebounding after taking sharp losses on Tuesday. The micro-cap biopharma stock tumbled 24.6% in yesterday's session, and the stock has struggled since announcing a 1-for-50 reverse stock split a couple of weeks ago. The reverse split was intended to bring the company's stock into compliance with Nasdaq listing standards, so the company could uplist its shares to the major exchange. Silo has now successfully completed its up-listing to Nasdaq, and its shares are getting a boost on the news. SILO is one of this morning's top stocks with a 44.1% gain. My Take: SILO has gotten beaten down for the past two weeks, but it's showing signs of life today. There could be substantial upside if SILO's recent selloff was overdone, so this could be an excellent entry point for a potential swing trade. |
