MRNA - Moderna CVS Health Regeneron lead S&P 500 after 2Q earnings

Moderna ( MRNA ), CVS Health ( CVS ), and Regeneron ( REGN ) dominated the top five intraday gainers in the S&P 500 on Wednesday after all three companies reported better than expected financials for 2Q 2022 before the market opened.

Recording the sharpest intraday gain since November, Moderna ( MRNA ) shares reached the highest level since January to lead the S&P 500. In addition to the earnings beat, Cambridge, Massachusetts-based biotech announced a $3B share buyback capitalizing on its over 45% selloff over the past 12 months.

Meanwhile, the shares of the pharmacy retailer CVS Health ( CVS ) reached over a three-month high, recording the biggest intraday gain since April 2020. The company raised the earnings guidance for 2022 as its business segments exceeded expectations leading to a solid overall revenue beat for the quarter.

Despite a ~44% YoY drop in the 2Q topline, Regeneron ( REGN ) shares have recorded the biggest intraday gain since June 2020 as the company’s core business growth remained strong despite a sharp sales decline for COVID-19 antibody cocktail REGEN-COV.

Additionally, the investors have cheered Regeneron’s ( REGN ) partnership with Intellia Therapeutics ( NTLA ) for a rare disease called transthyretin amyloidosis.

Disclosing topline results from its APOLLO-B trial in the pre-market, Alnylam Pharmaceuticals ( ALNY ) announced that the Phase 3 trial for RNAi therapeutic patisiran met the main goal for the condition sparking gains among developers with similar drugs.

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