HUM - Hot Stocks: APLS jumped on regulatory news; RARE drops; HUM sets 52-week high; IIPR hits 52-week low

With earnings season beginning to pick up steam, Wall Street experienced a buying spree on Tuesday. The Nasdaq led the broad-based advance, climbing 3% as the major averages bounced back from recent weakness.

Amid the overall gains, Apellis ( APLS ) represented a standout performer. The stock posted a double-digit percentage gain after U.S. regulators granted expedited review to the company's pegcetacoplan product.

Humana ( NYSE: HUM ) also showed strength, building on a long-term upswing and reaching a new 52-week high.

Looking at the other side of the ledger, Ultragenyx ( RARE ) plummeted after announcing an acquisition. At the same time, Innovative Industrial Properties ( IIPR ) extended recent weakness to hit a fresh 52-week low.

Standout Gainer

Apellis ( APLS ) soared 16% on news that it has received a key regulatory distinction for a treatment for a potential cause of blindness.

The company received priority review status from the U.S. Food and Drug Administration for its pegcetacoplan product, which is being tested on geographic atrophy secondary to age-related macular degeneration.

With the designation, the FDA is now slated to issue a decision on the firm's new drug application by Nov. 26.

Bolstered by the news, APLS climbed $7.30 to $52.06. The advance took the stock to its highest level since April.

Standout Loser

News of an acquisition prompted selling in Ultragenyx ( RARE ). With the company exercising an option to acquire GeneTx Biotherapeutics, shares retreated 13%.

Under the option , RARE will acquire GeneTx for a $75M upfront payment. The decision followed upbeat data from a Phase 1/2 trial of the firm's product, GTX-102, which is being investigated for Angelman syndrome, a rare genetic disorder.

RARE ended the session at $52.89, a decline of $8.13 on the day. Headed into the recent drop, the stock had been recovering from a decline posted earlier in the year, which had taken it to a 52-week low of $45.20.

Notable New High

Ahead of an earnings report due out next week, Humana ( HUM ) rose 2%, extending the strength it has been building since a massive selloff experienced in January. The latest advance took the stock to a new 52-week high .

Shares of the health insurer ended Tuesday's trading at $495.31, climbing $34.81 on the session. During the day, the stock reached an intraday 52-week high of $497.47.

In early January, HUM endured a one-day decline of 19% after reducing its enrollment forecast for 2022. Shortly after the announcement, the stock plunged to a 52-week low of $351.20.

HUM has been marching higher since shortly after the earnings-inspired drop. Shares have climbed about 41% since hitting their low.

Notable New Low

Innovative Industrial Properties ( IIPR ) lost another 3% on Tuesday, extending a long-term retreat that has taken the cannabis-focused real estate investment trust to a new 52-week low.

Shares of the company, which owns real estate leased to state-licensed cannabis operators, lost $2.72 to finish the session at $89.04. This has added to an extended downtrend that began in late 2021, as the stock suffered along with the overall cannabis industry.

During the Tuesday's trading, IIPR reached an intraday 52-week low of $88.38. The stock has fallen about 64% in 2022, coming off a 52-week high of $288.02 set last year.

To see more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .

For further details see: