- Analysts' notes and drug development headlines inspired significant stock movement in Monday's midday trading. This included one of the world's biggest entertainment conglomerates, with Disney (NYSE:DIS) losing ground in the wake of a downgrade from Barclays.
- Upstart (NASDAQ:UPST) also dipped following an analyst's downgrade. Meanwhile, Occidental Petroleum (NYSE:OXY) rallied following an increased price target.
- On the drug development side, Avadel (NASDAQ:AVDL) posted a double-digit percentage decline on news of a delayed regulatory review.
- Elsewhere, Valneva (NASDAQ:VALN) expanded its value by more than a third following strong clinical results for its COVID vaccine candidate.
Decliners
- Disney (DIS) fell nearly 3% in midday action following a downgrade from Barclays. The firm cut DIS from Overweight to Equal Weight on worries about the entertainment giant's streaming forecast.
- Another downgrade put pressure on Upstart (UPST). Bank of America reduced its rating on the stock to Underperform from Buy. BofA cited UPST's recent run-up for the decision, saying its near-term upside has all been priced in.
- UPST dropped nearly 4% on the news. The stock has gained more than 850% so far in 2021.
- Avadel (AVDL) suffered a midday slide as well, plunging 16% after the U.S. Food and Drug Administration delayed a review of the company's experimental narcolepsy treatment. The regulatory agency said it needed more time to review the drug, but did not request any additional information.
Gainers
- Occidental Petroleum (OXY) received a boost from a bullish analyst comment. Truist increased its price target on OXY to a Street-high level of $50. Previously, the firm had a target of $35.
- Analyst Neal Dingmann predicted that the firm will soon consider approving a stepped-up dividend or a stock repurchase plan. The comment sparked a nearly 6% rise in OXY's stock price.
- Valneva (VALN) was another intraday winner, rising almost 34% on the release of clinical trial results. The company said a late-stage trial of its COVID vaccine showed a neutralizing antibody seroconversion rate of more than 95%.
- Track Wall Street's top winners and losers throughout the session with SA's On The Move section.