CombiMatrix and Vertex Pharmaceuticals Make Gains
NEW YORK, NY / ACCESSWIRE / March 30, 2017 / CombiMatrix and Vertex Pharmaceuticals have made investors optimistic about the future of their companies as both stocks find broader markets for their products. Both companies saw 15 to more than 20 percent rises in their stock prices, with Vertex continuing to show strength in after hours trading.
RDI Initiates Coverage:
CombiMatrix Corp. https://ub.rdinvesting.com/news/?ticker=CBMX
Vertex Pharmaceuticals Inc. https://ub.rdinvesting.com/news/?ticker=VRTX
CombiMatrix advanced 17.71% to close at $5.65 on Wednesday. The stock traded between $5.75 and $4.75 on volume of 677,574 shares traded. CombiMatrix reported its fourth quarter and full year 2016 results on February 22nd, where unit sales volume increased by 10% in year 2016 whereas revenue increased roughly 27% in year 2016. These numbers suggest that the sales are driven by pricing power. The company focuses on pre-implantation generic screening, miscarriage analysis, prenatal confirmatory diagnosis and pediatric developmental disorders. There has been little slowdown in the overall industry’s growth over the last decade. Mark McDonough, CombiMatrix President and CEO, said on the fourth quarter result: "Total revenues for the quarter increased 32% year-over-year to $3.5 million, driven by record reproductive health test volume and revenues, and across-the-board increases in average revenue per test."
With this result, CombiMatrix has narrowed down its quarterly and yearly losses with the fourth quarter loss of $558,000 or $0.22 a share for fourth quarter of 2016 as compared to loss of $1.7 million or $2.02 reported in the same quarter of 2015.
Access RDI's CombiMatrix Research Report at: https://ub.rdinvesting.com/news/?ticker=CBMX
Vertex Pharmaceuticals advanced 20.45% to close at $108.01 on Wednesday. The stock traded between $111.88 and $106.03 on volume of 13.68 million shares traded. The company is seeking approval for its experimental Cystic-Fibrosis drug and plans to file for both U.S. and European approval for the combination of its products tezacaftor and ivacaftor sometime in the 3rd quarter of this year, as Vertex has released positive result of Phase 3 studies on March 28th. It is also expected that the decisions for the approval is likely to take place sometime in the first half of 2018.
Two Phase III studies of their Tezacaftor/Ivacaftor combination treatment have met primary FDA Endpoints, and there are measurable, statistically significant improvements reported in Lung Function in people with Cystic Fibrosis. CMO Jeffrey Chodakewitz said, "The tezacaftor/ivacaftor combination treatment demonstrated clinically meaningful benefits, with a favorable safety profile, across multiple patient groups."
Access RDI's Vertex Pharmaceuticals Research Report at: https://ub.rdinvesting.com/news/?ticker=VRTX
Our Actionable Research on CombiMatrix Corp. (NASDAQ: CBMX) and Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
