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Which biotech stocks on the TSX have performed the best year-to-date? These three companies have risen to the top of the list this year.
With Q3 2018 officially at an end biotech companies on the TSX are showing promising news and pipeline updates, often resulting in share price movement.
A 2018 market report from Deloitte on the entire life science sector indicated a projection of US$8.7 trillion by the year 2020. Investors should monitor last year’s approved products to see if the products meet their expected sales expectations, such as Agios (NASDAQ:AGIO) and Celgenes’ (NASDAQ:CELG) Idhifa for acute myeloid leukemia.
As we move into the last quarter of the year, the Investing News Network (INN) is profiling the top three biotech stocks on the Toronto Stock Exchange year-to-date.
The companies listed below have market caps of less than $500 million and over $50 million. All figures and numbers are current as of market close on October 2, 2018, with data compiled from The Globe and Mail. All figures are quoted in Canadian dollars, unless otherwise noted.
1. Resverlogix (TSX:RVX)
Market cap: $595.75 million; year-to-date percentage gain: 157.78 percent; current share price: $3.16
First on our top biotech stocks TSX year-to-date is Resverlogix. The company is developing apabetalone (RVX-208), a small molecule selective BET inhibitor which is a mechanism that regulates disease-causing genes. Resverlogix is working through clinical trials to prove it may help patients with a range of diseases, including: cardiovascular disease, diabetes mellitus, chronic kidney disease and more.
What likely caught investors attention back in August was company reporting its plans to pursue a US listing while remaining on the TSX. The company voted in new board members on September 12 who will have the discretion to proceed with the share consolidation for a period of 12 months after the meeting.
The company also announced in August it received a $26 million in a private placement. The expects to use the funds for its research and development on the company’s Phase 3 trial among other plans.
2. ProMIS Neurosciences (TSX:PMN)
Market cap: $73.98 million; year-to-date percentage gain: 47.50 percent; current share price: $0.30
ProMIS is development stage biotech company working on the treatment of neurodegenerative diseases like Alzheimer’s disease (AD) and ALS. The company uses its proprietary discovery technology and then specific antibodies are evaluated in a 3-step process which allows ProMIS to identify the best products to move into clinical development.
Over Q3, the company released news which may have contributed to the company’s share price increase. In late August, ProMIS released data on its AD treatment showing potential improved safety profile compared to other similar antibodies in development.
In early August, the company reported higher costs across the board for research and development, and net loss, but lower general and administrative expenses. The higher costs are due to increased contract research, recruiting expenses, whereas the lower expenses was offset by reduced investor relations expenses among other causes.
3. Aptose Biosciences (TSX:APS)
Market cap: $106.75 million; year-to-date percentage gain: 12.59 percent; current share price: $3.08
Last on our top biotech stock on the TSX year-to-date list for the second consecutive time is Aptose. This clinical-stage biotechnology company focused on developing personalized medicines for unmet needs in oncology. In the company’s pipeline, Aptose Biosciences is hoping to develop oncology therapies without overlapping toxicities such as negative side effects.
Throughout the quarter, Aptose announced it secured patents for CG-806 with CrystalGenomics (KOSDAQ:083790) in both Europe and Japan.
The company also released its Q2 2018 financial results, noting a payment of US$5 million was paid to CrystalGenomics for full execution of the license agreement. Aptose also reported US$18.5 million of total cash and cash equivalents and investments reported at the end of the quarter.
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Securities Disclosure: I, Gabrielle Lakusta, hold no direct investment interest in any company mentioned in this article.