NEW YORK, NY / ACCESSWIRE / December 13, 2018 / U.S. equities closed higher on Wednesday amidst renewed hopes over the U.S.-China trade talks. According to a report in Wall Street Journal, China is working on a plan to expand their access to foreign companies that will support the U.S.-China trade relations, and will replace the Made in China 2025 plan. The Dow Jones Industrial Average gained 0.64 percent to close at 24,527.27, while the S&P 500 Index increased 0.54 percent to close at 2,651.07. The Nasdaq Composite Index climbed 0.95 percent to close at 7,098.31.
The Market Edge Initiates Coverage on:
Arena Pharmaceuticals, Inc.
China Biologic Products Holdings, Inc.
Arena Pharmaceuticals' stock jumped 4.15% Wednesday, to close the day at $42.67. The stock recorded a trading volume of 537,614 shares, which was below its three months average volume of 629,078 shares. In the last year, Arena Pharmaceuticals' shares have traded in a range of 29.52 - 50.05. The share price has gained 44.55% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $38.54 is below its 200-day moving average of $41.19. Shares of Arena Pharmaceuticals have gained roughly 25.24 percent in the past month and are up 25.61 percent year-to-date.
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On Wednesday, shares of China Biologic Products Holdings recorded a trading volume of 172,364 shares, which was below the three months average volume of 253,766 shares. The stock ended the day 3.9% higher at $77.59. The share price has fallen 27.78% from its 52 week high with a 52 week trading range of 60.08 - 107.44. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $72.31 is below its 200-day moving average of $85.46. Shares of the company are trading at a Price to Earnings ratio of 37.85. Shares of China Biologic Products Holdings have gained roughly 10.75 percent in the past month and are down 1.5 percent year-to-date.
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SOURCE: The Market Edge