So far, today is proving to be a horrible day for US markets no matter what sector you’re looking at. In the biotech space, we’re seeing a sea of red with very few stocks in the green today. Nonetheless, there are a few stocks in the sector that are doing relatively well. Here’s a list of the bullish stocks I was able to find in biotech and why they are climbing…
Prima Biomed Stock Climbs On Positive Advice
Prima Biomed Sp ADR (NASDAQ: PBMD)
Prima Biomed stock is up today following an announcement from the company telling investors that it has received positive scientific advice from the European Medicines Agency with regard to the development path for its lead product, IMP321 for the treatment of metastatic breast cancer. As a result of the positive advice, investor excitement is running wild on this stock today. Currently (11:11), PBMD is trading at $1.46 per share after a gain of 22.49% so far today. Given the reason for the climb, I’m expecting to see more positive news out of this stock moving forward. So, it may be time to start looking for dips as they will likely present profitable buying opportunities.
Depomed Stock Is Up After An Acquisition Offer
Depomed Inc (NASDAQ: DEPO)
Depomed is up in a big way today after Horizon Pharma (NASDAQ: HZNP) announced that it has submitted a proposal to acquire all outstanding shares of Depomed. The offer presented is an all-stock, tax-free exchange that values the company at $3.0 billion at a rate of $29.25. In a statement, Horizon Pharma’s chairman, president and CEO, Timothy P. Walbert had the following to say…
“The strategic and financial benefits of our proposal are highly compelling…Given the significant revenue and operating synergies, as well as considerable tax savings, we would create substantial long-term value for Depomed’s shareholders in addition to the immediate value realized through the proposal premium.”
Horizon Pharma has been working to acquire Depomed for several months now. However, this is the strongest deal the company has put on the table. Not to mention, this time, HZNP is bringing the offer to DEPO shareholders in an attempt to find approval; which is most likely going to prove to be the best route.
Synta Pharmaceuticals Stock Climbs On High Volume
Synta Pharmaceuticals Corp. (NASDAQ: SNTA)
Finally, Synta Pharmaceuticals is trading up today on strong volume. According to NASDAQ, the average volume on the stock has been 1,306,588 per day over the past 50 days. However, today 827,764 shares have traded hands so far (11:22). As a result, SNTA is currently trading at $2.28 per share after a gain of 3.17% so far today. Given the strong volume on the stock, this is definitely one worth watching.
Do You Know Of Any Others?
Do you know of any other strong bulls in biotech today? If so, let us know what they are in the comments below!