Medical Stocks Are the Major Movers: Stock Market Recap
The Nasdaq Composite had a few stocks making huge gains for Wednesday, and we expect them to keep moving quickly Thursday.
Most notably, medical stocks made waves with incredible gains, specifically Vivani medical with a 230% increase. Their stock may continue to stay high thanks to positive reports from a new weight loss drug they are testing. Those tests showed weight loss in mice after the drug was implanted.
Nasdaq’s second biggest earner was also a medical stock- Envoy Medical with a 186% increase. This occurred after the company received three patents for new medical products.
vTv Therapeutics and Adail Pharmaceuticals were both up substantially for Wednesday, increasing by 95% and 85%, respectively.
Other Medical Stocks Plummet
It was not all good news for medical stocks on Wednesday, though. Zhongchao, a Chinese medical information company, fell 90% after announcing share consolidation plans.
Hospital stocks fell as well, though not as dramatically. After the Supreme Court of India requested that the Union government investigate why there were discrepancies with hospital charges, multiple global hospital service stocks dropped.
Max Healthcare Institute dropped 7.62%, with Rainbow Children’s Medicare falling 6.39%. A number of other hospital stocks fell as well, but at lower rates.
Nvidia Stock Check In
What of the high performing Nvidia stock that was topping the charts for several days in a row recently? Checking back in with this stock, it is evident that it has stopped its bullish run, but it has not lost those incredible gains that pushed it up nearly 24% in a month’s time.
Nvidia’s stock is still trading at $779 a share, even though the stock is up only 0.32% today. We do not anticipate that this AI tech stock will skyrocket again anytime soon, but it may shoot up after the next quarterly report comes in. The fact that it has held onto its gains is very promising for long term traders who took advantage of its bullish run and have kept their purchased stocks.
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