The major U.S. equity averages posted a mixed performance on Monday, holding steady after the gains recorded at the end of last week. Wall Street looked ahead to an appearance by Federal Reserve Chair Jerome Powell, who is scheduled to appear before Congress starting on Tuesday.
The release of clinical trial data represented a notable catalyst for a handful of individual stocks. BridgeBio (BBIO) skyrocketed more than 50% after releasing study data. Meanwhile, separate clinical results caused Aclaris (ACRS) to lose nearly half its value.
In other news, Spirit Airlines (NYSE:SAVE) dropped amid reports of increasing regulatory hostility to its planned merger with JetBlue (JBLU). Meanwhile, Potbelly (PBPB) extended recent gains to reach a new 52-week high.
Standout Gainer
The release of midstage clinical trial data sent BridgeBio (BBIO) soaring, with the stock finishing the day with a gain of 52%.
The company released data from a Phase 2 trial of its infigratinib product. The study looked at the drug as a potential therapy for children with achondroplasia, the most common cause of disproportionate short stature.
BBIO surged $5.65 to close at $16.52. During the session, the stock also reached an intraday 52-week high of $19.39. The advance extended a recent upswing, with shares climbing 130% so far in 2023.
Standout Decliner
Spirit Airlines (SAVE) lost ground amid concerns about regulatory pressure surrounding its deal to be acquired by JetBlue (JBLU). Shares of the low-cost airline dropped almost 9% on the day.
According to Bloomberg, the U.S. Department of Transportation and the U.S. Department of Justice are both considering halting the deal on anti-competition concerns. Last year, the companies announced the $3.8B merger deal, as JBLU beat out Frontier (ULCC) in a bidding war for SAVE.
SAVE showed a modest gain early in the day but plunged in midday trading as reports of the regulatory developments broke. Shares eventually closed at $16.36, a decline of $1.57 on the day.
Looking longer-term, SAVE has dropped 18% in the past month. The stock recorded its lowest close since last May, although it remained off a 52-week low of $15.92.
Notable New High
Continuing an earnings-inspired rally from last week, Potbelly (PBPB) climbed another nearly 4% on Monday. With the advance, the stock set a new 52-week high.
PBPB finished trading at $8.22, an advance of 28 cents on the day. The stock also reached an intraday 52-week high of $8.45.
Monday’s gains added to an 8% advance seen on Friday, when the fast food chain announced better-than-expected Q4 sales. The recent upswing added to a rally seen in January, with PBPB up 47% for 2023.
Notable New Low
Aclaris (ACRS) cratered after the company’s zunsemetinib product failed to meet the primary goal of a midstage trial. Shares plunged 45% to reach a new 52-week low.
The results followed a Phase 2a trial of zunsemetinib in patients with moderate to severe hidradenitis suppurativa, a condition marked by small, painful lumps under the skin. Data showed that zunsemetinib did not meet its main efficacy goal compared to a placebo.
The data release caused ACRS to crash to an intraday 52-week low of $5.77. The stock cut its losses later in the day but still finished at $7.07, a decline of $5.71 on the session.
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