Biogen, Philips, Lucid Fall Premarket; Ocugen, Didi Global Rise

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Biogen, Philips, Lucid Fall Premarket; Ocugen, Didi Global Rise

By Peter Nurse -- Stocks in focus in premarket trade on Wednesday, January 12th. Please refresh for updates.

  • Biogen (NASDAQ: BIIB ) stock slumped 8.5% after the U.S. government Medicare program said it will require patients it will cover Alzheimer's treatments, including the drugmaker's Aduhelm, to be enrolled in a clinical trial, limiting access to the treatment. Piper Sandler downgraded its stance to “neutral” from “overweight”.

  • Lucid (NASDAQ: LCID ) stock fell 1.1% after Chairman Andrew Liveris announced plans to build an electric-vehicle factory in Saudi Arabia by 2025 or 2026.

  • PayPal (NASDAQ: PYPL ) stock fell 1.9% after Jefferies downgraded its stance on the digital payments company to “hold” from “buy”, citing the normalizing of consumer conditions and limited catalysts ahead.

  • Philips (NYSE: PHG ) ADRs fell 15% after the Dutch maker of medical equipment warned of a hit to its fourth-quarter profit, citing supply chain shortages and customers choosing to delay installation of equipment.

  • Meta Platforms (NASDAQ: FB ) stock fell 0.1% despite the Facebook-owner appointing DoorDash (NYSE: DASH ) CEO Tony Xu to its board to help advise on its expansion into e-commerce. 

  • Exxon Mobil (NYSE: XOM ) stock rose 0.3% after Reuters reported that the oil major put some of its shale assets in Ohio on the block.

  • Didi Global (NYSE: DIDI ) ADRs rose 5.1% following a report that the ride-hailing company’s Hong Kong IPO, announced in December, could happen in the second quarter of this year along with its withdrawal from the NYSE.

  • Wells Fargo (NYSE: WFC ) stock rose 0.9% after Piper Sandler upgraded its stance on the banking giant to “overweight” from “neutral”, saying the bank should benefit disproportionately from a climate of rising interest rates.

  • Ocugen (NASDAQ: OCGN ) stock rose 5.8% after positive results from trials of the biopharmaceutical company’s vaccine candidate Covaxin.


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