Stocks jumped as the volatility imploded yesterday. There was a massive shift into the technology sector.
From a technical standpoint, there are a lot of gaps down below that need to be filled. My guess is that after today, and investors have some time to reflect, they may find themselves feeling differently about the big gains.
Again, I think most of yesterday's rally had to more with the mechanics of the market and the unwinding volatility, than anything.
Biogen
Biogen (NASDAQ:BIIB) was the stock of the day, jumping by over 40% ahead of its ADCOM meeting for aducanumab’s potential approval for Alzheimer’s. This stock hasn’t done anything for years. The chart tells you nothing, but you can see how broken up the trading has been.
Acadia
ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) reported results after the close with revenue that came in better than expected. I haven’t looked too closely at the results, I saw they missed earnings estimates. This isn’t about the top and bottom-line results for them at this point. What will drive this stock will be a Nuplazid’s potential in Dementia-Related Psychosis and hopefully getting approval from the FDA by the beginning of April.
