The markets are up this afternoon, with the exception of the NASDAQ, which continues to be bogged down by underperforming tech stocks. The improved sentiment comes from increased hopes of a COVID-19 vaccine. This follows news that Russia had given regulatory approval for a vaccine. In the U.S biopharma companies are also moving fast towards mass production of a vaccine.
Given that the coronavirus has significantly slowed down the world economy, the markets are optimistic that a breakthrough in the fight against it would restart the global economic engine. News of a vaccine has already seen airlines, cruise ships, and hotel stocks start to gain in value. As markets gain, stocks that have big news such as strong earnings are on the rise. Some of the top performers this afternoon are as below:
Biofrontera AG [NASDAQ: BFRA]
Biofrontera AG is a top performer this afternoon and is up by over `100%. This follows the company’s announcement of its subscription price for 1% qualified subordinated convertible bond. In a federal gazette notice dated 29th July 2020, the company stated that it exercising its subscription rights of the bonds from 30th July to 13th August 2020. The company also announced that the subscription price of the bond would be at 100% of the bond’s nominal value, and would be subscribed at 3 Euros.
Eyenovia Inc [NASDAQ: EYEN]
Eyenovia Inc is a big gainer this afternoon and is up by 33.62%. This follows the company’s announcement that it had entered into an exclusive licensing agreement for the development and commercialization of MicroPine in China and surrounding regions, including in South Korea. As part of the deal, Eyenovia Inc will get upfront payments totaling to $45.75 million.
The company will also receive an additional payment that will be premised on the achievement of regulatory milestones such as the start of clinical research in South Korea and Greater China. On top of that, Artic Vision will buy its supply of MicroPine only from Eyenovia. The company will also pay Eyenovia a single-digit percentage in royalty payments and net sales. Commenting on the deal, Eyenovia CEO Dr. Sean Lanchulev stated that the agreement was a major step in growing the company’s commercial reach.
Sypris Solutions Inc [NASDAQ: SYPR]
Sypris Solutions Inc is another top performer this afternoon and is up by 39%. This follows news that the company had won an initial contract to manufacture and test shipboard systems for Leonardo DRS Naval Electronics. The company stated that production will start this year, but did not diverge more on details of the agreement.