The major indices are down in afternoon trading, continuing a trend that started pre-market. This follows weak labor data that shows that 1.3 million more people filed for unemployment claims, which is higher than industry forecasts. However, data on retail markets show that retail sales rose by 7.5% in June. This mixed picture in the market has seen most stocks tank. Nonetheless, there are stocks that have braved the bearish sentiment and are in the green at the moment. Some of the day’s biggest gainers are:
AC Immune SA [NASDAQ: ACIU]
This is a top gainer in afternoon trading and is up by 50.63% at the time of writing. This comes after the company announced that it had initiated the second dosing for its phase 1/ 2a clinical trial for ACA-35.030 for treating Alzheimer’s. The company also stated that the decision to move to higher dosing followed positive interim tolerability, safety, and immunogenicity results from its earlier dosing. The treatment is developed in partnership with Johnson & Johnson’s Janssen Pharmaceuticals. The positive response it has got from the market is driven by the fact that this is the first Alzheimer’s vaccine that is aimed at coming up with antibody response against the pTau proteins in the human brain. Smarter Analyst reported that AC Immune’s CEO stated that the treatment showed positive safety response in the elderly and was a good sign that the company was looking forward to the next dosing.
Digital Ally Inc [NASDAQ: DGLY]
Digital Ally Inc is another big mover in afternoon trading. At the time of going to press, the stock was up by 51.92%. Though it has no news today, the stock is riding on positive retail data in the day. A week ago on July 6th, the company announced that it was launching Shield™ Cleansers commerce website due to the high market demand for the product. Its demand is premised on the fact that it is mild but more effective than most disinfectants in the market. While launching the product, the company’s CEO Stan Ross stated that COVID-19 had made disinfectants important for public safety. As the COVID-19 sustains its grip on the world economy, the demand for this company’s products will keep rising in the retail industry. This explains why it is surging in value despite the drop in prices across the board.
InnerWorkings Inc [NASDAQ: INWK]
This is another big gainer this afternoon and is up by 118.94%. Unlike the other two, there is no major news about this stock. The last time this stock had any major news was on July 16th, when it announced that it had entered into an agreement with HH Global. Under the deal, HH Global would buy InnerWorkings at $3 in an all-cash transaction.