A few biotech companies made fantastic runs in Thursday’s session. Over the past 52 weeks, biotech and pharmaceutical stocks have been absolutely crushed, with the SPDR S&P Biotech ETF (NYSEMKT: XBI) down about 26% in this time. However the year before that, the health care sector was on fire from positive trials, U.S. Food and Drug Administration (FDA) approvals, and mergers and acquisitions. With American Society of Clinical Oncology (ASCO) annual meeting just around the corner, we wonder if this could be the catalyst to pull the health care sector out of this rut.
These companies 24/7 Wall St. has picked stood out from the rest on Thursday. We have included information about each company, as well as recent trading activity and the consensus price target.
Eleven Biotherapeutics Inc. (NASDAQ: EBIO) issued an SEC filing Wednesday evening that the company met Nasdaq listing qualifications. What this really means is that the company will not be delisted from the exchange. Also note that the company only had 1.2 million shares short as of the most recent settlement date, so this movement most likely is not a short squeeze, unless more short selling was done since the last report date. Investors must really thrilled that this stock is going to stick around without any OTC stock ticker designations. Shares of Eleven Bio were last trading up a whopping 44% at $1.95, with a consensus analyst price target of $12.00 and a 52-week trading range of $0.25 to $8.00.
Achaogen Inc. (NASDAQ: AKAO) won in Thursday’s session after it was awarded a $20 million contract option by the Biomedical Advanced Research and Development Authority to support the development of plazomicin. Archaogen also announced a private placement, in which it expects gross proceeds of $25 million. Its shares were trading up 15% at $3.68. The stock has a consensus price target of $10.33 and a 52-week trading range of $2.59 to $7.74.
Repros Therapeutics Inc. (NASDAQ: RPRX) provided an update on its EU submission of enclimiphene for the treatment of secondary hypogonadism and the three-month interim results for enclomiphene study in obese secondary hypogonadal men. These showed statistically significant results in testosterone levels in obese men participating in Phase 2 diet and exercise study. Shares of Repros were up 19% at $2.01. The consensus price target is $3.50, and the 52-week range is $0.80 to $8.96.
OncoGenex Pharmaceuticals Inc. (NASDAQ: OGXI) posted an SEC filing that granted Jack Goldstein, chairman of the board of directors, an option to purchase up to 31,500 shares of the company’s common stock. At the same time, each of the remaining non-employee directors, Neil Clendeninn, Martin Mattingly, Stewart Parker and David Smith, have an option to purchase up to 22,500 shares of the common stock. Is that enough to drive shares higher without other news pending? Shares of OncoGenex were last seen up 14% at $1.20, within a 52-week trading range of $0.46 to $4.10. The consensus price target is $2.15.
Cellectar Biosciences Inc. (NASDAQ: CLRB) shares appear to be continuing to climb on a momentum trade going into the ASCO annual meeting. The shares were up 26% at $3.98, with a consensus price target of $2.50 and a 52-week range of $1.00 to $38.90. As a reminder, Cellectar won big on patent news very recently as well.
Keryx Biopharmaceuticals Inc. (NASDAQ: KERX) saw its shares jump on Thursday after Seth Klarman’s Baupost Group disclosed that it had a 42.5% stake in the company. Previously, Baupost Group had a 34.6% stake, as of October 14. The stock was up 13% at $6.76 on Thursday. Its consensus price target is $8.78, and the 52-week range is $2.80 to $10.55.
The SPDR S&P Biotech ETF traded up 2.4% at $59.58. Its 52-week trading range is $44.16 to $91.11.