Although today is a red day for the DOW and S&P so far, there are still some heavy movers on the market. Arrowhead Pharmaceuticals Inc. is up 46%, ProQR Therapeutics is still holding up to highs of 120% from Tuesdays close, and WSI Industries Inc. is up 34%. Let’s take a look at what’s moving these stocks.
Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR)
This company is a biopharmaceutical developing therapeutics for chronic aliments such as hepatitis B and obesity. The current clinical drug ARO-HBV has been performing well under trials. Because of this, analyst Madhu Kumar with B. Riley FBR upgraded the stock from neutral to a buy and raised their price target on Arrowhead shares to $19.00 a share. This prompted one of the largest rallies the stock has seen in over 4 years, gaining 46% in just one day. Even though the trials are still young and the data is early, Kumar tell investors that the data provides “clinical proof of concept for Arrowhead’s current hepatitis B franchise.”
ProQR Therapeutics N.V. (NASDAQ:PRQR)
Like Arrowhead, ProQR Therapeutics is soaring based off of positive drug trial results. ProQR is developing and testing a compound called QR-110 which is hoped to be used to treat a specific genetic mutation that leads to blindness in children. The drug is reported to have shown clinically meaningful responses after three months of treatment in “about 60% of patients.” The company also announced its plans to offer $75,000,000 of its ordinary shares through an underwritten public offering. Shares of ProQR soared to highs of 120% yesterday, and it is still holding high today.
WSI Industries Inc. (NASDAQ:WSCI)
In an announcement earlier today, Polaris Industries Inc (NASDAQ:PII) and WSI Industries uncovered their merger agreement. Polaris is set to aquire all outstanding common stock at $7.00 a share in cash. The merger is “subject to customary conditions including WSI shareholder approval.” In reaction to the news, shares of WSCI rose 34%, almost hitting the $7.00 a share mark.