Over the past week, a few pharmaceutical companies made absolutely massive runs. In the past year, the health care sector was on fire from positive trials, U.S. Food and Drug Administration (FDA) approvals, and mergers and acquisitions. These three companies that 24/7 Wall St. has picked out kept the fire burning this past week with their huge gains. We have included why each company ran, as well as some color, recent trading activity and the consensus price target.
AVEO Pharmaceuticals
AVEO Pharmaceuticals Inc. (NASDAQ: AVEO) made waves early Monday on news of a licensing agreement with Novartis. Both companies announced an exclusive, worldwide license agreement for the development and commercialization of AVEO’s humanized inhibitory antibody targeting growth differentiation factor 15 (GDF15), AV-380 and related antibodies. As a result, shares jumped a total of 45% on Monday, and at one point even increased as much as 121% to $2.59. Over 38 million shares moved on the day.
Shares of AVEO were trading at $1.37 as Friday’s session came to a close. The stock has a consensus analyst price target of $3.00 and a 52-week trading range of $0.61 to $3.50.
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Omeros
Omeros Corp. (NASDAQ: OMER) was flying high on Tuesday, with shares practically doubling on positive Phase 2 news. The company announced additional positive data in the its Phase 2 clinical trial of OMS721 for the treatment of thrombotic microangiopathies. The company also believes that it has identified the proteins that activate the complement system’s alternative pathway in humans, which is linked to a wide range of immune-related disorders. In addition to its lectin pathway inhibitors, Omeros is advancing the development of antibodies that block activation of the alternative pathway. As a result, shares jumped a total of 72% on Tuesday, and at one point even increased as much as 107.8% to $30.23. Over 32 million shares moved on the day.
Omeros shares ended the week at $20.96. The consensus analyst price target is $47.17, and the 52-week trading range is $11.18 to $30.23.
Corbus Pharmaceuticals
Corbus Pharmaceuticals Holdings Inc. (NASDAQ: CRBP) made a quiet entrance into the market last November in its initial public offering that priced for $3.00. Since then, Corbus has had a rough time as shares were down 37.8% year to date as of Tuesday’s close at $1.86 and just above the 52-week low. However the company may have found its saving grace in a Fast Track designation from the FDA. The company announced Wednesday morning that the FDA designated as a Fast Track development program the investigation of Resunab for systemic sclerosis. As a result, shares jumped a total of 34% on Wednesday. At one point they even increased as much as 127% to $4.22. Nearly 43 million shares moved on the day.
Shares of Corbus were changing hands at $2.05 on Friday’s close. The 52-week range is $1.80 to $4.95.
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