Diamonds and Dogs
Bio Blast Pharma (ORPN)
Bio Blast's stock price flew up over 25% midway through the trading day after the biopharmaceutical company announced the beginning of a Phase 3 study for Cabaletta in Oculopharyngeal Muscular Dystrophy. The company's CEO made a statement claiming that positive signals were seen throughout the tests. Muscle strength tests reported significant improvements over baseline levels. Overall, Bio Blast sees this as a positive signal, and investors seem to agree. ORPN is now trading around 7.20, much higher than its recent drop to 5.10.
Micron Technology (MU)
The memory-chip provider is slumping once again after Morgan Stanley downgraded it to the lowest rating, underweight. Micron is down 4% and has hit its 52-week low of 23.70. Morgan Stanley has also set a price target of $21, implying even more downside for the poorly performing stock. Micron has been hurt by a decline in demand for computers, which is a large portion of its business. Investors are beginning to question whether or not there will be a turnaround in this company's future.