It wasn't a pretty day for the overall market. The Dow Jones index dropped more than 100 points on Wednesday, and stocks broadly traded lower. But while the indexes struggled, a handful of companies found plenty of reasons to rally.
Leading the charge was Axsome Therapeutics, Inc. (AXSM), which posted impressive gains after delivering a double dose of positive FDA news. The company announced it plans to file a new drug application in January for AXS-12 after receiving feedback from the FDA. Even better, the FDA granted Priority Review to AXS-05 for Alzheimer's Agitation, potentially accelerating its path to market.
Investors responded enthusiastically, pushing Axsome Therapeutics shares up 16.1% to $172.90 on Wednesday.
But Axsome wasn't alone in defying the downward market trend. Here are the other notable gainers from Wednesday's session:
- Aimei Health Technology Co., Ltd (AFJK) shares rocketed 50.3% to $127.00, leading all gainers for the day.
- Vanda Pharmaceuticals Inc. (VNDA) climbed 34.4% to $9.45 after scoring FDA approval for NEREUS, a treatment designed to prevent vomiting induced by motion.
- Jyong Biotech Ltd. (MENS) advanced 11.8% to $4.7107.
- SELLAS Life Sciences Group, Inc. (SLS) gained 7.5% to $3.5598.
- Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) rose 6% to $31.93.
- mF International Limited (MFI) climbed 4.8% to $19.46.
- Plug Power Inc. (PLUG) gained 4.1% to $2.0150. The move came as Clear Street analyst Tim Moore upgraded Plug Power from Hold to Buy, though he lowered his price target from $3.50 to $3.00.
