Ten stocks surged on Wednesday, outperforming Wall Street’s sluggish performance, thanks to company-specific catalysts that sparked buying appetite and news that the US and China negotiated a new trade agreement.
In this list, we highlight the names of the 10 best-performing companies and detail the reasons behind their gains. The list was dominated by nuclear and quantum computing stocks.
In contrast, the tech-heavy Nasdaq dropped 0.50 percent and the S&P 500 declined by 0.27 percent. The Dow Jones, on the other hand, remained unchanged.
To compile the list, we focused exclusively on stocks with at least $2 billion in market capitalization and over 5 million in trading volume.
10. Insmed Inc. (NASDAQ:INSM)
Insmed jumped for a second day on Wednesday, adding 7.75 percent to close at $97.98 apiece following plans to raise $650 million through the issuance of more shares.
In a copy of the prospectus, Insmed Inc. (NASDAQ:INSM) said proceeds from the offer will be used to fund the continued research and development, pre-commercial, and commercialization of its drug candidates brensocatib, Arikayce, treprostinil palmitil inhalation powder (TPIP), and INSI201, among others. The remaining balance will be allocated for general corporate purposes, including business expansion.
Additionally, Insmed Inc. (NASDAQ:INSM) granted its underwriters the option to purchase up to an additional $97.5 million of its common stock.
The fundraising program followed Insmed Inc.’s (NASDAQ:INSM) promising results from the phase 2 trial of its pulmonary arterial hypertension (PAH) treatment, TPIP.
According to the company, the phase 2 trial achieved its primary and secondary goals for the treatment of reducing blood pressure in the lungs and improving exercise capacity in patients.
Following the announcements, four investment companies, namely BofA Securities, RBC, Morgan Stanley, and Mizuho, gave a “buy” recommendation and “overweight” rating on its stock at a price target ranging from $102 to $110.
9. Bilibili Inc. (NASDAQ:BILI)
Bilibili saw its share prices increase by 8.28 percent on Wednesday to close at $21.06 apiece as investors took path from an optimistic outlook from an investment firm.
In its market note, Zacks Research said Bilibili Inc. (NASDAQ:BILI) appears to be “an attractive pick given a noticeable improvement in the company’s earnings outlook.”
Currently, Bilibili Inc. (NASDAQ:BILI) carries a “buy” recommendation from Zacks Research, thanks to promising estimates revisions.
In the first quarter of the year, the company said it narrowed its net loss attributable to shareholders by 99 percent to 9.1 million yuan from 748 million yuan in the same period last year.
Revenues increased by 25 percent to 7 billion yuan from 5.66 billion yuan in the same period last year.
For the current quarter, analysts estimated Bilibili Inc. (NASDAQ:BILI) to earn $0.16 per share, marking a 277.78 percent upside from the same period last year.
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