In this article, we discuss the top 5 gainers on Wednesday. If you want to see some more stocks gaining value today, go directly to Top 10 Gainers on Wednesday.
5. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
Number of Hedge Fund Holders: 44
Shares of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) rose over six percent after the opening bell this morning. The rise was a result of better-than-expected financial performance for the second quarter.
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) attributed the results to solid sales contributions from its eczema drug Dupixent and vision drug Eylea. Overall, the company reported adjusted earnings of $9.77 per share, above the consensus of $9.54 per share. Revenue for the quarter plummeted 44 percent to $2.86 billion but surpassed the estimates of $2.80 billion.
Eylea continues to be one of the biggest sales drivers for Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN). The eye drug generated revenue of $2.49 billion in the quarter, compared to $2.28 billion in the year-ago period. In addition, Dupixent brought revenue of $2.09 billion, representing a jump of about 40 percent over the comparable period of 2021.
Commenting on the results, CEO Leonard S. Schleifer said:
“The second quarter of 2022 was distinguished by record net product sales of EYLEA, Dupixent, and Libtayo, as well as multiple regulatory achievements for Dupixent, including U.S. approvals for atopic dermatitis among very young patients and for eosinophilic esophagitis in adults and adolescents, as well as European approval for pediatric asthma.”
4. Paycom Software, Inc. (NYSE:PAYC)
Number of Hedge Fund Holders: 49
Shares of Paycom Software, Inc. (NYSE:PAYC) jumped to a nearly four-month high this morning after the software company surpassed profit and sales expectations for the second quarter.
Paycom Software, Inc. (NYSE:PAYC) earned $1.26 per share on an adjusted basis, up from 97 cents per share in the same period last year. Revenue for the quarter climbed about 31 percent versus last year to $316.9 million. The results surpassed the consensus of $1.12 per share for earnings and $308.73 million for revenue.
Looking forward, Paycom Software, Inc. (NYSE:PAYC) anticipates revenue in the range of $327 – $329 million for the current quarter and between $1.354 – $1.356 billion for the full year.
3. Gilead Sciences, Inc. (NASDAQ:GILD)
Number of Hedge Fund Holders: 68
Gilead Sciences, Inc. (NASDAQ:GILD) beat financial expectations for the second quarter and raised its sales outlook for 2022. As a result, its shares jumped to a nearly two-month high after the opening bell today.
The California-based biopharmaceutical giant reported adjusted earnings of $1.58 per share, beating the consensus of $1.53 per share. Revenue came in at $6.26 billion, while analysts were expecting Gilead Sciences, Inc. (NASDAQ:GILD) to post revenue of $5.86 billion.
Gilead Sciences, Inc. (NASDAQ:GILD) also disclosed the sales performance of its flagship segments and drugs. HIV product revenue rose 7 percent to $4.2 billion, while HCV product sales jumped 18 percent to $448 million in the quarter. On the downside, Veklury sales plummeted 46 percent to $445 million.
For fiscal 2022, Gilead Sciences, Inc. (NASDAQ:GILD) now expects revenue in the range of $24.5 – $25 billion, up from its earlier outlook of $23.8 – $24.3 billion.
Discussing the results, CEO Daniel O’Day said:
“This was a very strong quarter for Gilead, with solid commercial and clinical execution. Excluding Veklury, product sales grew 7% year-over-year. There was continued strong demand for our HIV portfolio with further share growth for Biktarvy, and oncology revenues reached an all-time high, driven by cell therapy and Trodelvy.”
2. CVS Health Corporation (NYSE:CVS)
Number of Hedge Fund Holders: 72
Shares of CVS Health Corporation (NYSE:CVS) turned green this morning after the healthcare giant beat profit and sales expectations for the second quarter. The Woonsocket-based company reported adjusted earnings of $2.40 per share, smashing the expectations of $2.18 per share.
Revenue for the quarter rose 11 percent on a year-over-year basis to $80.6 billion, while analysts were expecting CVS Health Corporation (NYSE:CVS) to generate revenue of $76.4 billion.
Speaking on the results, CEO of CVS Health Corporation (NYSE:CVS), Karen S. Lynch, said:
“Despite a challenging economic environment, our differentiated business model helped drive strong results this quarter, with significant revenue growth across all of our business segments. The continued success of our foundational businesses accelerated our strategy to expand access to health services and help consumers navigate to the best site of care.”
1. PayPal Holdings, Inc. (NASDAQ:PYPL)
Number of Hedge Fund Holders: 100
PayPal Holdings, Inc. (NASDAQ:PYPL) just delivered solid financial results for the second quarter. Moreover, the fintech giant disclosed that Elliott Investment Management has acquired a $2 billion stake in PayPal, making the activist investor one of its biggest shareholders.
Investors cheered the latest developments, sending PayPal Holdings, Inc. (NASDAQ:PYPL) shares up more than 12 percent in the pre-market trading session today.
For the second quarter, PayPal Holdings, Inc. (NASDAQ:PYPL) reported adjusted earnings of 93 cents per share, beating the expectations of 86 cents per share. Revenue for the quarter rose 9 percent versus last year to $6.81 billion, ahead of the consensus of $6.79 billion.
PayPal Holdings, Inc. (NASDAQ:PYPL) also raised its profit outlook for the full year. It projected adjusted earnings in the range of $3.87 – $3.97 per share, up from its earlier guidance between $3.81 – $3.93 per share. The updated forecast is above analysts’ average estimate of $3.82 per share.
You can also take a peek at 10 Dividend Stocks to Buy According to John Allison’s Unio Capital and Jim Cramer Recommends These 10 Stocks For Recession.
