Hot Stocks: DELL Jumps on Profits; IOVA, SWTX dive into clinical data; The UTHR put high
Major US stock averages marked another day of notable gains, continuing a rebound that began mid-week. The Nasdaq led the charge with a 3% lead as the S&P 500 snapped its seven-week weekly losing streak.
Tech stocks were among the drivers of Friday’s rally, including a surge in Dell (NYSE: DELL). The stock posted a double-digit percentage gain on strong quarterly results.
Meanwhile, United Therapeutics (UTHR) extended its recent gains to set a new 52-week high.
Looking at some of the session’s most notable decliners, Iovance (IOVA) lost more than half of its value after the company released data from a melanoma study. SpringWorks (SWTX) also came under pressure after the release of clinical data, plunging to a 52-week low.
The publication of quarterly results stimulated the purchase of Dell (DELL). Shares of the IT and technology services company soared nearly 13% after the company reported better-than-expected results.
The company’s street-beating revenue was fueled by a nearly 16% increase in total revenue. The amount of revenue reached $26.1 billion, beating analysts’ consensus of nearly $900 million.
The company said its infrastructure solutions division, including storage and networking products, saw a 16% increase in revenue. Meanwhile, DELL’s customer solutions unit, including its desktop and laptop operations, saw a 17% increase in revenue.
DELL ended Friday’s trading at $49.58, a $5.65 lead on the session. The advance added to a rally seen in previous days, with the stock hitting a 2022 closing low of $40.05 set on May 20.
Stocks have now rebounded around 24% from that level. Still, DELL remains around 13% lower for 2022 as a whole.
Shares of Iovance (IOVA) fell off a cliff after the company released new data on its lead drug development candidate, called lileucel. The stock fell 53% during the session.
The latest statistics, which looked at Cohort 4 of a study of Lifileucel in selected melanoma patients, showed an objective response rate of 29%. While the company said the results indicated the treatment “could provide significant benefit”, the ORR was lower than the 35% reported in a previous release of data for Cohort 2.
Investors punished the stock with a drop of $8.10, sending the shares to a close of $7.02. IOVA also hit a 52-week intraday low of $6.75.
Looking back, the IOVA fell below a recent trading range to add to the weakness seen at the end of last year. The stock has fallen about 62% in the past six months.
Notable new peak
United Therapeutics (UTHR) built on a recent advance, climbing another 5% and setting a new 52-week high. The shares have been rising lately on the back of a favorable regulatory decision.
UTHR surged in midday trading on Monday, boosted by news that the company, along with partner MannKind (MNKD), has received US Food and Drug Administration approval for their lung disease treatment Tyvaso DPI.
With the approval, the stock ended Monday’s session with a gain of almost 12%. The stock continued to rise over the next two sessions. Friday built on that rise, with the stock rising $11.05 and ending at $235.83.
This latest recovery was part of a longer-term progression for the title. With Friday’s gain, UTHR has finished higher in ten of the previous 12 sessions.
Friday’s rally also took the stock to a 52-week intraday high of $236.06. The stock has now climbed nearly 32% over the past month.
New notable low
The release of clinical trial data pushed SpringWorks (SWTX) stock crunch 40% to a new 52-week low.
The company has released initial data from a Phase 1/2 trial of nirogacestat, its lead product candidate. The study looked at the drug in patients with relapsed or refractory multiple myeloma.
The trial, sponsored by GlaxoSmithKline (GSK), assessed whether the use of nirogacestat, in combination with GSK’s (GSK) BLENREP conjugate, led to similar efficacy and an improved ocular toxicity profile compared to the use of BLENREP as monotherapy. .
SWTX lost $12.47 to end at $18.36. During the session, the stock hit a 52-week intraday low of $13.60. Overall, stocks are down about 72% so far in 2022.
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