EQS-News: CBOE's Weekly Market Recap: Nov.14-18 – Biogen’s Alzheimer’s Drug Captures Investors’ AttentionEQS
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EQS-News: Cboe Global Markets, Inc.
The market has experienced some relief from bearish price action in November, continuing October’s push to usher the SPDR S&P 500 ETF (NYSEARCA: SPY) toward $400.
Individual stocks have seen some relief as well, particularly in the oil & gas, biotechnology and financial sectors, which continue to show bullish action compared to the general market. The current rally is likely influenced by the latest Consumer Price Index (CPI) and Producer Price Index (PPI) reports, both of which came in below expectations. This arguably indicates that the Federal Reserve’s monetary tightening policies are starting to work.
Cboe Global Markets Inc. (BATS: CBOE) reports that all the exchange-traded funds (ETFs) and indices recorded in this series experienced a price decrease last week as the general market experienced a pullback in its short-term uptrend. Britain’s iShares Core DAX UCITS ETF (BIT: EXS1) and France’s Lyxor CAC 40 ETF (EPA: CAC) were the two exceptions, both experiencing slight increases in the prior week.
The cryptocurrency market has largely mirrored its traditional counterparts, experiencing decreases in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) — all of which have dropped in value following FTX’s collapse. With uncertainty brimming, Cboe highlights Biogen Inc. (NASDAQ: BIIB) as a chart that may have piqued investor interest following positive clinical trial results for their new Alzheimer’s drug.
Next week will be huge for the fashion retail sector, with many of Wall Street’s top firms reporting earnings. Cboe has compiled a list of earnings for investors to keep an eye on at the bottom of this report.
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Shares of Biogen skyrocketed on Sept. 22nd after the company announced positive clinical trial results for their Alzheimer’s drug lecanemab. The company said their drug met all key secondary endpoints with highly statistically significant results.
These results have brought Biogen closer to a Federal Drug Agency (FDA) approved Alzheimer’s drug, a feat several biopharmaceutical companies are competing to achieve. Investors responded enthusiastically to this information. Biogen’s trading volume on the 28th of September hit 7.111 million shares, a 1,500% positive deviation off of the 50-day average trading volume of 331,000.
The stock’s price slingshotted 50% overnight – rising to $284 a share – and, since then, has drifted toward $300. According to Grand View Research, the Alzheimer’s therapy market was valued at $4.04 billion in 2021 and is expected to grow at a 16.2% compound annual growth rate from 2022 to 2030.Major Cryptocurrencies
A number of companies report earnings next week, including:
Click here for more weekly insights by Cboe.
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23.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Company:||Cboe Global Markets, Inc.|
|EQS News ID:||1495115|
|End of News||EQS News Service|
1495115 23.11.2022 CET/CEST