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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.
That news resulted in analysts weighing in on BIIB stock again. As a result, several analysts increased their price targets for the shares. This has BIIB stock rising, but is also boosting other companies in the industry.
How is ABOS Stock Connected?
That's where ABOS stock comes in. Acumen Pharmaceuticals is developing its own treatments for Alzheimer's disease. While it's not directly connected to the Biogen news, shares are rising in sympathy with BIIB stock.
As a result, heavy trading has some 43 million shares of ABOS stock on the move today. That's a massive surge compared to its daily average trading volume of about 56,000 shares.
ABOS stock is up 94.5% as of Wednesday afternoon.
There's more hot stock market news that traders need to know about below!
We've got all of the latest stock market coverage investors need to know about for Wednesday! That includes what has shares of Silo Pharma (NASDAQ:SILO), BTRS (NASDAQ:BTRS), and Casava Sciences (NASDAQ:SAVA) stock on the move today. You can get up to speed on all of this news at the following links!
More Stock Market News for Wednesday
- What Is Going on With Silo Pharma (SILO) Stock Today?
- BTRS Stock Soars 60% on Acquisition News
- Why Is Cassava Sciences (SAVA) Stock Heating Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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