5 Top NASDAQ Biotech Stocks: Eleven Biotherapeutics Soars 159 Percent

Last week the NASDAQ Biotechnology index (INDEXNASDAQ:NBI) broke the through the 3000 point mark, its highest since January. On Friday, NBI traded 0.29 percent higher, ending the week at 3015.92 points. 
Reaping some of the positive sentiment the week’s top gainers included:

• Eleven Biotherapeutics (NASDAQ:EBIO)
• Neothetics (NASDAQ:NEOT)
• Concordia Healthcare (NASDAQ:CXRX)
• Hansen Medical (NASDAQ:HNSN)
• Galectin Therapeutics (NASDAQ:GALTW)

Here is a look at what pushed these companies’ share prices up the chart.

Eleven Biotherapeutics

Moving up from the previous week’s number two spot, last week’s top gainer was Eleven Therapeutics. The comapny has posted a year-to-date loss of 50 percent, however, in the last month, the company has made significant gains, shooting up more than 270 percent. Eleven Biotherapeutics is a preclinical-stage biopharmaceutical company working with a proprietary protein engineering platform called AMP-Rx. The company is working on the development of protein therapies to treat diseases of the eye. The company’s therapeutic approach is based on the role of cytokines in diseases of the eye. Cytokines are cell signaling molecules found in the body that can have important inflammatory effects.
Still. despite not having released any news since March, the company gained 159 percent in the last five days.

Neothetics

Clinical-stage specialty pharmaceutical, Neothetics is focused on localized fat reduction and body contouring. The company’s lead product candidate is LIPO-202, an injectable treatment for localized areas of fat with no downtime and no damage caused below the skin’s surface. Neothetics announced at the end of March that it planned to initiate a Phase 2 trial with a modified formulation of LIPO-202 in the third quarter of 2016.
The company has see a 56 percent increase over the last month, coming in second on last week’s gainer’s list. The company posted gains of 36.84 percent last week.

Concordia Healthcare

Following on rumors that Blackstone Group is looking to acquire the company, Concordia Healthcare spiked 35 percent last week.
Concordia Healthcare operates a business of legacy pharmaceutical products. The company also acquires and develops orphan drugs both with patient life and exclusivity remaining. The company benefits of having a pipeline of targeted products with a well-established record of safety and efficacy.

Hansen Medical

Last week Hansen Medical entered into an acquisition agreement with Auris Surgical Robotics, Inc., in which Auris will acquire Hansen for $4.00 per share in cash, or a total equity value of approximately $80 million. Hansen, considered a leader in intravascular robotics is working on developing products and technology aimed at increasing the accurate positioning, manipulation and control of catheters and catheter-based technologies.
On the back of the news the company’s share price increased, adding to a weekly gain of 35.18 percent.

Galectin Therapeutics

Rounding off the list of last week’s gainers, investors will find Galectin Therapeutics. The company is engaged in pursuing therapies for indications in which galectins have a demonstrated role in the pathogenesis of a particular disease. Overall. Galectin is pursuing a pathway to clinical enhancement and commercialization for its lead compounds in liver fibrosis and cancer immunotherapy.
Despite having been halted earlier in the week, the company was still among the top five gainers for the week with a 34.58 percent increase.
 
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, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.
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