The markets are in mixed territory this afternoon. The NASDAQ is down due to a sharp drop in big tech stocks that make up a huge percentage of the index. On the other hand, the Dow and the S&P 5O0 are showing signs of strength. Besides big-tech price action, markets are still digesting the executive orders that President Trump signed over the weekend.
The package includes a $400 unemployment payout that is only expected to last for a month. President Trump also deferred payroll taxes to the year’s end, but analysts are unsure that people will be willing to spend unless there is a change in the tax laws.
Nonetheless, the executive order gave a boost to the economy, even as markets look to congress for a more detailed package. Despite the mixed signals that the markets are sending, there are stocks that are in huge gains at the moment. Some of the top gainers this afternoon are biotech stocks that are driven by positive product development news. Below are some of the biggest movers in the day:
Omeros Corporation [NASDAQ: OMER]
Omeros Corporation has gained exponentially this afternoon and though volatile, it is still up by over 48%. The huge gains come after the company announced that it got a 100% recovery and survival rate for its COVID-19 treatment for patients with Acute Respiratory Distress Syndrome. The company announced that all 6 patients that took part in the study and needed ventilators before the treatment, survived and were discharged fully recovered.
The company further stated that the treatment, called Narsoplimab, had led to an improvement in outcomes on all the markers that it was assessed. The company also stated that it was holding talks with different agencies of the American government for accelerated manufacture of this treatment. The company is specifically holding discussions with the Department of Health and Human Services, the Biomedical Advanced Research Development Authority, and the National Institutes of Health Accelerating COVID-19 Therapeutic Interventions and Vaccines.
Seres Therapeutics Inc. [NASDAQ: MCRB]
Seres Therapeutics Inc. is another top performer this afternoon and is up by over 300%. This follows the company’s announcement that its late-stage drug test for its colon infections treatment was a success. The company was testing for its treatment called SER-109. This is an oral treatment for a C. difficile, a dangerous lung treatment. CEO Eric Shaff said that the FDA would likely find the results clinically meaningful.
Xtant Medical Holdings Inc. [NYSE: XTNT]
This is another top performer this afternoon and is up by over 85%. This follows the company’s announcement that it was restructuring its debts. The company announced that it had entered into an agreement with its lenders on a plan that will see it have a better capital structure, and access growth opportunities in the future.
