5 Top NASDAQ Biotech Stocks: Ocular Therapeutix Gains Near 60 Percent

The NASDAQ Biotechnology index (INDEXNASDAQ:NBI) stumbled again last week. It reached 3065.437 points during Monday trade—the weekly high—then declined fairly steadily. The index dropped a total of 1.12 percent over the week to close Friday at 2,978.56.
Last week’s top gainers included the following companies in the biotech and pharmaceutical sectors:

• Ocular Therapeutix (NASDAQ:OCUL)
• Cara Therapeutics (NASDAQ:CARA)
• Immunomedics (NASDAQ:IMMU)
• Rockwell Medical (NASDAQ:RMTI)
• Array BioPharma (NASDAQ:ARRY)

Below, we take a closer look at last week’s top gainers, plus some possible reasons behind their stock movement.

Ocular Therapeutix

Ocular Therapeutix develops therapies for eye conditions, all based on its hydrogel platform technology. On Monday, the company announced topline results from its Phase 3 trial of DEXTENZA, which treats post-surgical eye pain and inflammation. The news was good: the trial yielded statistically significant differences between the treatment and placebo groups for its two primary efficacy endpoints.
Seemingly as a direct result, the stock gained 58.81 percent over the course of last week, closing Friday at $10.91 per share.

Cara Therapeutics

Cara Therapeutics develops products to ease pain and severe itching, and primarily focuses on the peripheral nervous system. Last week saw their stock gain 26.8 percent, closing on Friday at $11.97 per share.
The company did not share any major news to prompt the upswing. However, analysts at Piper Jaffray did upgrade their price target for the stock to $21 per share. That was a significant increase, given that share price closed Tuesday near $10.

Immunomedics

With a focus on cancer and autoimmune diseases, Immunomedics’s pipeline includes eight clinical stage product candidates. Last week, the company’s stock gained 22.57 percent, ending Friday at $3.15 per share.
So why the rising stock? On November 15, Immunomedics announced that the company has been awarded four new US patents. Those patents support the company’s expansion of its antibody-drug conjugate program, which has the potential to treat numerous types of cancer.

Rockwell Medical

Rockwell Medical tackles end-stage renal disease and chronic kidney disease, mainly through the design and development of hemodialysis products. Last week, the company gained 17.92 percent. By the close of trade on Friday, stock price was $6.45 per share.
That marks a major change for Rockwell Medical, which has been on a bit of a downward trend. Year to date, the stock has lost 37.01 percent.
The company did not announce any major developments last week to explain stock movement. However, on November 11, Director Kenneth L. Holt sold 19, 725 shares of the company’s stock.

Array BioPharma

Array BioPharma closed last week 17.66 percent higher at $7.93 per share. The company, which develops small molecule cancer treatments, did not release any major updates during that five day period.
However, CEO Ron Squarer did speak at the Jefferies 2016 Global Healthcare Conference and Stifel’s 2016 Healthcare Conference, sharing data from the company’s Phase 3 trials. And a key product candidate, intended to treat melanoma, recently met its primary endpoint in a late stage trial. That may explain why investors are now buying in.
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Data for 5 Top NASDAQ Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the biotechnology and pharmaceutical sectors are considered.
Securities Disclosure: I, Chelsea Pratt, hold no direct investment interest in any company mentioned in this article.
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