Why NewLink Genetics, Zumiez, and Everest Re Group Jumped Today
The week on Wall Street ended on relatively calm note, with the various major market benchmarks finishing Friday on both side of the unchanged mark, but nearly flat. A number of cross-currents pushed stocks in different directions, including revelations about a massive data breach that once again highlighted the threats of identity theft, and uncertainty about how much damage Hurricane Irma would inflict on the U.S. Southeast over the weekend. Crude oil prices also fell sharply, dropping below the $47.50 per barrel mark. Yet some individual companies had good news that sent their shares higher, and NewLink Genetics (NASDAQ: NLNK), Zumiez (NASDAQ: ZUMZ), and Everest Re Group (NYSE: RE) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
NewLink Genetics gained another 35% after rising by nearly half on Thursday following favorable a data readout from a mid-stage trial of indoximod in patients with advanced forms of melanoma. Investors were pleased about news showing several favorable indicators of performance for the drug candidate, and NewLink plans to move toward a phase 3 study to develop more complete efficacy and safety data. Friday's follow-up advance came as stock analysts made positive comments about the study. With a broad need for treatments to fight various types of cancer, investors are hopeful that NewLink will be among the most successful players in the industry working against the disease.
Image source: NewLink Genetics.
Source: Fool.com