Stocks In The News: NRXP, FLSY, M
3:25 pm Thursday, May 26th, 2022
Today’s price action has been otherwise bullish in the stock market. However, for shareholders in NRx Pharmaceuticals (NASDAQ:NRXP), it’s been a rough day. At the time of writing, NRXP stock is down approximately 60% on news that its Data Safety Monitoring Board (DSMB) has recommended the company halt its trial of ACTIV-3b, a drug aimed at critical Covid-19 patients, due to futility. The suspension of a trial is big news and likely to induce a strong response from the market. Accordingly, today’s price action with NRXP stock may not necessarily be surprising to many investors.
It’s a rather interesting time in the world of finance. With recession worries creeping in, investors are scrambling to find ways of de-risking their portfolios. How such sentiment has played into the price action of Fastly (NYSE:FSLY) and FSLY stock today is remarkable. Currently, FSLY stock is up more than 13% today. Now, it’s worth noting that most tech is surging, as risk-on sentiment is forming. This is largely the result of a widespread belief that the Federal Reserve won’t hike as aggressively as previously thought.
Macy’s (NYSE:M) stock is rising higher on Thursday as investors react to a positive earnings report for the first quarter of 2022. The good news starts with the retail company’s adjusted earnings per share of $1.08. That’s well above the 82 cents per share that Wall Street was expecting for the period. It’s also a massive increase over the 39 cents per share reported during the same time last year.
