Today is proving to be a relatively strong day in biotech. So, I decided that I would look for some of the biggest gainers in the sector and why they are growing. Here’s what I’ve found…
Enzon Pharmaceuticals Is Up As Investors Await Earnings
Enzon Pharmaceuticals Inc (NASDAQ: ENZN)
Enzon Pharmaceuticals investors are having a great day today as more and more try to get in on the dividends that are soon to come. ENZN will be releasing it’s earnings report relatively soon; and those that are in on the stock by mid-July will enjoy a dividend payment in August. It’s also important to note that short interest on the stock is down by more than half; insinuating strong investor sentiment. All in all, this one is proving to be a great opportunity. Currently (1:02), ENZN is trading at $1.42 per share after a gain of 17.36% so far today. With that said, now is the time to look for pull-backs as they will likely prove to be great opportunities for those looking for gains from the stock.
EnteroMedics Gains On Announcement Of Public Offering
EnteroMedics Inc (NASDAQ: ETRM)
EnteroMedics is seeing great gains today as well. Earlier today, the company announced that it had commenced and underwritten public offering of units that include a share of common stock, Series A warrants to purchase common stock and Series B warrants to purchase common stock. While new offerings tend to lead to share dilution, it doesn’t seem as though that’s a concern for ETRM investors today. Currently (1:06), the stock is trading at $0.55 per share after a gain of 4.46% so far today. Because new shares issued could lead to dilution issues, I wouldn’t purchase this one right now. Nonetheless, it’s definitely one to watch for future opportunities.
BG Medicine Stock Climbs On Galectin-3 Test Availability
BG Medicine, Inc. (NASDAQ: BGMD)
BG Medicine is having a great day in the market today after announcing that the Acrchitect Galectin-3 assay is now available. The automated blood test has been cleared by the FDA for use in conjunction with clinical evaluation as an aid in assessing the prognosis of patients with chronic heart failure. As a result, BGMD is currently (1:26) trading at $0.59 per share after a gain of 7.27% so far today. The stock was much higher this morning, but has pulled back quite a bit; so, chances are that now is a great time to get in on the gains.
Oncolytics Biotech Climbs On Poster Presentation Announcement
Oncolytics Biotech Inc. (NASDAQ: ONCY)
Oncolytic Biotech is having a great day in the market today as well. Earlier this morning it was announced that Dr. Devalingam Mahalingam made a poster presentation at the ESMI World Congress on Gastrointestinal Cancer. The post poresentation covered the final results fo the REO 017 Phase 2 study and proved to be incredibly positive. As a result, the ONCY is currently (1:31) trading at $0.60 per share after a gain of 11.69% so far today. Considering the reason for the climb, this is another one that is likely to grow long term. So, looking for pull-backs may be a great idea for those looking to get in on the gains.
Dynavax Technologies Corporation Stock Climbs On Strong Volume
Dynavax Technologies Corporation (NASDAQ: DVAX)
Finally, Dynavax Technologies stock is seeing great gains today as it trades on incredibly high volume. According to NASDAQ, the stock has an average volume of 369,839 per day over the past 50 days. However, today so far 490,023 shares of DVAX have traded hands. As a result, the stock is currently (1:36) trading at $24.69 per share after a gain of 4.75% so far today. With the strong volume, investor sentiment is definitely up. So, this is one that’s going to be worth watching closely.
Do You Know Of Any Others?
Do you know of any other strong bulls in biotech today? If so, let us know in the comments below!