Al-Naylam Pharmaceuticals CompanyNasdaq: ALLNEY) The best-performing large-cap company ($30+ billion) was in the pharmaceutical or biotechnology space in the second quarter, Yield ~58.5% In the period.
The biotech company’s strong performance was helped significantly in late June when it announced strong pivotal trial results for vutrisiran, a treatment for ATTR amyloidosis. With cardiomyopathy, Send stocks skyrocket.
Following the data release, Seeking Alpha analyst Stephen Simpson wrote that the trial results significantly boost the company’s revenue potential. He gave Alnylam a fair value of $277 per share. The stock closed at $243 on June 28.
The second-best performing pharmaceutical or biotech company in the quarter was Eli Lilly (New York Stock Exchange:LLY), Gain ~19.1%The Indianapolis-based drugmaker has benefited from increased sales of its GLP-1/GIP diabetes drug and tirzepatide-containing weight-loss drug, Mounjaro and Zepbound, respectively, as well as an endorsement earlier in June from FDA advisers for its Alzheimer’s drug donanemab.
In third place came AstraZeneca (NASDAQ: AZN), ~16% increase. The UK-based pharmaceutical company was buoyed in April by strong first-quarter financial results as well as successful data readings throughout the quarter.
Rounding out the top five were Moderna (NASDAQ: MRNA) and Novo Nordisk (NVO) with gains of, respectively, ~12.5% and ~11.9%.
Worst performance in Q2 with Decrease ~21.6% It was Bristol-Myers Squibb (BMY). The pharmaceutical company has been struggling for some time and it is Down ~ 35% During the past year. However, in a recently published analysis, Daniel Sereda, leader of Alpha Investing Group, wrote that despite issues with upcoming patent expirations, Bristol has a strong product line and pipeline that bodes well for future growth and is currently undervalued.
The second worst was Amgen (AMGN), which Lost ~10.4% In the quarter. Despite the disappointing results, investment group leader Leo Nielsen is bullish on the biotech, citing its earnings and promising results for weight loss candidate MariTide (AMG 133).
GSK (GSK) was the third worst performing company, ~9.2% decrease in this period. The stock took a beating in early June after a Delaware judge allowed more than 75,000 lawsuits against Zantac to proceed.
The list of bottom five was completed by Johnson & Johnson (JNJ) and Gilead Sciences (GILD), which lost respectively, ~7.4% and ~5.9% In the quarter.
