NEW YORK, NY / ACCESSWIRE / January 17, 2019 / Despite concerns of a partial government shutdown, U.S. markets extended gains for the second consecutive session on Wednesday on strong earnings from Bank of America Corp. and Goldman Sachs Group. The financial sector was the largest gainer with a 2.2 percent gain on Wednesday. The Dow Jones Industrial Average surged 0.59 percent to close at 24,207.16, while the S&P 500 Index rose 0.22 percent to close at 2,616.10. The Nasdaq Composite Index gained 0.15 percent to close at 7,034.69.
“The market is where it should be,” Bob Doll, senior equity strategist and portfolio manager at Nuveen, told MarketWatch. “Earnings so far have been mixed, but skewing positive,” he said, adding that management commentary has been “fairly optimistic so far.”
The Market Edge Initiates Coverage on:
Ligand Pharmaceuticals Inc.
Ligand Pharmaceuticals’ stock moved 16.48% lower Wednesday, to close the day at $110.05. The stock recorded a trading volume of 8,575,945 shares, which was above its three months average volume of 673,793 shares. In the last year, Ligand Pharmaceuticals’ shares have traded in a range of 98.56 - 278.62. The share price has gained 11.66% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $142.45 is below its 200-day moving average of $200.85. Shares of the company are trading at a Price to Earnings ratio of 14.99. Shares of Ligand Pharmaceuticals have fallen roughly 16.92 percent in the past month and are down 18.9 percent year-to-date.
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On Wednesday, shares of FibroGen recorded a trading volume of 590,609 shares, which was below the three months average volume of 695,253 shares. The stock ended the day 3.18% higher at $50.67. The share price has fallen 26.08% from its 52 week high with a 52 week trading range of 37.27 - 68.55. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $43.13 is below its 200-day moving average of $52.75. Shares of FibroGen have gained roughly 29.96 percent in the past month and are up 9.49 percent year-to-date.
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SOURCE: The Market Edge