Health and Healthcare
The Top 4 Biopharma Movers of the Past Week
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Over the past week, a few biotech companies made impressive runs. These moves were the result of positive trial results and a U.S. Food and Drug Administration (FDA) meeting. The companies 24/7 Wall St. has picked stood out from the rest with positive news guiding them over the course of the week. We have included information about each company, as well as recent trading activity and the consensus price target.
Ocular Therapeutix
Following a positive meeting with the FDA, Ocular Therapeutix Inc. (NASDAQ: OCUL) led the bulls earlier in the week. The company announced the Phase 3 clinical development strategy for its OTX-TP (travoprost) drug product candidate for the treatment of glaucoma and ocular hypertension.
Based on feedback from a recent meeting with the FDA, Ocular Therapeutix plans to begin the first of two planned Phase 3 clinical trials in the third quarter of 2016. The company expects that the FDA will require that OTX-TP show a statistically superior and clinically meaningful reduction of intraocular pressure, compared to the placebo, as a primary efficacy endpoint.
Over the week, shares rose 64%, but they are down 2% year to date. Shares of Ocular traded at $8.94 on Friday’s close. The stock has a consensus analyst price target of $40.75 and a 52-week trading range of $5.07 to $44.19.
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