5 Top NASDAQ Biotech Stocks: Cardica Up 47 Percent

It was a tumultuous week for the NASDAQ Biotechnology index (INDEXNASDAQ:NBI), which saw a sharp drop early Wednesday before gaining back some ground to close the week. Overall, the index finished fairly flat, down just 4.23 points, at 2,733.47 points.
Still, several companies from the biotech and pharmaceutical sectors saw a bit more of a change this week. Cardica (NASDAQ:CRDC) was the top-gaining stock, and it was followed by ZIOPHARM Oncology (NASDAQ:ZIOP), Pulmatrix (NASDAQ:PULM), Rockwell Medical (NASDAQ:RMTI) and Second Sight Medical Products (NASDAQ:EYES).

Cardica

Shares of Cardica gained 47 percent to close at $3.71 last week. The company designs and manufactures microcutter devices for cardiac and laproscopic surgeries. There was no new news from the company last week to explain its share price rise, save for an announcement that it will be participating at the upcoming BTIG 2016 MedTech Conference in Utah.

However, on Friday, Broadfin Healthcare Master Fund reported that it owns a 19-percent stake in Cardica, according to the The Hilltop News. Meanwhile, Director Michael Bates purchased an additional 26,000 shares of the company last week.

ZIOPHARM Oncology

It was a big news week for ZIOPHARM Oncology, which released its fourth-quarter financial results for 2015 and announced that the first patient has been dosed at the succeeding dose level in the Phase 1 Study of Ad-RTS-hIL-12 for advanced glioma. Overall, the company saw its shares gain 27.48 percent to finish at $7.48 last week.

Pulmatrix

Shares of Pulmatrix were up 27.27 percent last week at $2.74. The company is developing inhaled therapies to address pulmonary diseases. Specifically, it’s using its iSPERSE dry powder technology to maximize local drug concentrations and reduce systemic side effects.
There was no news from the company last week, but on February 16, Pulmatrix announced a collaboration agreement with Capsugel to develop novel inhaled therapeutics. “This collaboration provides us with access to Capsugel’s spray dry technology, scale-up capabilities, and state-of-the-art equipment to support our growing pipeline of internal and partnered development programs,” said Pulmatrix CEO Robert Clarke in a statement. 

Rockwell Medical

Rockwell is focused on developing treatments for end-stage renal disease (ESRD) and chronic kidney disease (CKD). On February 16, it announced an agreement with Wanbang Biopharmaceutical for the rights to commercialize its Triferic and Calcitriol products in the People’s Republic of China.
Then, last Monday, the company filed an IND to investigate Triferic as a potential treatment for patients with a rare anemia condition called iron-refractory, iron-deficiency anemia (IRIDA). As Market Exclusive has explained, that’s important because Triferic would get an opportunity to gain orphan drug designation if the FDA accepts the IND.
“Triferic is more expensive than current IV iron replacement options, and the centers already run on a very tight budget,” the news outlet states. “Even with a better safety and efficacy profile, therefore, Triferic will struggle to beat out the current SOCs for purely economic reasons. Which, of course, is why the latest IND is so important.”
Rockwell gained 26.17 percent last week to closed at $9.98 per share. Its share price has gained nearly 50 percent in the past month.

Second Sight Medical Products

Second Sight Medical Products saw its share price slide downwards late last week, but the company still gained 21.97 percent overall to finish the week at $5.33. The company has developed a “bionic eye” — the Argus® II Retinal Prosthesis System — that works by providing electrical stimulation to the retina in order to induce visual perception in blind individuals with severe to profound retinitis pigmentosa.

Last Tuesday, Second Sight announced that it will unveil the five-year outcomes from trials associated with the Argus^® II Retinal Prosthesis System at this year’s Macula Society Meeting. Additionally, it was announced Friday that the company’s founder, Alfred Mann, has passed away.
According to the Sonoran Weekly Review, it was also recently announced that changes to Medicare coverage in Florida, Puerto Rico and the Virgin Islands will allow the Argus II implantation procedure to be covered for patients in those areas.
 
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, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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