Health and Healthcare
Meet the Top Biotech Movers of This Past Week
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Over the past week, a few biotech companies made absolutely massive runs, while others fell off a cliff. Although health care only kept pace with the broader markets in 2017, the way that some stocks are launching 2018 could make this an exciting year full of positive trials, U.S. Food and Drug Administration (FDA) approvals and mergers and acquisitions.
24/7 Wall St. has picked a few of the standouts from the past week to highlight. We have included information about each company, as well as recent trading activity and the consensus price target.
Pain Therapeutics Inc. (NASDAQ: PTIE) recently announced data for its human abuse potential study of Remoxy. The study demonstrated a significantly lower abuse potential compared to immediate-release oxycodone. The company expects to submit a new drug application during the first quarter of 2018, with an approval potentially on the horizon before year end.
Over the course of the week, shares rose 80%. The stock was at $7.80 on Friday’s close. The consensus analyst price target is $23.75, and the 52-week trading range is $3.10 to $12.80.
Axovant Sciences Ltd. (NASDAQ: AXON) watched its shares practically get halved early this week after the firm provided an update from a few of its midstage clinical trials. While one of its Phase 2 Visual Hallucination studies with nelotanserin met its primary endpoint, the Phase 2b Headway and pilot Phase 2 Gate and Balance studies did not meet their primary endpoints.
Over the past week, shares fell 61%. The stock traded at $2.09 on Friday’s close. The consensus price target is $11.22, and the 52-week range is $2.06 to $27.98.
Alder Biopharmaceuticals Inc. (NASDAQ: ALDR) saw its shares make a solid gain on Monday amid a blizzard of updates from the company. The firm met its primary endpoint in a late-stage trial and entered into a global license agreement with Teva. At the same time, it received a sizable equity investment to fund its licensing agreement.
Last week, shares rose 38% and were last seen at $17.85. The 52-week trading range is $8.60 to $25.45 and the consensus price target is $25.58.
24/7 Wall St.Axsome Therapeutics Inc. (NASDAQ: AXSM) shares cratered in the first half of the week after it was announced that an independent data monitoring committee had recommended the discontinuation of one of the firm’s lead development programs. Specifically, a program was in Phase 3 of AXS-02 for the target indication of complex regional pain syndrome.
Shares fell 42% last week. The stock ended the week at $3.30, in a 52-week range of $3.10 to $6.45. The consensus analyst target is $22.50.
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