On Monday, United States stocks closed at an all-time high. The reason? Investors were waiting to see the results of a bill which would, if passed, slash corporate taxes. Further, because of shareholders awaiting a vote on the U.S. tax bill, the NASDAQ exchange also hit an all-time high yesterday, briefly surpassing the 7,000 mark for the first time ever.
If all goes as planned, Congress will vote on Tuesday to cut the federal corporate tax rate from 35% to 21%. Ever since the U.S. tax bill was first proposed it has come under fire, and yet one cannot deny that if Congress were to pass it, it would be a massive win for the Republican party.
Due to the markets closing at all-time highs yesterday, one of the top picks for Tuesday’s trading day was Eleven Biotherapeutics (NASDAQ:EBIO) – and a top pick it was. Perhaps the very moment EBIO caught the attention of analysts was when the company witnessed a change of 1.26% in the last trading session, closing the trading day at $0.61. And on Tuesday, December 19, as of this time of writing, Eleven Biotherapeutics stock is up 21.18%.
Some people might think that Eleven Biotherapeutics just got lucky, considering most stocks did well on Monday, but that is not the case for this Massachusetts-based late-stage clinical oncology company. In fact, the company announced last week that its own Chief Scientific Officer, Dr. Gregory Adams, will be chairing a session that focuses primarily on antibody-drug conjugates. This is significant news for both Dr. Adams and the company itself as the session will take place at the well-known Antibody Engineering and Therapeutics Meeting that is held in San Diego, California. During the session, Eleven Biotherapeutics chief scientific officer will be discussing the benefits and potential of tumor-targeted payloads.
With this latest rise in price, analysts are starting to suggest to investors a mean rating of 2.00 on EBIO shares. For those who don’t know, analysts are basing this rating on a numeric scale of 1 to 5. Essentially a rating of 2 signifies a ‘buy’ rating, whereas a rating of 1 would signify a ‘strong buy’ rating, 3 signifies a ‘hold’ rating, 4 signifies a ‘sell’ rating, and last but not least, ‘5’ signifies a ‘strong sell’ rating.
Featured Image: Depositphotos/© wisitporn
