Market analysis 12/16/21

Market status at 13:39PM ET:
SPY down -0.46%
XLV up 0.64%
XBI down -1.72%

Top gainer: Organon (OGN +5%) was spun-off of from Merck in June, 2021, retaining a 10% ownership stake in the company. Organon focuses on women’s health, biosimilars and other Merck drugs which for which patents have expired. Some names that stick out from their products page include:

  • Propecia for male pattern baldness
  • Singulair for asthma, exercise-induced shortness of breath and runny nose
  • Zocor (simvastatin) for coronary heart disease and hyperlipidemia
  • Nuvaring, hormonal birth control
  • Fosamax, for osteoporosis in postmenopausal women
  • Clarinex for seasonal allergies

Actual news for today’s move is hard to find. Organon completed an acquisition a couple days ago of a Finnish pharma company but otherwise nothing noteworthy.

Searching “$OGN” on twitter revealed that there’s a lot of buzz today around Origin Protocol, a blockchain platform supporting non-fungible tokens. One of the IPs on OGN is the classic meme “Charlie Bit My Finger” video.

In the absence of other news it feels right to assume that traders are confusing the crypto with the stonk. I’ll check the news tomorrow to see if anyone else spotted this.

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