Stocks In News: ABOS, PRTA, SILO
1:55 pm Wednesday, September 28th, 2022
Acumen Pharmaceuticals (NASDAQ:ABOS) stock is rocketing higher on Wednesday but it’s not due to any news from the company. Instead, investors have Biogen (NASDAQ:BIIB) to thank for the increase of ABOS stock’s price. That’s due to the company revealing positive data from its clinical trial of Alzheimer’s disease drug lecanemab. Biogen is working on this new drug alongside Eisai (OTCMKTS:ESALY). The clinical trial results show the drug was successful at slowing the progression of early Alzheimer’s by 27% when compared to a placebo.
Prothena (NASDAQ:PRTA) stock is seeing massive gains on Wednesday despite a lack of news from the late-stage clinical company. However, there is news from Biogen (NASDAQ:BIIB) that explains why shares of PRTA stock are rising today. The company revealed positive clinical trial data from its treatment for Alzheimer’s disease. This saw Biogen testing the effectiveness of lecanemab in slowing the progression of Alzheimer’s in its early stages. The study found it to be 27% effective at slowing the progress of the disease when compared to a placebo.
Silo Pharma (NASDAQ:SILO) stock is in the news Wednesday as investors react to the company’s uplisting of its shares. This saw shares of SILO stock switch from the OTC Market to the Nasdaq yesterday. To go along with that, the company announced a stock offering of 1 million shares priced at $5 each. The offering ends tomorrow. That offering has the company expecting to raise $5 million before underwriting expenses. It will use these funds for “product development, marketing, and working capital and general corporate purposes.”
