Diamonds and Dogs
A biotech shooting higher. Alnylam Pharmaceuticals (ALNY) is up 31% to new highs after the company unveiled positive topline results from a Phase 3 study of patisiran, which is being developed for patients with hereditary ATTR amyloidosis with polyneuropathy. In other words, the drug helps patients suffering from a life-threatening genetic disease that affects the peripheral nerves.
Bed Bath & Beyond (BBBY) is going to the mattresses. The home furnishing retailer is down 15% to new lows after lowering current quarter and full year guidance. The company will make 77 per share for the quarter, 18 cents worse than consensus. Revenues will come in down 2% year over year. Bed Bath & Beyond also issued downside guidance for the full year, now seeing earnings estimates of $3.00 a share down from consensus of $4.00 a share.