Top Performers as Covid-19 Vaccine Progress Uplifts Markets

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The equity markets are up this afternoon with all the major indices recording strong upside momentum.  This follows a series of updates from biopharma companies about progress on COVID-19 vaccine development and distribution.

Today, Johnson and Johnson has stated that it had struck a deal with the U.S government for the manufacture and distribution of 100 million of its COVID-19 vaccines. At the same time, Moderna, which has been on the frontline in the race for a vaccine has given more details on the pricing plans for their vaccine. The company’s CEO, Stephane Bancel, has stated that the doses would go for between $32 and $37.  This news on COVID-19 vaccine progress have lifted the markets due to the severe impact of the vaccine on the world economy. In this environment of high market optimism, a number of stocks are outperforming the market. Some of the day’s top performers are as below:

Team Inc [NYSE:TISI]

Team Inc is one of the top performers this afternoon and is up by over 20%. This stock’s rally follows the release of strong Q2 results despite the COVID-19 pandemic. The company reported that in the quarter, it reduced its debt levels by more than $26 million to hit the lowest quarterly debt levels in more than 4 years.  It also reported that in the quarter, its operating cash flows rose to $26.3 million, and this led to an increase in free cash flows of $26.3 million. The company also reported that in the quarter, it managed to cut costs by $35 million, beating its own estimates of $20 million to $25 million.

Professional Diversity Network Inc [NASDAQ:IPDN]

Another top performer this afternoon is Professional Diversity Network Inc and is up by 33%. Its rally comes after the company announced that it had entered into a partnership with Web Scribble. Announcing the deal, Professional Diversity Network CEO Adam He stated that, they were happy to launch a job board using Web Scribble’s expertise and knowledge. He added that the new website will offer clients and job seekers a smooth experience all through the hiring process. On its part, web-scribble CEO, Alexey Gutin stated that they were excited to partner with a market leader like PDN to offer innovative services.

Alimera Sciences Inc [NASDAQ:ALIM]

Alimera Sciences Inc is another top performer this afternoon and is up by 20%.  This follows the company’s release of its preliminary list of presenters for LD 500.  Company president Chris Lahji stated that the first list of companies that will do presentations at the LD500 on September 1st to 4th.  He added that this ambitious project will feature over 300 companies and over 20k attendees for the online event.

 

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