Double Digit NASDAQ Stock Winners: SQBG, WAVE, ALEC
8:01 am Tuesday, July 06th, 2021
Following are major stock gainers on Nasdaq in Friday ‘s trading session:
Sequential Brands Group, Inc. (NASDAQ:SQBG) was the active stock gainer on Friday . The stock soared 89% to close $15.70. To start off with, the stock has been falling lately as investors anticipate bankruptcy for the brand licensing company. The company, which handles licensing for brands, hasn’t been doing so well. This resulted in it trying to sell back the Jessica Simpson clothing brand to the singer. However, talks haven’t seemed to be going well for the company. There have also been discussions about Martha Stewart selling shares of SQBG stock last month. Her sale of those shares came shortly before Bloomberg reported about an impending bankruptcy.
Eco Wave Power Global AB (NASDAQ:WAVE) was another notable winner as the stock went up 73% to end the session at $18.79. Shares of Eco Wave Power Global were among the most widely followed on the Nasdaq on Friday. The innovative marine power company had some challenges pricing its initial public offering, but retail investors were quick to bid up the stock sharply once trading began.
Eco Wave is based in Sweden and uses the power of ocean waves to generate energy. The company initially hoped to price its IPO between $10 and $12 per share, but it ended up offering just 1 million shares at $8 per share.
Alector, Inc. (NASDAQ:ALEC) surged 57% to $35.21. Friday morning, Alector and pharmaceutical industry giant GlaxoSmithKline (NYSE:GSK) announced a pact under which they will jointly develop and (if all goes well) commercialize a pair of monoclonal antibodies that can aid in the treatment of various neurodegenerative afflictions.
The terms of the arrangement stipulate that Alector is to be provided $700 million in upfront payments. It stands to make up to $1.5 billion more when and if those antibodies hit various developmental, regulatory, and commercial milestones. The company will spearhead the global clinical development of the antibodies through phase 2 proof of concept. Following that, it and GlaxoSmithKline will divide the development responsibilities, splitting their costs.
