CORAL GABLES, FL / ACCESSWIRE / July 24, 2018 / The Nasdaq Biotechnology Index (IBB) just made a new 52-week high today and most likely an all-time high may not be out of the question either. As most of the market shutters about the trade wars, biotech stocks are more insulated from the biggest concern about tariffs compared to most industries. Much of the excitement circles around the rapid pace of new advancements for biotech and pharmaceuticals.
Biotech companies like GT Biopharma, Inc. (GTBP), Reata Pharmaceuticals (NASDAQ: RETA) and Biogen (NASDAQ: BIIB) have all released news within the last 10 days that has sparked much more interest in the market for these stocks. Advancements in pipeline therapies and positive earnings have helped boost shares of many biotech stocks including those mentioned above.
Following the announcement of GT Biopharma moving its CMO, Dr. Raymond Urbanski to company Chairman and CEO, the company has formally announced that a Material Transfer Agreement between a "Major Pharmaceutical Company" and Dr. Daniel Vallera. Dr. Valera is the director at the Section of Molecular Cancer Therapeutics at the Masonic Cancer Center, University of Minnesota and is also the lead researcher for GT's bispecific antibody drug conjugate program. He also innovated GT's drug that targets certain antigens on cancer cells, inhibits protein synthesis and kills the cancer cells.
According to comments from company CEO, Dr. Urbanski, "Pre-clinical data suggests that the combination of OXS-1550 and this agent is highly potent against certain tumor cell lines. This MTA will allow further studies in animal models to both confirm the effects as well as ascertain which tumor types are the most susceptible to this potent combination."
Since July 9, shares of GT Biopharma are up as much as 83.5% after hitting highs of $2.57 as of "pre-10:30AM EST" highs.
In line with a similar trend, Reata Pharmaceuticals (RETA) has released positive news this week. Shares of the company skyrocketed to a record high Monday following an announcement that its experimental drug outshined expectations in two groups of chronic kidney disease patients.
"The results announced today add to the large body of clinical evidence that bardoxolone treatment has the potential to prevent or delay kidney failure in rare forms of chronic kidney disease," said Warren Huff, Reata's President and Chief Executive Officer.
Finally, Biogen (BIIB) announced a deal with AliveGen for the rights to Phase 1-stage ALG-801 (now BIIB110) and preclinical-stage ALG-802, recombinant proteins called ligand traps that inhibit myostatin pathway signaling. Biogen plans to evaluate both candidates in multiple neuromuscular indications including spinal muscular atrophy and amyotrophic lateral sclerosis.
Additionally, Biogen released news on a Q2 earnings beat. Tuesday morning the company reported second-quarter profit and revenue beats and raised its 2018 profit and revenue guidance. Adjusted earnings-per-share were $5.80, above the FactSet consensus of $5.21. Revenue for the latest quarter rose to $3.36 billion from $3.08 billion, above the FactSet consensus of $3.25 billion.
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