Ten firms led a market rally with whopping gains on Thursday, outperforming the lackluster performance of the major indices amid a series of positive developments and corporate earnings that sparked buying appetite.
The Dow Jones was up by 0.28 percent, the S&P 500 grew 0.40 percent, and the tech-heavy Nasdaq rallied 0.39 percent.
In this article, we name the 10 top performers and detail the reasons behind their strong performance. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
10. Celsius Holdings Inc. (NASDAQ:CELH)
Celsius Holdings grew its share prices by 4.04 percent on Thursday to close at $36.34 apiece as investors loaded positions following “buy” recommendations from two investment firms.
On the same day, Jefferies raised its price target for the firm to $45 from $44 previously while maintaining a “buy” recommendation on the shares.
According to Jefferies, the adjustment reflected Celsius Holdings Inc.’s (NASDAQ:CELH) acquisition of Alani Nu, as well as its outlook guidance, which aligns with the market consensus.
Celsius Holdings Inc. (NASDAQ:CELH) expects to post adjusted EBITDA growth of 17 to 20 percent for the year, aligned with the 19 percent as targeted by analysts.
Needham & Company, for its part, also maintained its “buy” recommendation and price target of $47 on Celsius Holdings Inc.’s (NASDAQ:CELH) stock.
Meanwhile, TD Cowen reiterated a more conservative rating for the company—a “hold” recommendation with a price target of $37, just a few cents shy of the company’s last closing price.
9. Organon & Co. (NYSE:OGN)
Organon rallied for a third consecutive day on Thursday, jumping 4.26 percent to finish at $9.54 apiece following the Food and Drug Administration’s (FDA) interchangeability approval of its Hadlima medicine into Humira, paving the way for further accessibility to the said treatment.
In a joint statement, Organon & Co. (NYSE:OGN) and Samsung Bioepis Co., Ltd. said that the Hadlima high- and low-concentration autoinjectors can now be interchanged with Humira, allowing pharmacists to substitute the reference product with a biosimilar without the need to consult the prescriber, depending on state pharmacy laws.
“An increased uptake of biosimilars may lead to improved patient access to biologic therapies and potential savings for the US health care system. As a company dedicated to making medicines more accessible, Hadlima, now designated as fully interchangeable with the reference product, has a greater potential to bring savings for patients,” Organon & Co. (NYSE:OGN) said.
Hadlima is a tumor necrosis factor (TNF) blocker indicated for appropriate patients with rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn’s disease, ulcerative colitis, plaque psoriasis, hidradenitis suppurativa, and uveitis.
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