Acumen Pharmaceuticals (NASDAQ:ABOS) the stock soars on Wednesday, but that’s not due to news from the company.
Instead, investors have biogenic (NASDAQ:IBIB) to thank for the increase in ABOS stock price. This is due to the company revealing positive data from its clinical trial for Alzheimer’s disease drug lecanemab.
Biogen is working on this new drug alongside Eisai (OTCMKTS:ESALY). Clinical trial results show that the drug was able to slow the progression of early Alzheimer’s disease by 27% compared to a placebo.
This news caused analysts to weigh in on BIIB shares again. As a result, several analysts have raised their price targets for the stocks. This boosts shares of BIIB, but also boosts other companies in the sector.
How is ABOS Stock connected?
That’s where ABOS shares come in. Acumen Pharmaceuticals is developing its own treatments for Alzheimer’s disease. While not directly related to Biogen news, stocks are rising in sympathy with BIIB stocks.
As a result, intensive trading has some 43 million ABOS shares in motion today. That’s a massive increase from its average daily trading volume of around 56,000 shares.
ABOS stock is up 94.5% on Wednesday afternoon.
There’s more stock market news traders need to know below!
We have all the latest stock market coverage information investors need to know for Wednesday! This includes what has shares of Silo Pharma (NASDAQ:SILO), BTRS (NASDAQ:BTRS), and Casava Sciences (NASDAQ:SAVA) moving stock today. You can keep up to date with all this news at the following links!
More stock market news for Wednesday
As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.