Sarepta Therapeutics (SRPT) is dominating the market during midday trading Monday -- and for a good reason. The biotech company has secured marketing approval from the U.S. Food and Drug Administration for the first drug to treat the underlying cause of Duchenne muscular dystrophy. It's news that the company, shareholders and Duchenne patients have been waiting years to hear. But after a review process that took 14 months to complete, eteplirsen, rebranded as Exondys, is approved for sale in the U.S. Shares soared by nearly 90% on the news.
And if you thought there might be a day without news regarding Action Alerts PLUS holding Wells Fargo (WFC) , think again. Shares of the bank were rising after Baird raised its rating on the stock to Outperform from Neutral. The firm believes Wells Fargo's risk/reward balance is "attractive" after shares fell the past two weeks following news that the bank opened customer accounts illegally.
Other analysts' actions include ratings upgrades for General Motors (GM) and Lockheed Martin (LMT) . Wells Fargo analysts raised their rating on LMT to Outperform from Market Perform. They also increased their price target range to between $275 and $280, up from $255 to $260. Wells analysts now estimate earnings at the aerospace company can grow by 20% a year through 2020.
Meanwhile, GM shares were also on the rise during midday trading as Morgan Stanley upgraded the rating on the stock to Overweight from Equal Weight. The analyst team also increased their price target to $37 from $29 as they believe "GM's businesses can remain relevant and profitable for longer than the market thinks." They added that a move to "Auto 2.0 requires a lengthy transition period during which time GM can generate cash, return cash and nurture new businesses with potentially positive terminal values."
Finally, shares of United Parcel Service (UPS) were slightly higher as the package delivery company is expanding its 3-D printing services to Asia with a new factory in Singapore. The factory will be run by its partner Fast Radius, according to Reuters. UPS rolled out a similar service in May in the U.S. that allows customers to have parts printed at the Fast Radius factory, and then shipped to customers. UPS also plans to build a 3-D printing hub in Europe.