--- title: "U.S. Stock Market Midday Update: PRF Tech Plummets 34%: FDA Good News Fails to Mask Technical Breakdown, Overbought Risks Weigh on Stock Price" type: "News" locale: "en" url: "https://longbridge.com/en/news/288293277.md" description: "PRF Tech fell 34.00%; Eli Lilly fell 2.39%, with a transaction volume of USD 610 million; Johnson & Johnson fell 1.64%, with a transaction volume of USD 300 million; Pfizer fell 2.43%, with a transaction volume of USD 239 million; Merck fell 2.97%, with a market value of USD 284.5 billion" datetime: "2026-06-01T14:38:21.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288293277.md) - [en](https://longbridge.com/en/news/288293277.md) - [zh-HK](https://longbridge.com/zh-HK/news/288293277.md) --- # U.S. Stock Market Midday Update: PRF Tech Plummets 34%: FDA Good News Fails to Mask Technical Breakdown, Overbought Risks Weigh on Stock Price **U.S. Stock Market Midday Update** PRF Tech fell 34.00%, with increased trading volume. Based on recent key news: 1. On June 1, technical indicators showed that PRF Tech stock was overbought, with an RSI of 74.10, indicating the stock is susceptible to sell-offs. Moving averages indicated a long-term bearish trend, leading to a 27.17% drop in stock price. Source: Benzinga 2. On May 30, the company announced that its AI-driven energy platform DeepSolar Predict™ received FDA approval, causing the stock price to surge over 217% intraday. However, the market remains cautious about its long-term financial performance. Source: Zhitong Finance 3. On May 29, analysts rated PRF Tech as underperforming, with a target price of $1.50, due to weak financial fundamentals and bearish technicals. Source: TipRanks Significant technological advancements in the renewable energy sector. **Top Stocks by Trading Volume in the Industry** Eli Lilly fell 2.39%, with increased trading volume. Based on recent key news: 1. On June 1, Eli Lilly signed a research and development cooperation agreement with Hisun Pharmaceutical, involving the development of innovative drugs for multiple disease areas. The agreement stipulates that Eli Lilly will gain global exclusive rights, while Hisun is entitled to receive up to $2.967 billion in milestone payments. This collaboration may positively impact Eli Lilly's long-term R&D capabilities. (Source: Jinshi Data) 2. On June 1, Eli Lilly announced the results of its Phase III clinical trial for its cancer drug Retevmo at the American Society of Clinical Oncology annual meeting, showing that the drug significantly reduced the risk of disease recurrence or death in patients with non-small cell lung cancer. This result may enhance market confidence in Eli Lilly's cancer drugs. (Source: Zhitong Finance) 3. On May 29, CVS Health announced the restoration of coverage for Eli Lilly's weight loss drug, marking a key victory for Eli Lilly in market competition. This move may support sales growth for Eli Lilly's obesity drugs. (Source: MarketWatch) The pharmaceutical industry is facing intensified competition and increased compliance requirements. Johnson & Johnson fell 1.64%, with increased trading volume. Based on recent key news: 1. On May 31, Johnson & Johnson's Phase III prostate cancer study achieved two major endpoints, causing stock price fluctuations. This study showed that ERLEADA® significantly reduced the risk of metastasis or death before and after surgery, breaking long-standing treatment paradigms. 2. On May 29, the combination treatment of RYBREVANT® and LAZCLUZE® showed durable clinical benefits in non-small cell lung cancer, supporting stock price fluctuations. This combination demonstrated consistent clinical activity in the EGFR mutation subgroup, enhancing treatment prospects. 3. On May 29, data for TECVAYLI® demonstrated superior progression-free survival and overall survival in multiple myeloma, impacting stock price. This data supports the use of TECVAYLI® as a treatment for early relapsed cases. Innovation in the pharmaceutical industry drives stock price fluctuations Pfizer fell 2.43%. Based on recent news, 4. On May 29, Pfizer reached a global strategic cooperation agreement with Innovent Biologics worth a total of $10.5 billion, involving 12 early-stage oncology research projects. The agreement includes an upfront payment of $650 million and up to $9.85 billion in milestone payments, driving fluctuations in Pfizer's stock price. 5. On May 30, Pfizer's stock price came under pressure from patent risks and declining demand for COVID products, leading to a drop of over 50%. Analysts have mixed ratings on Pfizer's stock, with some believing the current price is attractive. 6. On May 31, Pfizer's BRAFTOVI regimen nearly doubled progression-free survival in metastatic colorectal cancer, although this news provided some support for the stock price, overall market sentiment remains cautious due to macroeconomic pressures and intensified industry competition. **Stocks ranked among the top in industry market capitalization** Merck fell 2.97%, with increased trading volume. Based on recent key news: 1. On May 29, Merck's Calderasib received FDA breakthrough therapy designation for patients with KRAS G12C mutant non-small cell lung cancer. This news drove stock price fluctuations as market expectations for the new therapy increased. Source: MT Newswires 2. On May 26, Merck held its annual shareholder meeting, where shareholders supported the board's nominations and approved the appointment of independent auditors for 2026. This move stabilized investor confidence. Source: Public Technologies 3. On May 29, Merck announced a collaboration with Otsuka Pharmaceutical to develop Calderasib, further enhancing market confidence in its research and development capabilities. 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