Ten stocks soared by double digits on Thursday, mirroring an overall market optimism after President Donald Trump withdrew plans to slap fresh tariffs on eight European countries by February 1. Of the 10 stocks, four climbed to record highs.
On Wall Street, all three main indices all finished in the green, led by the Nasdaq, up by 0.91 percent, followed by the Dow Jones, rising 0.63 percent, and the S&P 500, jumping 0.55 percent.
Indices aside, we spotlight the 10 top-performing stocks on Thursday and break down the reasons behind their gains.
To come up with the list, we focused exclusively on stocks with a $2 billion market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Lemonade Inc. (NYSE:LMND)
Lemonade extended gains for a second day on Thursday to hit a new four-year high as investors took heart from the upcoming launch of a new auto insurance product designed for autonomous driving vehicles, starting with Tesla.
At intra-day trading, the stock soared to its highest price of $99.88 before trimming gains to end the day just up by 13.13 percent at $96.57 apiece.
Set to be available on the market on January 26, Lemonade Inc. (NYSE:LMND) said that the new product cuts per-mile rates for FSD-engaged driving by approximately 50 percent reflecting what the data shows to be significantly reduced risk during autonomous operation.
Further reductions are expected to be implemented as Tesla releases software updates which are anticipated to make the vehicles even safer overtime.
As part of the agreement, Lemonade Inc. (NYSE:LMND) will be able to have access to vehicle data that was previously unavailable, which will then be transmitted into its usage-based risk prediction models to uniquely distinguish between autonomous and human driving, predict risks based on the software version installed, and precision of sensors, among others.
Lemonade Inc. (NYSE:LMND) supports intermittent use of FSDs, as well as households with a mix of Teslas and standard non-FSD vehicles all under one policy.
9. Corcept Therapeutics Inc. (NASDAQ:CORT)
Corcept Therapeutics extended its winning streak to a third consecutive day on Thursday, jumping 13.74 percent to close at $41.30 apiece as investors cheered clinical results from its late-stage study of drug candidate, relacorilant, in patients with platinum-resistant ovarian cancer.
In an updated report, Corcept Therapeutics Inc. (NASDAQ:CORT) said that relacorilant, when combined with nab-paclitaxel chemotherapy, showed a 35 percent reduction of death risks in patients, as compared with those treated with nab-paclitaxel alone, during the third phase of its clinical trial. The therapy was also able to cut disease progression by 30 percent.
The median overall survival for patients receiving relacorilant was 16 months, as compared with 11.9 months for those receiving nab-paclitaxel alone.
Corcept Therapeutics Inc. (NASDAQ:CORT) said that relacorilant, in combination with nab-paclitaxel, was well-tolerated, consistent with its known safety profile.
The trial enrolled a total of 381 patients with platinum-resistant ovarian cancer at sites in the United States, Europe, South Korea, Brazil, Argentina, Canada and Australia. Patients were randomized 1:1 to receive either relacorilant plus nab-paclitaxel, or nab-paclitaxel alone.
Corcept Therapeutics Inc. (NASDAQ:CORT) said that complete results from the study are set to be announced at an upcoming medical conference.
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