IMGN - Good News for Patients Is Lifting These 2 Biopharma Stocks
2023-05-03 08:46:05 ET
Overall, the stock market is facing a serious case of the jitters on Wednesday morning, as investors wait anxiously for the coming decision on interest rates from the Federal Reserve later this afternoon. Stock index futures are pointing toward a slightly higher open on Wall Street, but another steep drop in energy markets suggests more worries about a possible recession ahead.
In the biopharmaceutical industry , however, there were a couple of pieces of good news. Shares of Eli Lilly (NYSE: LLY) got a boost after the drugmaker announced its latest clinical trial results. Shareholders in ImmunoGen (NASDAQ: IMGN) , however, got a much bigger boost to their portfolio values following similarly encouraging results from its own research. Read on to get the details and find out why investors and patients alike are so excited about the news.
Shares of Eli Lilly jumped more than 6% early Wednesday morning, adding more than $20 billion to the drugmaker's market capitalization. The latest results from the company's phase 3 study of its donanemab treatment for early Alzheimer's disease were encouraging in helping to slow the impact of the debilitating illness.
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Good News for Patients Is Lifting These 2 Biopharma Stocks