ICPT - Hot Stocks: ICPT drops on clinical data; LASE falls after IPO; AOUT CRL rise

While the overall markets remained focused on macro issues, a handful of stocks saw dramatic moves on company-specific news during Friday's midday trading. The list included Intercept ( NASDAQ: ICPT ), which posted a double-digit percentage loss following the release of clinical trial results.

Laser Photonics ( LASE ) also suffered notable weakness, dropping sharply in its debut as a public company.

Looking to the upside, American Outdoor Brands ( AOUT ) jumped on news of a stock repurchase program. At the same time, an analyst upgrade sent Charles River ( CRL ) higher.

Decliners

Intercept ( ICPT ) dropped 14% in midday trading after revealing disappointing clinical trial results. The company said its obeticholic acid product failed to reach the main goal of its late-stage test in liver disease.

Data from the Phase 3 trial showed that OCA did not show improvement in fibrosis with no worsening of a liver disease. However, ICPT noted that the product showed a positive impact on liver stiffness.

Elsewhere, Laser Photonics ( LASE ) represented another standout decliner during midday trading. Shares have dropped more than 30% following the company's IPO .

Laser Photonics, which develops laser systems for industrial purposes, priced its initial public offering at $5 per share. By about 1 p.m. ET, shares were trading hands at $3.16.

Gainers

News of a stock repurchase program triggered buying in American Outdoor Brands ( AOUT ). Shares climbed 10% in intraday action.

The company said it has approved a buyback valued at up to $10M of the company's stock. The program is slated to run through September 2023.

Charles River ( CRL ) represented another notable gainer in midday trading. Shares rose almost 6% on a bullish comment from Jefferies.

Analysts led by David Windley upgraded the stock to Buy from Hold, citing changing demand dynamics since the pandemic.

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