Mid Day Market Report – Movers in Pharma and EVs
Not much news on the economic front today, but we will get Consumer Credit numbers late today. That is an easy one as it simply keeps going up as consumers pile on more debt. Tuesday and Wednesday, Chairman Powell has testimony to the Senate and House. Thursday is the big day with CPI data. The S&P 500 edged to new highs today, but we have locked in profits and are on the sidelines, waiting a better reentry point.
Top Gainers and New Highs Today
Virpax Pharmaceuticals Inc. (VRPX) $1.11 +92.04%
Virpax is an emerging player in the pharmaceutical industry, focused on developing innovative pain management and CNS (central nervous system) disorder treatments. The company leverages advanced drug delivery systems to enhance the efficacy and safety of its therapeutic products. With a robust pipeline that includes novel drug candidates for acute and chronic pain, as well as PTSD and other CNS disorders, Virpax is well-positioned to address significant unmet medical needs. Recent positive clinical trial results and strategic partnerships underscore its growth potential. As the demand for safer and more effective pain management solutions grows, VRPX offers substantial upside for investors seeking exposure to the biotech sector. The stock has been trading sideways around $0.60/$0.70 and popped today on high volume with news of a $2.5 million loan.
Morphic Holding Inc. (MORF) $55.78 +75.17%
Morphic Holding is at the forefront of developing oral integrin therapies to treat autoimmune, cardiovascular, and other serious diseases. The company’s proprietary Morphic Integrin Technology (MInT) platform has enabled the discovery of selective oral integrin inhibitors, offering a groundbreaking approach to treatment. Morphic's lead candidate, MORF-057, has shown promising results in clinical trials for inflammatory bowel disease, positioning the company for significant growth. With a strong pipeline of drug candidates and strategic collaborations with industry leaders like AbbVie, Morphic is well-equipped to capitalize on its innovative technology. Investors were expecting robust returns as the company advances its clinical programs and moves closer to commercialization. That all happened today as the stock gaped up from $32 on high volume with news that Lilly (mentioned below) will buy the company at $57 per share.
Zapp Electric Vehicles (ZAPP) 6.14 +50.83%
Zapp is revolutionizing urban transportation with its high-performance electric scooters. As cities worldwide seek sustainable mobility solutions, Zapp’s cutting-edge technology and sleek designs cater to the growing demand for eco-friendly transportation. The company's flagship product, the i300 electric scooter, combines high speed, long range, and rapid charging capabilities, making it an attractive option for urban commuters. Zapp’s strategic positioning in the expanding electric vehicle market, coupled with increasing environmental awareness and supportive government policies, highlights its growth potential. Investors can anticipate significant returns as Zapp scales its production and expands its market presence globally. The stock made new highs on the chart since they did a 20 for one reverse split on April 16th.
Corning Incorporated (GLW) $42.44 - new highs
Corning is a diversified technology company with a strong presence in specialty glass, ceramics, and optical communications. Known for its innovation, Corning’s products are integral to numerous high-growth industries, including telecommunications, consumer electronics, and life sciences. The company’s Gorilla Glass, used in smartphones and tablets, and its optical fiber solutions, essential for high-speed internet, underscore its market leadership. With the increasing adoption of 5G technology, demand for Corning’s products is set to rise. Additionally, Corning's advancements in automotive glass and pharmaceutical packaging present new growth avenues. Strong financials, a commitment to R&D, and a diverse product portfolio make GLW a solid long-term investment. The stock made new highs today when the company announced quarterly sales are to exceed guidance of $3.4 billion to $3.6 billion.
Eli Lilly and Company (LLY) $918.80 – new highs
Eli Lilly is a global pharmaceutical giant renowned for its innovation in diabetes, oncology, immunology, and neuroscience treatments. The company’s robust pipeline includes promising candidates for Alzheimer's disease, cancer, and autoimmune disorders, which are poised to drive future growth. Recent approvals, such as for Mounjaro (tirzepatide) for type 2 diabetes, and significant advancements in Alzheimer’s treatment with donanemab, underscore Eli Lilly’s leadership in addressing critical health challenges. Strong financial performance, strategic acquisitions, and a commitment to R&D enhance its competitive edge. As demand for innovative healthcare solutions continues to rise, Eli Lilly's strong pipeline and market presence make LLY a compelling investment for long-term growth. The market seemed to like the news of the Morphic acquisition as the stock made new highs.
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