The markets are up this morning driven by hopes that the pandemic could be well on its ways to an end. Since Pfizer and German biotech firm BioNTech announced that their vaccine was 90% effective, the market momentum has largely been positive. European markets have been up all day and this momentum seems to have spilled over to the U.S. where all key indices are up this morning. The S&P 500 is up by 0.65%, the Dow by 0.64%, and the NASDAQ by 0.99%. The momentum globally is boosted by the fact that governments are showing a willingness to support the mass roll-out of this vaccine. According to the U.K health secretary, the NHS could be ready for a roll-out of this vaccine as early as next month. In the U.S, the Joe Biden win and news of the vaccine has seen investors take more bold moves in the market. All through the pandemic, investors have mainly piled resources on tech stocks. However, this is changing and investors are now allocating resources into the broader market. This could see the stock market rally all the way into 2021. As this momentum gains, fundamentally strong stocks especially in biotech could gain significantly in the near-term. In the day, some of the stocks likely to record gains going by their pre-market performance are as below:
Five Prime Therapeutics Inc [NASDAQ: FPRX]
Five Prime Therapeutics Inc is a top performer this morning and is up by over 308.80%. This follows the company’s announcement that its bemarituzumab plus chemotherapy had shown progress in the overall survival of patients when compared to a placebo. Commenting on the results, CEO Helen Collins stated that the results that they had achieved took the company close to the company’s possibly first therapy in the treatment of gastric cancer. She added that the results they observed showed that the therapy could be helpful in the treatment of more cancers.
Fuel Tech Inc [NASDAQ: FTEK]
Fuel Tech Inc is a top performer this morning and is up by over 30%. This follows the company’s announcement of strong Q3 results. The company has announced that in Q3. Commenting on the results, the CEO, Vincent Arnone said that while COVID-19 has a negative effect on the company, the staff had worked hard to mitigate its effects and meet customer needs in the best way possible.
Performant Financial Corporation [NASDAQ: PFMT]
Performant Financial Corporation is up this morning and is trending higher by over 20%. This follows the release of strong Q3 results that show that the company’s total revenues grew from $35.9 million in Q3 of 2019 to $36.2 million in Q3 of 2020.