5 Top Gainers In Healthcare Sector (IVC, FLGT, ALLK…)
The following are some of today’s top gainers in the pharma/biotech sector.
1. Invacare Corporation (IVC)
Invacare is a manufacturer of medical equipment used in non-acute care settings.
Gained 34.77% to close Tuesday’s (Aug.6) trading at $5.62.
News: The Company reported financial results for the second quarter of 2019 – wherein the loss was wider-than-expected, and revenues were in-line with analysts’ estimate.
On an adjusted basis, net loss narrowed to $10.62 million or $0.31 per share from $13.7 million or $0.41 per share in the year-ago comparable quarter. Net sales declined to $235.86 million from $246 million in the year-earlier quarter.
Analysts polled by Thomson Reuters expected the Company to incur a loss of $0.26 per share on revenue of $235.86 million.
2. Fulgent Genetics Inc. (FLGT)
Fulgent Genetics is a technology company with a focus on offering comprehensive genetic testing to provide physicians with clinically actionable diagnostic information they can use to improve the quality of patient care.
Gained 28.25% to close Tuesday’s trading at $10.26.
News: The Company reported a profit for the second quarter of 2019, reversing a year-ago loss on 56% revenue growth.
On a non-GAAP basis, the Company reported a net income of $1.22 million or $0.06 per share compared to a net loss of $203 thousand or $0.01 per share in the year-ago quarter. Revenue in the second quarter of 2019 rose to $8.42 million from $5.40 million in the year-earlier quarter.
3. Aptorum Group Limited (APM)
Aptorum is a Hong Kong-based pharmaceutical company dedicated to developing and commercializing a broad range of therapeutic and diagnostic technologies to tackle unmet medical needs.
Gained 25.93% to close Tuesday’s trading at $18.89.
News: No news
4. Salarius Pharmaceuticals Inc. (SLRX)
Salarius Pharma is a clinical-stage oncology company targeting the epigenetic causes of cancers.
Gained 22.57% to close Tuesday’s trading at $6.68.
News: No news
Clinical Trials & Near-term Catalysts:
The Company’s lead drug candidate is Seclidemstat, which is designed to target the epigenetic dysregulation underlying Ewing sarcoma, a devastating pediatric, adolescent and young adult bone cancer for which no targeted therapies currently exist.
A phase I dose-escalation/dose-expansion study of Seclidemstat is underway and is expected to conclude in 2020.
On January 4, 2019, privately-held Salarius merged with public-listed Flex Pharma Inc., and the combined company was renamed Salarius Pharmaceuticals Inc.
5. Allakos Inc. (ALLK)
Allakos is a clinical-stage biotechnology company focused on developing therapeutic antibodies for the treatment of various eosinophil and mast cell-related diseases.
Gained 21.77% to close Tuesday’s trading at $79.47. This is the second straight day of rally for the stock.
News: No news
On Monday (Aug.5), the Company announced that its phase II placebo-controlled trial of AK002 in patients with eosinophilic gastritis and/or eosinophilic gastroenteritis, dubbed ENIGMA, met all prespecified primary and secondary endpoints. The news sent the stock up 110.52% that day to $65.26.
According to the trial results, there was a 95% reduction in gastrointestinal tissue eosinophils in the patients treated with AK002 compared to a 10% increase on placebo.
Based on the results from the phase II study, Allakos will request an end of phase II meeting to discuss the design of the planned phase III study in eosinophilic gastritis and/or eosinophilic gastroenteritis and phase II/III study in eosinophilic esophagitis.
The Company also announced that it intends to sell $200 million of shares of its common stock in an underwritten public offering.
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