SNAP, IMGN, and VFS are all making outsized moves today
The Dow is sprinting to the finish line this November, ahead of a historically bullish month. Amongst the headlines today, social media stock Snap Inc (NYSE:SNAP), pharma stock ImmunoGen, Inc. (NASDAQ:IMGN), and Vietnamese electric vehicle (EV) stock Vinfast Auto Ltd (NASDAQ:VFS) are making noise on Wall Street.
SNAP is 5.5% higher to trade at $13.70, heading for its highest close since July 2022 after Jefferies upgraded the stock to "buy" from "hold," while hiking its price target to $16 from $12. The shares are quietly up 53% in 2023, with their upward sloping 10-day moving average emerging as support in the last month.
IMGN is near the top of the Nasdaq today, last seen up 82% to trade at $29.31, after the drugmaker announced it would be acquired by AbbVie (ABBV) for $10.1 billion in an all-cash deal. AbbVie will get ImmunoGen's flagship ovarian cancer therapy. Two brokerages issued downgrades to "hold" from "buy" in response. The shares are now 490% higher in 2023, and a long way from their March 23 annual low of $3.60.
Lastly, VFS is up 14% to trade at $8.67, after the company showcased its latest VF 9 EV at the United Nation's Climate Change Conference (COP28) Summit in Dubai. Even with today's pop, the stock is off by 13% year-to-date and a ways off its Aug. 28 all-time high of $93.