Promising Cancer Treatment, Impressive Stock Gains
Stocks rallied yesterday after a sharp two-day selloff. After starting today’s session off down, most major indexes have recovered to post modest gains so far during today’s trading. The rout in US Treasuries seems to be contained for now, with a solid private-sector jobs report from ADP providing a boost of investor confidence. For now, solid earnings and macroeconomic data continue to trump investor worry about the high valuation of equities.
Nevertheless, volatility seems to be picking up as markets churn to find a stable valuation—always a great sign for new-based traders.
Today’s Top Performer again comes from the pharmaceutical sector, which seems to have firmly supplanted blockchain as the hottest sector for news-based trading in the current market environment.
Based in Germany, Affimed is a clinical-stage drug development company focused on immunotherapies for cancer. A new treatment under development by AFMD—AFM13—posted strong clinical trial results that were released this morning.
In two separate trials for both “Hodgkin” and “CD30 Positive” lymphomas, AFM13 was well tolerated by patients even as it demonstrated impressive potential treatment efficacy. It is considered a “first of its kind” drug for its class, an “NK Cell Engager.”
Investors bought the stock on heavy volume, driving it to gains flirting with 40% at the time of this writing. Such gains mark a welcome respite for AFMD holders, who have witnessed a years-long decline after AFMD traded as high as $20 in 2015.
Diverse Plays, Great Profits: All in a single news day.
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