This Good News on Cancer Sent 2 Nasdaq Stocks Soaring
The stock market remained volatile on Thursday, with investors reacting negatively to signs that the economy might be too strong for the Federal Reserve to slow the pace of its interest rate increases. After having been slightly higher earlier in the morning, the Nasdaq Composite (NASDAQINDEX: ^IXIC) opened lower by about 1%.
The overall gloom for the Nasdaq wasn't enough to stifle excitement from the biotechnology sector. Indeed, good news in the fight against cancer helped send shares of Novocure (NASDAQ: NVCR) and Zai Lab (NASDAQ: ZLAB) sharply higher on Thursday morning, and shareholders are pleased with the chances of a key candidate treatment making a difference in the lives of cancer patients.
The movements in the stock prices of Novocure and Zai Lab reflected just how big a deal the latest news was. Novocure jumped 58%, while Zai Lab's stock enjoyed a 40% gain.
Source Fool.com
