Biogen soars amid flat markets
The trading week began on a quiet note as the TSX closed two points higher. Similarly, the S&P lost only 0.08% as the Dow shed 0.36% and the Nasdaq gained 0.49%. Wall Street is waiting for the Democrats and Republicans to decide on the price tag of the eagerly awaited U.S. infrastructure bill.
However, healthcare rallied on both sides of the border Monday. Biogen soared over 38% after the FDA approved their drug for Alzheimer’s, the first such green light in two decades. In Toronto, Trillium Therapeutics jumped 16.4% and Well Health Technologies 9.9% while cannabis stocks like Aurora rose 7.85% and Canopy by 5.67%. Industrials and materials showed some weakness. Precision Drilling closed -6.76%, Hudbay Minerals -5.53% and TFI International -4.8%.
The Reddit trade continued as Blackberry (TSX) surged 13.56% and AMC leapt nearly 14.8%. Oil was mixed as the price of WTI fell around 0.5% while WCS gained over 1%. Oil stocks ticked down, including Crescent Point Energy by -2.76%. Even though tech names moved up, the U.S. 10-year rose 0.88% to 1.56%. For cryptos it was also a quiet day as Bitcoin edged down 1.6% to stay above $35,000. Lastly, the Canadian dollar held steady against the USD to hover below 83 cents.
🧫 Biogen IDEC Inc. +38%
🧬 Trillium Therapeutics Inc +16.4%
💊 WELL Health Technologies +9.9%
🌿 Aurora Cannabis +7.85%
🌿 Canopy Growth Corp. +5.67%
🏗 Precision Drilling -6.76%
⛏ Hudbay Minerals Inc. -5.53%
🚚 TFI International Inc -4.8%
📱 BlackBerry +13.56%
🎞 AMC Entertainment Holdings Inc. +14.8%
🛢 Crescent Point Energy Corp -2.76%
🅱 The Bitcoin Fund -1.6%
