Prothena (NASDAQ:PRTA) stock is seeing massive gains on Wednesday despite a lack of news from the late-stage clinical company.
However, there is news from Biogen (NASDAQ:BIIB) that explains why shares of PRTA stock are rising today. The company revealed positive clinical trial data from its treatment for Alzheimer’s disease.
This saw Biogen testing the effectiveness of lecanemab in slowing the progression of Alzheimer’s in its early stages. The study found it to be 27% effective at slowing the progress of the disease when compared to a placebo.
Due to this, several analysts revisited BIIB stock today. This saw them increasing price targets for the company alongside the clinical trial data. That’s boosting BIIB stock higher today, as well as helping out those in the same market.
How Is PRTA Stock Involved?
To cut to the chase, Prothena is also developing its own drug to treat Alzheimer’s disease. While it’s not connected to Biogen directly, similar stocks are gaining in sympathy with the company’s shares today.
As a result, shares of PRTA stock are seeing heavy trading today. That has over 7 million shares on the move as of this writing. For the record, the company’s daily average trading volume is closer to 378,000 shares.
PRTA stock is up 74.5% as of Wednesday afternoon.
Investors looking for more details on the stock market today are in luck!
We’ve got them covered with our latest breakdowns of the stock market for Wednesday! Among that is why shares of Acumen Pharmaceuticals (NASDAQ:ABOS) stock, Taiwan Semiconductor (NYSE:TSM) stock, and BTRS (NASDAQ:BTRS) are in the news today. You can get all of these details from the following links!
More Wednesday Stock Market News
- Why Is Acumen (ABOS) Stock Up 95% Today?
- Why Is Taiwan Semiconductor (TSM) Stock Down Today?
- BTRS Stock Soars 60% on Acquisition News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.