KDNY - XPeng's New EV Is a Hit but This Biotech Stock Is Leaving It in the Dust
2023-06-12 10:07:43 ET
Investors appeared to be in a good mood on Monday morning. Based on stock index futures, it was likely that major market benchmarks would hold onto their gains from last week and even make modest moves higher. The Nasdaq Composite seemed particularly well positioned, with indications suggesting a rise of as much as half a percent early Monday.
Electric vehicles (EVs) remain an important driver of economic growth, and XPeng (NYSE: XPEV) reported that a new model got off to a roaring start over the weekend. However, the jump in the Chinese EV maker's stock was modest compared to the much larger move for Chinook Therapeutics (NASDAQ: KDNY) , whose shares skyrocketed on news of an agreement to purchase the biotech specialist. Read on to learn the details behind both companies and their latest stock-price gains.
Shares of XPeng climbed 9% in premarket trading on Monday morning. The Chinese electric vehicle maker has seen its stock fall sharply over the past year as competition in the industry heats up, but investors were pleased to see a new vehicle model get a positive reception from consumers over the weekend.
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XPeng's New EV Is a Hit, but This Biotech Stock Is Leaving It in the Dust