Ten stocks capped off the trading week outperforming a lackluster broader market performance, as investor sentiment was fueled by a series of catalysts, including company-specific developments and bullish analyst ratings, among others.
Meanwhile, only the tech-heavy Nasdaq registered gains among all Wall Street’s main indices, up 0.44 percent. The Dow Jones and the S&P 500 were down by 0.59 percent and 0.05 percent, respectively.
In this article, we name Friday’s top-performing stocks and break down 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.
Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels
10. Avidity Biosciences Inc. (NASDAQ:RNA)
Avidity snapped a four-day losing streak on Friday, adding 9.02 percent to close at $44.74 apiece as investors took path from a higher price target and rating for its stock.
In a market note, BofA Securities gave a “buy” recommendation for Avidity Biosciences Inc.’s (NASDAQ:RNA) stock with a price target of $65, an increase from the $56 previously. The new figure marked a 45 percent upside from its latest closing price.
According to the investment firm, the stock’s current price weakness could present a significant opportunity to load up on shares.
The revision followed Avidity Biosciences Inc.’s (NASDAQ:RNA) announcement of a $500 million share sale issuance in a bid to raise funds for the development of three late-stage clinical trials, support commercial inventory ahead of planned launches, as well as the expansion of commercial infrastructure and its AOC platform.
In relation to the offer, Avidity Biosciences Inc. (NASDAQ:RNA) granted its underwriters an overallotment option of up to $75 million within 30 days from the offer date.
“There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” the company noted.
9. Rocket Lab Corp. (NASDAQ:RKLB)
Rocket Lab rallied to a new all-time high on Friday, as investors repositioned portfolios ahead of an expected mission launch for the National Aeronautics and Space Administration (NASA) in the next few weeks.
At intra-day trading, the stock rallied to its highest 52-week price of $54.03 before trimming gains to end the day just up by 10.14 percent at $53.34 apiece.
Based on a space tracking website’s bulletin, Rocket Lab Corp. (NASDAQ:RKLB) is set to launch a Hypersonic Accelerator Suborbital Test Electron (HASTE) rocket for NASA at the latter’s Wallops Flight Facility in Virginia later this month. The specific date, however, has not been divulged.
The HASTE rocket would follow Rocket Lab Corp.’s (NASDAQ:RKLB) successful launch of its 70th mission into space last month, solidifying its position as one of the leading launch companies globally.
Called the “Live, Laugh, Launch” mission, five Electron rockets lifted off from Rocket Lab Corp.’s (NASDAQ:RKLB) Launch Complex 1 in Mahia, New Zealand.
On September 29, Jeff Bezos’ Blue Origin is also expected to launch NASA’s Escapade mission on the second flight of the New Glenn rocket. The two Escapade probes were built by Rocket Lab Corp. (NASDAQ:RKLB) and will be operated by the Berkeley Space Sciences Laboratory of the University of California.
The mission aims to analyze the magnetic field on Mars.
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