5 Top NASDAQ Biotech Stocks: Medical Device Companies Lead the Charge

It was a little bit of a rollercoaster week for the NASDAQ Biotechnology index (INDEXNASDAQ:NBI), which manage to surpass the 3000 point mark on Thursday, which it hadn’t reached since the end of January. Still, the index closed slightly lower on Friday, down by 1.05 percent, or 30.86 points to end at 2,901.53 points.
Top gainers for the week for the biotechnology and pharmaceutical sector include:

• Discovery Laboratories (NASDAQ:DSCO)
• Stereotasxis (NASDAQ:STXS)
• CAS Medical Systems (NASDAQ:CASM)
• Cipher Pharmaceuticals (NASDAQ:CPHR)
• Sorrento Therapeutics (NASDAQ:SRNE)

Here’s a look at what was behind the share price movements.

Discovery Laboratories

Discovery Labs’ is developing aerosolized KL4  surfactant therapies for respiratory diseases. The company hasn’t posted any news since March 24 with its Q4 2015 results, however that hasn’t stopped it from being the week’s top gainer.
The company saw a 51.52 percent gain last week, ending the trading week at $2.50. In the last month, Discovery Laboratories share price has increased by 31 percent.

Stereotaxis

Last week healthcare technology firm, Stereotaxis, announced results of a long-term follow-up study on the efficacy of Stereotaxis Niobe ES magnetic navigation system. The results validated improved long-term clinical outcomes compared to manual navigation for ablation treatment of atrial fibrillation. Stereotaxis offers innovative and economical options for the treatment of complex arrhythmia.
Stereotaxis gained 45.05 percent this week. Year-to-date, the company has seen significant gains, with a 116.57 percent change. On Friday, Stereotaxis closed at $1.61.

CAS Medical Systems

Dedicated to the design and manufacture of innovative, non-invasive vital signs monitoring technologies, CAS Medical was the number three gainer last week. The company hasn’t released any news so far in April, however it did announced at the end of March that it had sold assets related to its neonatal intensive care disposables product line to Trinity Medical Devices. The total sale amount was in the area of $3.35 million.
Still, without any material news, the company gained 32.87 percent for the week, ending Friday at $1.90.

Cipher Pharmaceuticals

Last week Cipher Pharmaceuticals announced that it had received Health Canada approvals for SD Cream and AD Cream. The company noted “Helioclin^® Dermatitis SD Cream (also known as Dermadexin) was approved in Europe in 2014 and with the approval of Helioclin^® Pruritus SD Cream last week as a Class III medical device, Cipher is now in a position to partner to launch and grow a product line with significant potential in the European market.” The company acquired these two products from Astion Pharma in February 2015.
Cipher also proposed adding Rosemary A. Crane and Dr. Renee P. Tannenbaum to the company’s Board of Directors.
That said, the company posted gains of 22 percent last week.

Sorrento Therapeutics

Rounding off the top five last week was Sorrento Therapeutics, also with a 22 percent gain. The antibody-centric, clinical stage biopharmaceutical company is developing treatments for cancer, inflammation and autoimmune diseases. The company’s lead products are a biosimilar and biobetter antibodies as well as clinical CAR-T therapies which target solid tumors. Last week the company announced definitive agreements for up to $150 million private placement with institutional investors and its strategic corporate partner Yuhan Corporation of South Korea.
Ending the trading week, Sorrento Therapeutics shares were trading at $6.65.

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