Wall Street received a boost from the Federal Reserve on Wednesday, regaining some of the losses it has posted lately. The rally came as the Fed hiked rates by 75 basis points and left open the possibility of a similar increase at its next meeting.

Acadia Pharmaceuticals (NASDAQ:ACAD) was among the standout gainers on the session. The stock posted a double-digit percentage climb on hopes that the firm will receive regulatory approval to expand the use of its antipsychotic drug to Alzheimer’s patients.

Elsewhere, Sanderson Farms (SAFM) rallied to a new 52-week high after an analyst said the poultry producer had upside potential as a standalone company.

Turning to the downside, Planet Labs (PL) dropped on earnings news. At the same time, Camping World (CWH) extended recent losses to establish a new 52-week low.

Standout Gainer

Acadia Pharmaceuticals (ACAD) rallied nearly 16% after U.S. regulators published details related to an expanded use for one of the firm’s drugs ahead of an advisory committee meeting later this week.

The U.S. Food and Drug Administration released briefing documents related to the firm’s pimavanserin, an antipsychotic therapy that ACAD is hoping to use for patients with Alzheimer’s disease. The move came ahead of Friday’s advisory committee meeting.

ACAD’s pimavanserin is currently sold for use in Parkinson’s disease psychosis. The FDA is slated to make a decision in early August about expanding use of the drug to Alzheimer’s patients.

Standout Loser

A weak earnings report prompted a significant downdraft in Planet Labs (PL), sending shares of the Earth-imaging company lower by more than 11%.

The firm revealed a net loss for its latest quarter that widened from last year. Meanwhile, revenue climbed almost 26%.

Analysts had a negative reaction to the results, with several price target reductions. The Wall Street community cited mounting losses and reduced valuations in the sector for the moves.

Weighed down by the news, PL dropped 59 cents to finish Wednesday’s trading at $4.56.

The stock, which came public in a SPAC deal late last year, reached a post-SPAC low of $3.70 in May. It bounced well off that mark to approach its 2022 highs by the end of the month. However, shares have been dropping again lately, losing about a quarter of their value so far in June.

Notable New High

Despite a deal to be acquired, Sanderson Farms (SAFM) closed above its takeover price again during Wednesday’s session. The stock received a boost from an analyst’s assessment that SAFM had upside potential as a standalone company.

After a choppy session, the stock finished higher by 1%. However, this was enough to take it to a new 52-week high.

SAFM gained $2.37 on the session, reversing losses seen during the middle of the day. Shares finished at $209.78, above the $203 per share contemplated in its planned sale to Continental Grain/Cargill.

Shares also touched an intraday 52-week high of $210.22. The gains added to a longer-term upswing for the stock. SAFM has climbed 12% in the last month.

A note from Barclays pushed the stock higher, with the firm noting, “we continue to see very strong cash generation ahead and if the takeover by Cargill & Continental Grain were to fall through, we could see upside for SAFM from current level.”

Notable New Low

Camping World Holdings (CWH) added to its recent weakness, as investors showed skepticism about the company’s aggressive expansion plans amid signs of slumping demand. The latest slide took the stock lower by another 4%, with CWH reaching a new 52-week low.

The seller of recreational vehicles finished Wednesday’s trading at $24.44, a decline of $1.01 on the session. During the day, CWH reached an intraday 52-week low of $24.29.

Taking the most recent dip into account, the stock hasn’t had a winning day in the past five sessions. CWH dropped about 8% over the past week.

During its recent losing streak, data were released that showed that RV retail sales had dropped 31% in April.

Meanwhile, CWH announced this week that it had reached an agreement to purchase a dealership in Arizona. A little more than two weeks ago, the company announced plans to expand in seven states this year.

For more of the day’s biggest winners and losers, head over to Seeking Alpha’s On The Move section.

Read More

Source Here: seekingalpha.com