New York, February 05, 2024 - PRISM MarketView - Healthcare equities outperformed last week with Managed Care a standout. The S&P 500 Healthcare Index gained +1.98% versus the S&P 500 Index which was up +1.38%. The week was more difficult for Biotech, MedTech, Services and Pharma. 2024’s fourth and fifth biotech IPOs launched during the week with mixed results. Alto Neuroscience ($ANRO) priced its IPO at $128.6 million, and the company’s share price surged by +31.5% on its first day of trading. Fractyl Health ($GUTS), which is pioneering new approaches for the treatment of type 2 diabetes, priced its IPO at $110.0 million, but stumbled in intraday trading, falling by 13.3% during the session.
Notable gainers on Friday were Tyra Biosciences ($TYRA) which gained +29.3% after the company announced a $200 million private placement financing, and ImmunityBio ($IBRX) which was up +13.4% and the best performer on the XBI. The company’s shares are up +25.0% for the week. ImmunityBio announced a $320 million investment by Oberland Capital in early January, bringing its total financing in 2023 to $850 million. Twist Biosciences ($TWST) finished the day up 10.0% on strong earnings.
PRISM MarketView’s Emerging Biotech Index tracks the progress of micro and small cap companies contributing to healthcare innovation and economic growth. Top performers on Friday were Adverum Technologies ($ADVM) which gained 19.32% after the company announced it would host a webcast to review preliminary efficacy and safety data from its ongoing LUNA Phase 2 study of ixoberogene soroparvovec (Ixo-vec) for the treatment of wet age-related macular degeneration. Minerva Neurosciences ($NERV) was up 9.13%, and Addex Therapeutics ($ADXN) rose by 3.40%. The day saw declines for GeoVax Labs ($GOVX) which dropped by 11.63% after announcing a 1-for-15 Reverse Stock Split to Regain Compliance with Nasdaq Minimum Bid Requirement, Palisade Bio ($PALI) which fell by 8.18%, and Inovio Pharmaceuticals ($INO) which lost 5.08% by the closing bell.
Are We Investing Enough in Vaccine Development?
Vaccination is one of the top 10 most significant public health achievements of the 20th century and remains the most effective preventive measure against infectious diseases. Diseases such as smallpox and polio, which can be devastating and even fatal, have been eradicated, while instances of serious diseases including measles, diphtheria, and whooping cough are at an all-time low in the United States, according to the Centers for Disease Control (CDC).
A new report by the Biotechnology Innovation Organization (BIO) shines a light on an industry in need of R&D dollars and deserving of the attention of pharmaceutical companies and investors.
Read more in this week’s Biotech Bulletin.
The Trader’s Lens
Since breaking above $12 towards the end of 2023, biotech company $CING has been on a steep decline. Down over another 50% today as of now after the company announced a $3.75 million offering at $2 a share.
$VXRT is leading the Prism MarketView Biotech index and has gained upwards of 100% over the past few weeks.
The week’s headlines
NeuroBo Pharmaceuticals (Nasdaq: NRBO) has received FDA clearance of its Investigational New Drug (IND) application for DA-1726, a novel, dual oxyntomodulin (OXM) analog agonist that functions as a glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR).
Shares in medical technology company Intelligent Bio Solutions (Nasdaq: INBS) soared by more than 150% on Friday after the company reported its (unaudited) revenue results for fiscal Q2 and the six months ended December 31, 2023.
Vaccine Innovation Company, Vaxcyte, Prices $750M Public Offering; Completes Enrollment in Pneumococcal Trial
Vaccine innovation company, Vaxcyte (Nasdaq: PCVX) has announced pricing of a $750 million public offering which is expected to close on February 2, 2024.
Atara Biotherapeutics (Nasdaq: ATRA), a biotech company at the forefront of developing off-the-shelf cell therapies using the natural power of the immune system, experienced a notable 22% increase in its stock value on Thursday, following the publication of Phase 3 ALLELE study data in The Lancet Oncology for its leading candidate, tab-cel.
In encouraging news for those living with neurodegenerative diseases, Vaxxinity, Inc. (Nasdaq: VAXX) has entered into a research collaboration with the University of Florida’s (UF) Center for Translational Research in Neurodegenerative Disease (CTRND) to support its work on the development of vaccines for neurodegenerative diseases.
PRISM MarketView does not provide investment advice.
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Phone: 646-863-6341
Website: https://prismmarketview.com
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