The stock market kicked off the shortened trading week on a positive note, with Wall Street’s major indices finishing in the green following President Donald Trump’s temporary tax reprieve on technology companies.
The S&P 500 recorded the highest gain, up 0.79 percent, while the Dow Jones came second at 0.78 percent. The tech-heavy Nasdaq was also up by 0.64 percent.
Benchmark indices aside, 10 companies dominated by biotechnology firms mirrored the broader market optimism, recording modest gains during the session.
In this article, let us explore Monday’s top 10 gainers and the reasons behind their gains.
To come up with the list, we only considered the stocks with $2 billion market capitalization and $5 million trading volume.
White medicinal tablets. Photo by Kaboompics.com
10. Bath and Body Works Inc. (NYSE:BBWI)
Bath and Body Works snapped a two-day losing streak on Monday, gaining 7.55 percent to close at $28.65 each as investors resorted to bargain-hunting, shunning an investment firm’s rating downgrade for the company.
On Monday, JPMorgan reduced its price target for BBWI by 12.8 percent to $41 from $47 previously but maintained its ‘overweight’ rating on the shares. Despite the downgrade, the new price target was still 43 percent higher than the company’s closing price on Monday.
Meanwhile, the overweight rating indicated that the company still has the potential to outperform average market returns.
BBWI forecast annual sales largely below expectations as it grapples with uncertainties in consumer spending due to the US-China trade war.
In other news, BBWI earned an upgraded rating of Overweight from investment firm Piper Sandler, saying that, along with Inter Parfums, it was well-positioned to benefit from the increasing demand in the fragrance category.
9. ADMA Biologics Inc. (NASDAQ:ADMA)
ADMA Biologics grew its share prices for a second day on Monday, adding 7.78 percent to finish at $20.91 apiece as investors cheered the company’s business optimism, saying it sees only minimal to no impact from the ongoing trade tensions globally.
In a statement, ADMA President and CEO Adam Grossman underscored the company being a fully US-based firm, with manufacturing operations, market sales, and customer engagements conducted exclusively within the US.
“The tariffs that have been implemented on foreign goods, services, and manufacturing should have no impact on ADMA and its supply chain or production operations,” he said.
“Our strategic infrastructure not only ensures enhanced supply chain robustness, resilience, and regulatory compliance but also aligns with increasing federal and private sector preferences for US-made products and services,” he added.
ADMA Biologics is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing, and developing specialty biologics for treating immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
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