The S&P 500’s top gainers on August 30, 2017, were:
Incyte and Gilead Sciences
Incyte and Gilead Sciences were the S&P 500’s top gainers on August 30. Mergers and acquisitions in the biotech industry pushed the biotech stocks higher this week. On Wednesday, the S&P 500 Biotechnology Industry Index rose 2.5% and pushed the S&P 500 HealthCare Sector Index 0.57% higher.
Incyte is a science-led biopharmaceutical research company that specializes in oncology product development and innovative medicines. Incyte rose to more than three-month high levels on Wednesday. Gilead Sciences is an American biopharmaceutical company that focuses on discovering, developing, and commercializing therapeutics. On August 30, Gilead Sciences rose to the highest levels in a year. The major trigger for buying in biotech stocks came after Gilead Sciences announced the acquisition of Kite Pharma (KITE).
According to the announcement made by Gilead Sciences’ management, the acquisition of Kite Pharma would cost $11.9 billion. Amid increased criticism about drug prices, the acquisition attracted investors’ attention due to the potential of Kite Pharma’s breakthrough CAR-T technology. The acquisition is expected to change the pricing model for treating cancer.
On Wednesday, Incyte rose 10.6% and closed the day at $138.27. Gilead Sciences rose 7.3% and closed the day at $81.23.
In the next part, we’ll discuss the S&P 500’s top losers on August 30.