A few biotech companies are making fantastic runs in Thursday’s session. Over the past 52-weeks, Biotechs and Pharmaceuticals 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 ASCO just hours around the corner, we wonder if this could be the catalyst to pull the healthcare 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 the 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 in shares short as of the last settlement date, so this movement most likely is not a short squeeze unless more short selling was done since the last settlement date report. Investors must really thrilled that this stock is going to stick around without any OTC stick 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, where it expects gross proceeds of $25 million. Shares of Achaogen were recently trading up 15% at $3.68. The stock has a consensus analyst 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 3 month interim results for enclomiphene study in obese secondary hypogonadal men. These showed statistically significant results where testosterone levels in obese men participating in Phase 2 diet and exercise study. Shares of Repros were recently trading up 19% at $2.01. The stock has a consensus analyst price target of $3.50 and a 52-week trading range of $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 trading up 14% at $1.20, with a consensus analyst price target of $2.15 and a 52-week trading range of $0.46 to $4.10.
Cellectar Biosciences, Inc. (NASDAQ: CLRB) appears to be watching its shares continue to climb on a momentum trade going into the ASCO annual meeting. Shares of Cellectar Bio were last trading up 26% at $3.98, with a consensus analyst price target of $2.50 and a 52-week trading 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% stack as of October 14. Shares of Keryx were recently trading up 13% at $6.76. The stock has a consensus analyst price target of $8.78 and a 52-week trading range of $2.80 to $10.55.
The XBI was recently trading up 2.4% at $59.58. The stock has a 52-week trading range of $44.16 to $91.11.
Source: http://247wallst.com/healthcare-business/2016/06/02/6-biotechs-on-the-move/
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