As a sector, biotech may be running out of steam after months – make
that years in some cases – of heady gains. iShares Nasdaq Biotechnology IBB has slumped 10% in the past 10 trading sessions alone after a 23% rise since the start of 2015 and 34% runup in 2014.
But the appetite for some high flyers remains surprisingly strong.
Little-known Dyax Corp. surged nearly 54% to $25.75 Wednesday on
positive clinical test results for DX-2930, used to treated hereditary
angioedema, (HAE) a rare genetic blood condition that causes painful
swelling in about 1 in 10,000 to 50,000 people.
“The positive results from this trial are a significant milestone for Dyax and will be integral in guiding the future clinical development of DX-2930,” said Dyax CEO Gustav Christensen. “If approved, we believe that DX-2930, with its unique profile, is well positioned as a potential preventive treatment option for patients suffering from HAE.”
Dyax DYAX had revenue of $26 million for the fourth quarter and $81.73 million for the full 2014 fiscal year, largely on sales of Kalbitor, which was first received regulatory approval as a treatment for acute HAE attacks in 2009.
Another biotech stock, Immune Design IMDZ, popped 29% to $27.22 after announcing positive test results from two clinical stage cancer-treatment drugs. And Great Basin Scientific GBSN jumped 13% to $4.40 after surging over 60% Tuesday following U.S. patent approval for its molecular diagnostic testing technology.
But the appetite for some high flyers remains surprisingly strong.
Little-known Dyax Corp. surged nearly 54% to $25.75 Wednesday on
positive clinical test results for DX-2930, used to treated hereditary
angioedema, (HAE) a rare genetic blood condition that causes painful
swelling in about 1 in 10,000 to 50,000 people.“The positive results from this trial are a significant milestone for Dyax and will be integral in guiding the future clinical development of DX-2930,” said Dyax CEO Gustav Christensen. “If approved, we believe that DX-2930, with its unique profile, is well positioned as a potential preventive treatment option for patients suffering from HAE.”
Dyax DYAX had revenue of $26 million for the fourth quarter and $81.73 million for the full 2014 fiscal year, largely on sales of Kalbitor, which was first received regulatory approval as a treatment for acute HAE attacks in 2009.
Another biotech stock, Immune Design IMDZ, popped 29% to $27.22 after announcing positive test results from two clinical stage cancer-treatment drugs. And Great Basin Scientific GBSN jumped 13% to $4.40 after surging over 60% Tuesday following U.S. patent approval for its molecular diagnostic testing technology.
