A lackluster trading persisted throughout the last day of the year, with Wall Street’s main indices ending the day mixed.
The Dow Jones Industrial Average dipped by 0.07 percent, the S&P 500 shed 0.43 percent, and the Nasdaq Composite declined by 0.90 percent. Meanwhile, NYSE Composite inched up by 0.10 percent and S&P Composite rose by 0.44 percent.
Despite the lack of catalysts to spark trading, 10 companies–predominantly in the biopharmaceuticals sector–posted impressive gains. Let’s explore the reasons behind their outstanding performance.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A stock market data. Photo by Alesia Kozik on Pexels
10. Iovance Biotherapeutics Inc. (NASDAQ:IOVA)
Iovance Biotherapeutics saw its share price during the last trading day of the year rise by 3.21 percent, ending the day at $7.40 apiece.
According to analysts, investors resorted to bargain-hunting after the company fell to a 52-week low of $7.06 on Monday.
The company’s stock price year-to-date also marked an 8.6 percent drop from $8.1 each, with analysts noting that investors were cautious as the company navigates through a complex landscape of clinical trials and regulatory hurdles which has impacted its stock performance.
With a market capitalization of $2.17 billion, the company was also believed to be undervalued.
Iovance Biotherapeutics is a biopharmaceutical company that aims to be a global leader in innovating, developing, and delivering tumor-infiltrating lymphocyte therapy for people with cancer.
9. Roivant Sciences Ltd. (NASDAQ:ROIV)
Shares of Roivant Sciences rallied on Wednesday, ending the day up by 3.5 percent at $11.83 each. Year-to-date, the company’s stock price grew by 4.22 percent from the $11.35 registered on January 2, 2024.
While there were no clear catalysts that could perk up its share prices, investors seemed to have snapped up its shares while waiting on the sidelines for the Trump administration’s return to office. Roivant’s co-founder, Vivek Ramaswamy is set to join the incoming administration in a high-profile role, serving as the co-head of the Department of Government Efficiency (DOGE), along with technology mogul Elon Musk.
Investors may be anticipating that Ramaswamy’s cabinet appointment could signal a favorable environment for Roivant, particularly in the areas of regulatory reform and government efficiency, which could benefit the industry as a whole.
Roivant is a biotechnology company that works with patents and develops medicines for commercial sales. It owns various subsidiaries including Immunovant, Priovant, Genevant, Pulmovant, Lokavant, Datavant, Covant, Psivant, and Vantai.
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