Stocks at New Highs, New Lows for 11/13

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:

New High: Gilead Sciences

Biotech company Gilead Sciences (NASDAQ:GILD[1]) 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[2]) and Indenix Pharmaceuticals (NASDAQ:IDIX[3]) also saw big movement this week. To stay on top of the biotech sector, check out InvestorPlace‘s weekly roundup[4].

New Low: Molycorp

Shares of Molycorp (NYSE:MCP[5]) 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.

  1. GILD:
  2. ACHN:
  3. IDIX:
  4. InvestorPlace‘s weekly roundup:
  5. MCP:

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