Moderna, CVS Health, Regeneron lead S&P 500 after Q2 earnings

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Moderna (MRNA), CVS Health (CVS), and Regeneron (REGN) dominated the top five intraday gainers in the S&P 500 on Wednesday after all three companies reported better than expected financials for Q2 2022 before the market opened.

Recording the sharpest intraday gain since November, Moderna (MRNA) shares reached the highest level since January to lead the S&P 500. In addition to the earnings beat, Cambridge, Massachusetts-based biotech announced a $3B share buyback capitalizing on its over 45% selloff over the past 12 months.

Meanwhile, the shares of the pharmacy retailer CVS Health (CVS) reached over a three-month high, recording the biggest intraday gain since April 2020. The company raised the earnings guidance for 2022 as its business segments exceeded expectations leading to a solid overall revenue beat for the quarter.

Despite a ~44% YoY drop in the Q2 topline, Regeneron (REGN) shares have recorded the biggest intraday gain since June 2020 as the company’s core business growth remained strong despite a sharp sales decline for COVID-19 antibody cocktail REGEN-COV.

Additionally, the investors have cheered Regeneron’s (REGN) partnership with Intellia Therapeutics (NTLA) for a rare disease called transthyretin amyloidosis.

Disclosing topline results from its APOLLO-B trial in the pre-market, Alnylam Pharmaceuticals (ALNY) announced Wednesday that the Phase 3 trial for RNAi therapeutic patisiran met the main goal for the condition sparking gains among developers with similar drugs.

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