Which companies were last week’s top gainers? We break down the five top NASDAQ biotech and pharma stocks of the week.
The NASDAQ Biotechnology Index (INDEXNASDAQ:NBI) rose last week, rising from 3,270.31 points on Monday’s (June 17) open to settle at 3,429.16 points as of 3:20 p.m. EDT on Friday (June 21).
On Wednesday (June 19), Melinta Therapeutics (NASDAQ:MLNT) revealed that the US Food and Drug Administration (FDA) has accepted the company’s supplemental new drug application for Baxdela. The news sent its share price soaring.
The five top gainers in the biotech and pharma spaces during last week’s trading period are as follows:
- Melinta Therapeutics
- DiaMedica (NASDAQ:DMAC)
- Arbutus Biopharma (NASDAQ:ABUS)
- AquaBounty Technologies (NASAQ:AQB)
- Axovant Gene Therapies (NASDAQ:AXGT)
Here’s a closer look at those companies and what may have moved their share prices.
Melinta Therapeutics is a pure-play antibiotics company developing the products Baxdela, Vabomere, Orbactiv and Minocin. Melinta Therapeutics’ intention is to develop products to treat serious infections.
As a result of the FDA’s acceptance of the company’s supplemental new drug application, shares of Melinta Therapeutics rose 190.53 percent to reach US$4.99 as of 3:29 p.m. EDT on Friday.
DiaMedica’s area of focus is developing treatments for chronic kidney diseases and acute ischemic strokes.
In addition to treating these conditions, the company’s lead product, DM199, can potentially treat a number of diseases that need sufficient activity of KLK1.
On Wednesday, DiaMedica released interim results from its Phase 1 trial of DM199 for chronic kidney disease. The results show that the drug is safe and was tolerated in 28 patients. As a result, shares of the company rose 65.91 percent to US$5.06 as of 3:28 p.m. EDT on Friday.
Arbutus Biopharma is primarily developing treatments for chronic hepatitis B, including its drug candidate AB-729.
On Thursday (June 20), the company received clearance to begin its Phase 1a/1b trial of AB-729. It will be given once a month and aims to target hepatocytes in conjunction with Arbutus Biopharma’s conjugated N-acetylgalactosamine delivery technology.
Shares of Arbutus Biopharma climbed 57.53 percent last week to US$2.20 as of 3:42 p.m. EDT on Friday.
AquaBounty Technologies’ area of focus is on the research and development of genetically modified fish.
Last week, the company made no announcements that could explain its share price increase, which rose 47.37 percent to US$3.15 as of 3:51 p.m. EDT on Friday.
Axovant Gene Therapies
Axovant Gene Therapies is focused on treatments for neurological and neuromascular diseases. The company is currently studying its gene therapy candidates for conditions like GM1 gangliosidosis, Tay-Sachs and Sandoff diseases and Parkinson’s disease.
On Thursday, Axovant Gene Therapies signed a strategic partnership with Yposkesi, which will help develop and manufacture Axovant’s gene therapy programs.
Shares of the company were up 47.14 percent to US$6.89 as of 3:58 p.m. EDT on Friday.
Data for the 5 Top NASDAQ Biotech and Pharma Stocks articles is retrieved each Friday at 1:00 p.m. EDT using TradingView’s stock screener. Only companies with a market capitalization greater than US$15 million and lower than US$500 million prior to the week’s gains are included. Companies within the biotechnology and pharmaceutical sectors are considered.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.