3 NASDAQ Stocks That Are Pumping Even As the Index Stumbles

It’s a mixed bag in the U.S markets today. The Dow Jones and the S&P 500 have gained, while the NASDAQ has declined. The S&P 500 and the Dow’s gains are driven by a recovery in energy stocks and strong earnings in the finance sector, with JP Morgan leading the way with strong quarterly earnings. The NASDAQ’s drop is mainly due to the underperformance of the big tech stocks in the early morning session. However, even as the NASDAQ lags, certain stocks within it and performing very well today. Some of the biggest winners currently are COVID-19 related stocks. Narrowing down, below are some of the best performers in this session.

IMV Inc [NASDAQ:IMV]

Though volatile, this stock is a top performer in mid-morning trading, and is up by 51.67%. This comes after the company’s announcement that it had made rapid progress in the development of a COVID-19 vaccine. The company said that it was working with regulators to start clinical trials in the quickest time possible.  It further added that as per its agreement with Health Canada, the first phase clinical study will be randomized and aims to check the immunogenicity and safety for its vaccine called DPX-COVID-19. Given the fact that the whole world is looking forward to a cure or a vaccine for COVID-19, breakthrough on this front could see this stock gain significantly in the foreseeable future.

Rigel Pharmaceuticals Inc [NASDAQ:RIGL]

Rigel Pharmaceuticals Inc is another top gainer in the current session and is up by 64.35%. This follows news that a drug that is used for treating autoimmune disorders will be tested in the U.K for treating COVID-19 pneumonia.  The company further stated that the Imperial College London will do an open-label trial for the treatment called Tavalisse. Like other COVID-19 related stocks, a breakthrough on this front could see the stock rally in the foreseeable future.

Perceptron Inc [NASDAQ:PRCP]

Perceptron is in a strong rally at the moment, and at the time of writing, it was up by107.82%. The stock’s strong performance follows news that the company has received new order support for its upcoming electric vehicle.  Global Newswire has reported that a Tier-1 auto supplier has selected the company’s in-line measurement technology for its battery frame, lid, and compartment measurements in an upcoming EV launch. Commenting on the deal, Perceptron’s Vice President John Kearney said that the order was the first major order the company has received from a global tier-1 supplier.  He added that in recent times, the company has recorded an increase in demand as auto OEMs seek out ways to streamline their operations. With growing demand and now the entry of a tier-1 supplier, this stock will be on investor’s radar for the foreseeable future.