Regeneron Pharmaceuticals stock rose 3.4 percent in midday trading following positive Phase 3 clinical trial data for its geographic atrophy treatment. The drug, coded REGNXXXX, met its primary endpoint in reducing lesion growth over 48 weeks compared to placebo in patients with the advanced form of age-related macular degeneration. Analysts at Guggenheim raised their price target on Regeneron to $980 from $920, citing the drug's market potential and strong efficacy in the trial.
Mobileye Global shares gained 2.8 percent after the company announced a multi-year supply agreement with an undisclosed European automaker for its advanced driver-assistance systems. The deal will integrate Mobileye's EyeQ6 Light chips and SuperVision platform into the automaker's next-generation vehicle lines, starting in 2027. This contract is projected to add more than $1.5 billion to Mobileye's revenue pipeline through 2030 and strengthens its position in the competitive autonomous driving segment.
Dominion Energy shares fell 1.1 percent as bond yields edged higher, dampening investor appetite for income-generating utility stocks. The yield on the 10-year Treasury note climbed four basis points to 4.62 percent, making fixed-income alternatives more attractive. RBC Capital Markets downgraded Dominion from Outperform to Sector Perform, citing valuation concerns and continued pressure from a rising rate environment on its capital-intensive projects.
Viking Holdings stock moved up 2.2 percent after reporting strong first-quarter booking trends, with passenger load factors exceeding 90 percent for its ocean and river cruises across all itineraries. The company said demand for its European river cruises and expedition voyages to Antarctica and the Arctic remained strong. This performance suggests sustained consumer spending on premium travel experiences despite broader economic concerns.
The broader market showed mixed performance, with the S&P 500 down 0.4 percent at 7,380 and the Nasdaq down 0.8 percent at 26,022. Large-cap tech names like Nvidia, trading at $222.25, and Apple, at $295.95, saw moderate declines. Microsoft also fell 0.8 percent to $418.47. Amazon, however, edged up 0.5 percent to $265.50, showing selective strength in the sector as investors rotated into specific growth stories.
