CORAL GABLES, FL / ACCESSWIRE / August 3, 2018 / Both the SPDR S&P Biotech ETF (XBI) and the iShares NASDAQ Biotechnology Index ETF (IBB) extended gains on Thursday afternoon. Both funds have been in an uptrend for the better part of the last 3 days to begin the month of August.
For several companies, earnings have taken center stage in recent weeks and for the most part, companies are outperforming previous earnings reports. Heading into the month of August, biotech stocks and healthcare stocks are in focus.
Last month, for instance, GT Biopharma (GTBP) announced 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. This Major Pharmaceutical Company will be supplying 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.
The company's OXS-1550 targets two antigens on cancer cells and contains a cytotoxic payload, which increases the probability that it will kill the cancer cells. Initial pre-clinical work performed by Dr. Vallera suggests a much greater effect when OXS-1550 is given in combination with this established oncology drug.
Shares of GT Biopharma have been in an uptrend for the last few weeks. In July GT shares were under $1.50 and Thursday's session had GT Biopharma hitting highs of $2.18.
Allscripts Healthcare Solutions, Inc. (MDRX) announced its financial results for the three and six months ended June 30, 2018 on Thursday. Second quarter 2018 GAAP revenue was $526 million, an increase of 23 percent year-over-year. Non-GAAP revenue totaled $536 million, improving 25 percent year-over-year.
Furthermore, gross margin in the second quarter of 2018 was 40.5% on a GAAP basis and 47% on a non-GAAP basis, compared with 44% and 48%, respectively, in the second quarter of 2017.
Paul M. Black, Chief Executive Officer of Allscripts stated in a press release, ''We believe we are well positioned with the breadth and depth of offerings to serve clients and prospects' needs through innovative solutions and services, while we continue to invest R&D across the global healthcare IT spectrum.''
Shares of Allscripts were up by 11% during the pre-market hours on Friday.
ARCA biopharma, Inc. (ABIO) recently announced that it has received guidance from the U.S. FDA following an End-of-Phase 2 meeting regarding the Phase 3 program for ARCA's pharmacologically unique beta-blocker Gencaro as a potential genetically-targeted treatment for atrial fibrillation patients with heart failure.
The FDA previously granted the Gencaro atrial fibrillation development program Fast Track Designation. As the Gencaro program is developing potentially the first genetically-targeted cardiovascular therapy, the FDA has suggested the Company submit an SPA application, which the Company anticipates submitting in the third quarter of 2018.
In response to these results, Dr. Michael Bristow, ARCA's President and CEO commented, ''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.''
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