These 2 Nasdaq Biotechs Are Bucking the Market Downtrend
The stock market saw its recent volatility continue on Tuesday morning, as ongoing concerns about longer-term impacts of new COVID-19 variants weighed on market sentiment. As of 11:30 a.m. ET, the Nasdaq Composite (NASDAQINDEX: ^IXIC) had given up early gains and was down 204 points to 15,579.
However, a couple of stocks in the biotechnology industry had their shareholders quite happy. Immunogen (NASDAQ: IMGN) and Molecular Technology (NASDAQ: MOLN) were big gainers on the Nasdaq Tuesday morning, and the news they announced could keep boosting their shares for some time to come. Below, we'll go into more detail about this news and why investors are excited about these companies.
Shares of Immunogen were up more than 37% Tuesday morning. The biotech company announced positive results from a clinical trial that could bring new treatment options to patients suffering from cancer.
Source Fool.com
