Investors responded positively to stronger financial performance and progress in medical research.
- Etsy shares hit a three-year high of $94.49 after Q3 revenue rose 11%.
- REPL stock climbed to a nearly two-year high as its new melanoma treatment gained early traction.
- Genmab hit a record high after a cancer drug combination cut death risk by 50% in a late-stage trial.
Etsy Inc. (ETSY), Replimune Group (REPL) and Genmab A/S (GMAB) stock hit fresh highs on Wednesday as stronger-than-expected earnings, early commercial traction for a newly launched treatment and positive late-stage cancer trial results fueled investor optimism, highlighting how company-specific catalysts are driving gains across consumer and biotechnology stocks.
Genmab and Replimune stocks surged 28% and 23%, respectively, while Etsy stock gained 5%.
Etsy Beats Earnings Estimates As Marketplace Trends Improve
Etsy stock reached a three-year high of $94.49 after the company reported an 11% year-over-year increase in third-quarter revenue, surpassing analysts’ expectations. The online marketplace also recorded its sixth consecutive quarter of improving gross merchandise sales growth, reflecting progress in attracting shoppers.
Goldman Sachs raised its price target on Etsy to $108 from $89 but kept a ‘Neutral’ rating, suggesting a 17% upside potential from its last closing price. Analyst Eric Sheridan cited better personalized shopping features and more effective marketing. Jefferies also increased its target to $100 from $90.
On Stocktwits, retail sentiment around the stock improved to ‘extremely bullish’ from ‘bullish’.
Replimune Gains On Early Commercial Progress
Replimune stock rose to nearly a two-year high of $16.75 as investors assessed initial demand for TUDRIQEV, the company’s newly introduced melanoma treatment. The company said Doctors have started ordering the drug, and the company has enough stock to meet demand for more than a year. Replimune has contacted more than 70% of its first 200 target healthcare accounts to support the drug’s launch.
Jefferies analyst Roger Song raised his price target to $29 from $24 and retained a ‘Buy’ rating. The firm said that about three weeks after launch, the therapy gained formulary access at about 20 accounts, while more than 15 accounts began prescribing it. Song highlighted adoption by regional centers and the potential for further growth in prescribing activity, repeat use and treatment volume.
Retail sentiment around the stock remained ‘bullish’.
Genmab Advances Following Cancer Trial Results
Genmab stock reached an all-time high of $59.97 after announcing that a pivotal late-stage head and neck cancer study achieved its primary endpoints. The company reported that petosemtamab combined with pembrolizumab reduced the risk of death by 50% compared with pembrolizumab alone in patients with PD-L1-positive head and neck cancer, regardless of HPV status.
The findings could support upcoming regulatory submissions, potentially bringing the experimental treatment closer to the next stage of development.
So far this year, ETSY, REPL, and GMAB stocks have gained 65% to 86%.
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