Welcome back to Bullish Rippers 🔥 U.S. market indices took another dive today. Probably because they heard there’s a pandemic going on right now! Jokes aside, the disconnect between these facets of our economy has been staggering these last few months. But opportunity in the markets has never been more lively.
That said, let’s see what’s making moves today ⬇️
🧬 M&A season kicked off in its traditionally extra fashion with Gilead’s $21 billion acquisition of Immunomedics. Analyst agency Piper Sandler was quick to point out there’s probably more to come and wants to name names. Cancer drug company IGM Biosciences is a popular takeover target. On the news, the stock popped nearly 18%, which is probably not that exciting to a prospective buyer trying to make a deal if that turns out to be true. $IGMS is our biggest Ripper of the day.
⛽️ Shares of Pacific Ethanol, a gas refining company, have taken off since Tuesday. $PEIX also made our Wednesday Rippers list, but we were too busy barking about the TikTok deal and $SNOW IPO. Pacific Ethanol isn’t selling a whole lot of their traditional product right now. But analysts have a new bull case for this downtrodden energy company: hand sanitizer. Pacific Ethanol is allocating 19% of their capacity to making disinfectant and sanitizer. Analysts upgraded their price target on the news. $PEIX has rallied 48% since Tuesday and a little over 16% in trading today.
🦠 Suing people is the ✨American way✨, and one of the members of today’s list has become acutely aware of that. Dr. Reddy’s Laboratories, a litigious generic pharma, received a settlement in one of their god-knows-how-many lawsuits, which entitles them to sell a generic version of the Celgene cancer drug Revlimid. The news has sent $RDY to an all-time high of $72.41, up nearly 9%. The generic drugmaker is also involved in a patent dispute with Amarin Pharmaceuticals over their blockbuster cardiovascular drug Vascepa.
🧪 Finally, a returning member of the Rippers list is back in a big way. Fortress Biotech announced the start of the last clinical trial for their amyloidosis drug. I’m guessing you’ve probably only heard the word amyloidosis if you’ve watched too many episodes of “House.” Jokes aside, $FBIO has a radically diversified science portfolio and the energy has sent shares of $FBIO 14% higher this week and nearly 7% higher today.
That wraps our Rippers lists for the week! As always, thanks for tuning in. Pop back on Monday to see what stocks are moving and shaking on markets 📈📈📈