by Alyssa Oursler | November 13, 2012 10:36 am
Earnings may be drivers behind stock movement much of the time, but other reports can also deal shares a blow — or give them a lift. Here’s one stock hitting a 52-week high and one finding a 52-week low thanks to recent news:
Biotech company Gilead Sciences (NASDAQ:GILD) announced interim data from a 12-week trial for its Hepatitis C combination therapy and the overwhelmingly positive results sent shares of the company soaring.
GILD climbed more than 13% yesterday and shares are in the black again today.The company is now trading for just under $75 — an 80% climb from the $40 price-tag it had at the start of January. In the past month alone, it has gained 25%.
Other big biotech names, including Achillion Pharmaceuticals (NASDAQ:ACHN) and Indenix Pharmaceuticals (NASDAQ:IDIX) also saw big movement this week. To stay on top of the biotech sector, check out InvestorPlace‘s weekly roundup.
Shares of Molycorp (NYSE:MCP) have been on their way down since April highs and news from the company last week only added insult to injury.
Last Thursday, the company — the owner of the largest rare-earth deposit outside China — started with a decent report: Sales rose nearly 50% in the third quarter as demand in China began to stabilize. A recent acquisition also helped the company double its rare-earth output.
Still, Molycorp posted a loss for the quarter and revealed the following day that it is under investigation from the Securities Exchange Commission. Shares plummeted 16% as a result, fell another 14% on Monday and are in the red again today.
The downward movement sent the stock to a 52-week low under $7. The company has lost more than 70% of its value since January and is more than 80% off its April price around $35.
As of this writing, Alyssa Oursler did not own a position in any of the aforementioned companies.
Source URL: http://investorplace.com/2012/11/stocks-at-new-highs-new-lows-for-1113/
Short URL: http://investorplace.com/?p=259133
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.