Today has been a good day for the biotech market so far. However, there are always a few stocks that far outpace the rest. I’ve dug up four of them. Here’s what’s happening and what we can expect to see moving forward…
Cleveland BioLabs Climbs On Private Placement Agreement
Cleveland BioLabs, Inc. (NASDAQ: CBLI)
Cleveland BioLabs is having a great day in the market today after the company announced that it has entered into a securities purchase agreement with David Davidovich. Davidovich, a venture capital investor, has agreed to purchase 6,459,948 unregistered shares of common stock in the company at a price of $25 million, or $3.87 per share. As a result of the agreement, CBLI has skyrocketed in the market. Currently (11:28), the stock is trading at $6.74 per share after a gain of 138.16%. Keep a close eye on this one as we are likely to see big pull backs coming soon. However, after the pull backs, we’re likely to see gains; so the dips will most likely be solid buying opportunities.
Transition Therapeutics Stock Bounces Back From Support
Transition Therapeutics Inc (USA) (NASDAQ: TTHI)
Transition Therapeutics stock fell dramatically yesterday after announcing that its Phase 2/3 study into its neuropsychiatric drug candidate ELDN005 missed its primary efficacy endpoint. In the study, ELDN005 and the placebo had relatively similar effects. As a result we saw the stock decline by more than 70% in a single day yesterday. However, today, it seems as though the stock has met support and is starting to somewhat recovery. Currently (11:34), TTHI is trading at $2.47 per share after a gain of 5.11% so far today. Nonetheless, after yesterday’s dramatic climb, we’ll likely see more short term gains as the stock recovers.
RXi Pharmaceuticals Continues Climbing On New Patents
RXi Pharmaceuticals Corp (NASDAQ: RXII)
On June 9th, RXII announced that two new key patents were given to the company for use with their self-delivering sd-rxRNA technology platform. Since then, the stock has been on a relatively strong uptrend as investors remain excited about the news. Currently (11:41), RXII is trading at $0.58 per share after a gain of 11.24% so far today. Given the reason for the climb, I’d imagine that this one is going to continue for quite a while. So, look for pull-backs as buying ops.
Rockwell Medical Continues To Climb On Oppenheimer Comments
Rockwell Medical Inc (NASDAQ: RMTI)
Finally, Rockwell Medical stock continues to climb following Oppenheimer’s bullish comments on the stock. Oppenheimer recently had a meeting with management at Rockwell Medical; reiterating an outperform rating and strong target price on the stock after the meeting. This is another that is likely to climb for quite a while. So, keep an eye out for pull-backs as they will likely prove to be great buying opportunities.
Do You Know Of Any Others?
Do you know of any other big gainers in biotech? If so, let us know in the comments below!