CORAL GABLES, FL / ACCESSWIRE / July 31, 2018 / The Nasdaq iShares Biotechnology Index (IBB) has taken a turn toward ''greener pastures.'' The ETF rose by more than 1.2% on Tuesday as a number of biotech stocks moved higher in early morning trading. Additionally, a number of other ETF's tracking the healthcare and biotech sectors have reversed from bearish trends and are heading higher during the morning session. With this in mind, a number of companies have followed the more recent uptrend.
GT Biopharma (GTBP) is an immuno-oncology biotechnology company focused on innovative treatments based on the company's proprietary platforms. In addition to the company'slatest developments, GT's initiative to build value also has encompassed its leadership team as well. Earlier this month the company announced the addition of Dr. John N. Bonfiglio to GT Biopharma's Board of Directors.
Dr. Bonfiglio started his career with Allergan pharmaceuticals as a scientist and moved into project management, strategic marketing and business development. After working for Baxter HealthCare, he began a career in small biotech companies. Most recently Dr. Bonfiglio served as Board member and President and COO a for Tapimmune.
Shares of GT Biopharma have been in an uptend for the majority of the month of July. Just a few weeks ago, GT shares were under $1.50 and Tuesday's session has GT Biopharma trading above $2.
Novartis (NVS) has followed a similar path of an uptrend. Earlier this month the company announced that it had successfully launched its Galaxies of Hope app, a unique digital experience created to support the neuroendocrine tumor (NET) community. Galaxies of Hope engages users through the art of visual storytelling, using the actual words and voices of patients, caregivers, and physicians who are part of the NET cancer community.
"At Novartis, our vision is to reimagine how we can provide new platforms for patient support. We believe that this app can have a real, positive impact in the NET cancer community," said Ameet Mallik, Executive Vice President and Head, US Oncology at Novartis.
Shares of Novartis are up by nearly 20% since July 27th lows of $4.70
ARCA biopharma, Inc. (ABIO) rounds out the list but has gone against this biotech bull trend, however. Based on review of the Phase 2 GENETIC-AF trial results, as well as its alignment with previous Phase 3 pharmacogenetic substudy data, the FDA stated that data from a single pivotal Phase 3 clinical trial may be sufficient to support approval of Gencaro for the treatment of AF in patients with HF. The Company, in consultation with the FDA, has established key elements of the Phase 3 clinical trial needed to support a New Drug Application (NDA), details of which will be confirmed via the FDA Special Protocol Assessment (SPA) process.
''We are encouraged by the outcome of our End-of-Phase 2 meeting regarding the development path forward for Gencaro and the FDA's response to the data from our completed Phase 2B GENETIC-AF study,'' commented Dr. Michael Bristow, ARCA's President and CEO.
Shares fell by more than 4% from Monday's close to today's morning low of $0.7354
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