Tuesday Recap: Medical & Biotech Stocks
by H.S. Ayoub, DMD
BioHealth Investor
Nasdaq Biotechnology Index (^NBI) +2.85%
Amex Pharmaceutical Index (^DRG) +2.30%
iShares Dow Jones Medical Devices (IHI) +3.03%
Ista Therapeutics (ISTA) up 39.10%... Well, I guess the company's presentation at the Cowen & Company 28th Annual Health Care Conference in Irvine, California went well today. The company's President and CEO was slated to update the investment community on commercial and clinical progress around 4pm Eastern Standrad Time. At around 3pm volume spiked sending shares from around $1.60 to a day high of $1.95. Ista is a biotech firm focused on eye disease.
Nuvelo (NUVO) down 46.32%... Like I mentioned in Monday's recap, Nuvello is headed to a long stay in Pennyland! After announcing further poor study results, 40 jobs being cut, and further cost and program cutting measures Pacific Growth Equities had the astonishing foresight to downgrade the stock. Amazing!
Dynavax (DVAX) down 58.62%... the FDA halted an experimental Hepatitis B vaccine being co-developed by Dynavax and Merck (MRK), absolutely destroying shares of the little biotech. The vaccine, Helisav, was in phase 3 trials in Europe and Canada, and had shown great progress so far until one patient was diagnosed with Wegener's granulomatosis, a disease in which the blood vessels become inflamed. The trial is on hold until the FDA investigates the cause of that patient's condition and removes the halt. Unlike Nuvello's predicament (See above) Dynavax traders could still make substantial gains on today's price action since that one patient's condition could very well be a statistical outlier.
Tuesday's Top Medical & Biotech Stocks
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BioHealth Investor
Nasdaq Biotechnology Index (^NBI) +2.85%
Amex Pharmaceutical Index (^DRG) +2.30%
iShares Dow Jones Medical Devices (IHI) +3.03%
Ista Therapeutics (ISTA) up 39.10%... Well, I guess the company's presentation at the Cowen & Company 28th Annual Health Care Conference in Irvine, California went well today. The company's President and CEO was slated to update the investment community on commercial and clinical progress around 4pm Eastern Standrad Time. At around 3pm volume spiked sending shares from around $1.60 to a day high of $1.95. Ista is a biotech firm focused on eye disease.
Nuvelo (NUVO) down 46.32%... Like I mentioned in Monday's recap, Nuvello is headed to a long stay in Pennyland! After announcing further poor study results, 40 jobs being cut, and further cost and program cutting measures Pacific Growth Equities had the astonishing foresight to downgrade the stock. Amazing!
Dynavax (DVAX) down 58.62%... the FDA halted an experimental Hepatitis B vaccine being co-developed by Dynavax and Merck (MRK), absolutely destroying shares of the little biotech. The vaccine, Helisav, was in phase 3 trials in Europe and Canada, and had shown great progress so far until one patient was diagnosed with Wegener's granulomatosis, a disease in which the blood vessels become inflamed. The trial is on hold until the FDA investigates the cause of that patient's condition and removes the halt. Unlike Nuvello's predicament (See above) Dynavax traders could still make substantial gains on today's price action since that one patient's condition could very well be a statistical outlier.
Tuesday's Top Medical & Biotech Stocks
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posted by Nico at
6:42 PM
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