major Stock Movers: SNOA, BIIB, IONQ
2:01 pm Tuesday, May 03rd, 2022
Sonoma Pharmaceuticals (NASDAQ:SNOA) stock is getting a boost on Tuesday after the company revealed positive news from the U.S. Environmental Protection Agency (EPA). The big news sending SNOA stock higher today is the EPA approving Nanocyn. This is the pharmaceutical company’s hospital-grade disinfectant. It is designed to treat hard surfaces, which makes it ideal for use in “hospitals, schools, mass transit, and care facilities.” Sonoma Pharmaceuticals manufactures Nanocyn and it’s made with patented technology from MicroSafe. The two worked together to have the product approved by the EPA following its success in other countries.
Drug manufacturer Biogen (NASDAQ:BIIB) is seeing some attention this morning after announcing its Chief Executive Officer (CEO), Michel Vounatsos, will step down. BIIB stock is up about 1.5% so far today following Biogen’s first-quarter earnings call yesterday. Well, in its earnings call Monday, the biotech group made a number of meaningful announcements related to the company’s future. Following the failed launch of its Alzheimer’s drug, Aduhelm, Biogen has announced it will eliminate its commercial infrastructure for the treatment, saving the company upwards of $500 million in annual costs.
IonQ (NYSE:IONQ) stock is down about 7% today after Scorpion Capital released an 183-page short report on the company. IonQ operates as a quantum-computing company, claiming to have “the world’s most powerful quantum computer.” Last year, it also became publicly traded through a special purpose acquisition (SPAC) transaction. However, through interviews with industry experts and former employees, Scorpion believes the company’s claims of a 32-qubit machine are a “brazen hoax.” The firm points out that past employees have stated the technology “doesn’t exist” and that “it was totally made up.”
