Behold the Only Stock in the S&P 500 Gaining This Week
Behold the Only Stock in the S&P 500 Gaining This Week
(Bloomberg) -- As the equity market faces its worst week since the global financial crisis, only one stock is higher than it was last Friday.
Regeneron Pharmaceuticals Inc. is the sole holdout among the gauge’s 505 stocks, with the drug developer jumping almost 8% for the week. That’s a remarkable feat, considering that U.S. equities have tumbled 13% -- with a swiftness never seen before. The 10 worst performers each fell at least 20%.
“The company is working to develop treatments to fight the coronavirus,” said Matt Maley, an equity strategist at Miller Tabak & Co. “That’s why it’s seen a nice rally.”
Analysts at Cowen & Co., Canaccord Genuity and Citigroup Inc. all raised their price targets on Regeneron this week.
Anxiety induced by heightened fears over the impact of the coronavirus on global growth sent stocks lower for a seventh day, erasing more than $3 trillion in value. The S&P 500 is poised for its worst week since October 2008.
The worst-performing S&P stock this week, American Airlines Group Inc., lost more than 30% through Friday. The industry has been under pressure in recent days amid deepening fears the spread of the virus will further stymie travel.
To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.net
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Rita Nazareth
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