CORAL GABLES, FL / ACCESSWIRE / August 23, 2018 / The second-quarter earnings season is almost over and over 90% of the S&P 500 stocks have reported results. Earnings of these companies are up by more than 25% compared to the same period last year on revenue growth of 9.9%. While nearly 80% have beat earnings estimates, roughly 70% topped revenue expectations. What does this all mean?
For the markets, a lot and for specific sectors, it could mean even more. The medical sector has become one of the sectors to consistently record earnings growth over the last few quarters. Biotech stocks weathered many storms that the general markets have seen in the second quarter with most firms topping earnings and revenue expectations. Even on Thursday when most stocks are red, many in the biotech sector have hit new highs.
GT Biopharma (GTBP) for example, recently announced that the company has a Material Transfer Agreement between a Major Pharmaceutical Company and Dr. Daniel Vallera, Director, Section of Molecular Cancer Therapeutics at the Masonic Cancer Center, University of Minnesota, has brought some attention to the company.
Under the terms of the agreement, this Company will supply a formulation of their multibillion-dollar, widely prescribed oncology drug, which has been approved for use in several hematologic malignancies to Dr. Vallera to be used in this study.
This week, shares of GT Biopharma (GTBP) have hit highs of $2.10. In a recent shareholder update, company CEO, Dr. Raymond Urbanski said, "We are very excited to present at the Wedbush PacGrow Healthcare Conference. Conferences such as this give us the opportunity to engage with leading institutional investors and interact with other global companies. It also allows us to further demonstrate that GT Biopharma (GTBP) is at the forefront of immune-oncology therapeutics."
Obalon Therapeutics (NASDAQ: OBLN) is another biotechnology company developing innovative, medical technology company. The company has an FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity. Today Obalon announced that it has entered into an agreement to sell shares of its common stock for aggregate gross proceeds of $10 million in a private placement.
Shares of the company jumped to highs of $2.86 in early trading. According to the company's press, Obalon Therapeutics will sell approximately 5.5 million shares of common stock at a price of $1.82 per share. The private placement is expected to close on or about August 27, 2018, and is subject to customary closing conditions. The company plans to use the proceeds from the private placement for commercial operations, working capital and general corporate purposes.
Regulus Therapeutics Inc. (NASDAQ: RGLS) shares followed suit today as the biotech stocks hit early highs of $0.339 and were up 70% over the last 2 weeks. The company is a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs. Regulus reported financial results for the second quarter ended June 30, 2018, and provided a summary of recent events.
Jay Hagan, President and Chief Executive Officer of Regulus stated in a recent release, "The recent period has been highlighted by a challenging set of circumstances and unexpected setbacks, however we remain committed to our specific near-term objectives, namely coming to an agreement with Sanofi concerning the development of the Alport syndrome program, advancing our investigative and preclinical work on RGLS4326 to enable the Phase 1 MAD to resume, advancing our HBV programs, extending our cash runway, and looking for additional ways to improve shareholder value.''
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Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. MAPH Enterprises LLC which owns www.MarijuanaStocks.com is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release.
MAPH Enterprises LLC, which owns www.MarijuanaStocks.com, may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. MAPH Enterprises LLC, which owns www.MarijuanaStocks.com, may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. Pursuant to an agreement between an affiliate of MAPH Enterprises, LLC, Midam Ventures LLC and GT Biopharma, Midam has been paid $200,000 from the company and ZERO shares of GT Biopharma Inc. for a duration beginning July 16, 2018, and ending August 16, 2018. Midam Ventures has been paid an additional $200k by GT Biopharma and has extended its marketing period through Sept 16, 2018. We may buy or sell additional shares of (GTBP) in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information.