The markets were flat on Thursday, with the Dow barely up and the S&P and NASDAQ down minutely.
Yet another pharmaceutical stock joins today’s top performers, along with a financial company and tech manufacturer. Earnings news continues to drive the most substantial gains. The higher prices go, the more investors hunger for concrete earnings evidence to validate high overall prices.
Lightpath Technologies (LPTH) was one of our top performers on Thursday, registering impressive 17%+ gains after the publication of their most recent earnings report.
Such gains are less surprising, perhaps, when one dives into financials: Revenue for Q4 2017 increased 90% to $9.0 million, as compared to $4.7 million for Q4 2016. Revenue increased to $28.4 million in FY17 compared to $17.3 million in fiscal 2016, an increase of 64%.
LPTH is a global manufacturer, distributor, and integrator of proprietary optical and infrared components. Investors understandably piled into the stock on heavy volume upon release of such impressive growth numbers.
Genworth Financial registered 7%+ gains Thursday, on news that the Virginia State CorporationCommissionn, the state’s insurance regulator, had approved sale of GNW’s Virginia insurance holdings. They will be acquired by China Oceanwide Holdings Group Co.
Genworth Financial is a Fortune 500 insurance holding company, and owns different insurers throughout the US. China Oceanwide is headquartered in Beijing, China, and owns various financial companies across the globe.
Tonix Pharmaceuticals’ stock jumped over 10% on Thursday after news that the EU had granted TNXP a patent for Cyclobenzaprine, the active ingredient in Tonix’s Tonmya, used in the treatment of PTSD. The patent extends until 2030. Tonix already holds the US market for Tonmya until 2034.
Tonix is in Phase 3 development of Tonmya, a U.S. Food and Drug Administration-designated Breakthrough Therapy for the treatment of PTSD.
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