Ten stocks surged higher on Wednesday, defying a mixed broader market, as investors cheered company-specific developments and more corporate earnings, among others.
Meanwhile, the tech-heavy Nasdaq and the S&P 500 were the sole gainers among Wall Street’s main indices, jumping 1.02 percent and 0.51 percent, respectively. The Dow Jones dipped by 0.05 percent.
In this article, we will take a look at Wednesday’s best-performing stocks and explore the reasons behind their gains.
To come up with the list, we considered the stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Rivian Automotive, Inc. (NASDAQ:RIVN)
Rivian Automotive grew its share price by 4.11 percent on Wednesday to finish at $14.44 apiece as investors repositioned portfolios ahead of two conferences that it is slated to attend next week.
In a statement, Rivian Automotive, Inc. (NASDAQ:RIVN) said its CEO, RJ Scaringe, would participate in a fireside chat at the Goldman Sachs Communacopia + Technology Conference next Wednesday, September 10, at 12:25 PM Pacific Time (3:25 PM Eastern Time).
This would be followed by another fireside chat at Morgan Stanley’s 13th Annual Laguna Conference scheduled on Thursday, September 11, at 4:50 PM Pacific Time (7:50 PM Eastern Time).
Investors took the twin announcements positively on expectations that Rivian Automotive, Inc. (NASDAQ:RIVN) will unveil positive updates about its business.
Last month, Rivian Automotive, Inc. (NASDAQ:RIVN) said it narrowed its net loss attributable to shareholders by 24 percent to $1.1 billion from $1.45 billion in the same period last year. Revenues grew by 12 percent to $1.3 billion from $1.16 billion year-on-year.
9. Ionis Pharmaceuticals Inc. (NASDAQ:IONS)
Ionis Pharmaceuticals extended its winning streak to a third straight day on Wednesday to touch a new all-time high, following an investment firm’s bullish rating and higher price target for its stock.
At intra-day trading, the stock soared to a new high of $62.08 before trimming gains to end the day just up by 5.22 percent to $60.49 apiece.
In a market note following the release of its clinical studies for Olezarsen, BMO Capital raised its price target for Ionis Pharmaceuticals Inc. (NASDAQ:IONS) to $70 from $40 previously, while upgrading its stock to “outperform” from “market perform,” on optimism that its drug candidate, Olezarsen, would become a blockbuster potential.
“Olezarsen’s statistically significant effect on AP positions IONS for a blockbuster [second half of 2026] launch in sHTG. We expect Olezarsen’s strong AP benefit to unlock ~$1.5B in peak risk-unadjusted Olezarsen US sHTG sales,” it said.
On Tuesday, Ionis Pharmaceuticals Inc. (NASDAQ:IONS) announced promising results from the clinical trials of Olezarsen, saying that it successfully lowered blood fat by up to 72 percent, as well as pancreas attacks by 85 percent, compared with the placebo group.
Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) enrolled a total of 1,100 patients in the studies, marking the largest pivotal program for sHTG.
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