New Drug Trial Data Gives Major Boost to Pharmaceutical Stocks

Stocks are jumping 200 and 300% after trial data came back promising for a few upcoming medications.

Vivani medical stock jumped 385% on the Nasdaq Composite with trial results that showed its new weight loss drug could hold promise. The stock is at $4.89 and gaining thanks to news that a medical implant could help people lose weight. This is from clinical trials involving mice, so further testing is to be expected.

Vivani was not the only medical stock on the rise, with Janux Therapeutics gaining 230% after promising testing data for its medical products for treating prostate cancer. The stock then fell on Wednesday, down 5.51%, but it was nowhere near enough of a drop to erase the recent gains. On Monday, Janux stock was at $15.10 a share. After the drop today, the stock is sitting at $47.01.

Adail Pharmaceuticals is up 158% on Wednesday after receiving a patent for a new addiction treatment drug. The company has been testing a variety of drugs for treating different kinds of addictions, and the patent is for a drug that targets the gene that transports serotonin. That could help with opioid addiction and other similar health issues.

Nasdaq at a Glance

The Nasdaq Cost is down 0.29% despite several skyrocketing stocks. The index benefitted from a few technology stocks and pharmaceutical stocks doing very well, but it was held back by poor performances by RiskOn International and Wetouch Technology, which lost 70% and 40% respectively on Wednesday.

A number of stocks are performing poorly on the Nasdaq Composite today, including major stocks like T-Mobile, Walgreens, and Warner Bros. Overall, the indexes are seeing little change from yesterday, though a few stocks are moving quite a bit after new trial data and new quarterly earnings data have been released.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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