As investors brace for Wednesday’s congressional testimony from Federal Reserve Chairman Ben Bernanke, the stock market is up modestly. The Dow Jones Industrial Average is up 0.38%, the Nasdaq is up 0.86% and the S&P 500 is up 0.47%. Today’s market winners were both pharmaceutical companies who received a patent and FDA approval, respectively, for their drugs. Meanwhile, one of today’s losers is a biopharmaceutical company going through a market correction after a big rise Tuesday. Another loser is a digital tech firm who issued a profit warning.
Here are Monday’s market winners and losers.
Biggest Winners
Shares of Galena Biopharma (NASDAQ: GALE) are up 20% to $2.05 on trading volume of 12.1 million shares. The company received a patent for NeuVax, which is intended to help curb breat cancer recurrence. The 52-week high is $3.54.
Shares of Vivus (NASDAQ: VVUS) are up 13.37% to $30.00 on trading volume of 19.5 million shares. The FDA on Tuesday approved Qsymia, which is intended to help adults struggling with conditions related to obesity. Before Wednesday, the 52-week high was $29.99
Biggest Losers
Shares of Rovi (NASDAQ: ROVI) fell 40.37% to $10.52 on trading volume of 15.4 million shares. The digital media firm announced Wednesday that excluding special items, shareholders would likely earn 38 cents a share in 2012, compared to Bloomberg compiled analyst estimates of 57 cents . Before Wednesday, the 52-week low was $17.20.
Shares of StemCells Inc. (NASDAQ: STEM) fell 17.78% to $1.48 on trading volume of 5.6 million shares. Shares rose nearly 40% on Tuesday after the company announced solid results of a stem-cell therapy study targeted toward patients with Alzheimer’s. The stock is therefore correcting itself. The 52-week low is $0.59.
Samuel Weigley
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