In the past week, there has been a strong surge in interest in biotech stocks and that is a trend that investors ought to look into. Considering the fact that it is a highly innovative sector, it may well be a good move to keep an eye on. There have been certain biotech stocks that have managed to record massive gains in the past week and here is a look at four of those.
Verastem Oncology (NASDAQ:VSTM) - The biopharmaceutical company has seen its stock go on a remarkable run over the past week and during the period it clocked gains of as much as 125%. On May 25 the company came into focus after it announced the updated data about its currently ongoing RAMP 201 trial for the evaluation of the efficacy and safety of avutometinib in isolation or in combination with defactinib. The trial had been conducted on patients who had been suffering from recurring low-grade ovarian cancer. The combination resulted in an objective response rate of 45% and tumor shrinkage of as much as 86%.
Context Therapeutics Inc (NASDAQ:CNTX) - The company’s stock garnered considerable interest in the past week and clocked gains of as much as 54% in the period. The company announced its financial results for the first fiscal quarter ended on March 31, 2023, back on May 10.
It ended with cash and cash equivalents of $29.8 million as opposed to $35.5 million on December 31, 2022. Context Therapeutics reported a net loss of $6.3 million, which was higher the net loss of $3.4 million in the prior year period. Net other income for the quarter was $0.4 million as opposed to only $5000 in the prior year period.
Compugen Ltd (NASDAQ:CGEN) - Clinical-stage cancer immunotherapy company Compugen Ltd had emerged as one of the notable gainers over the past week having gained as much as 35% in that interval. The company announced its financial results for the first fiscal quarter that ended on March 31, 2023, and it could be a good move to take a look.
At the end of the quarter, the company had cash, cash equivalents, restricted cash, and short-term bank deposits totaling $74.3 million, as opposed to $83.7 million at the end of December 31, 2022. The company had no debts on its books. Research and development expenses went up to $7.4 million from $7.2 million in the prior year period. Net losses stood at $9.3 million and it was lower than the net losses of $9.7 million in the prior year period.
Sonnet BioTherapeutics Holdings (NASDAQ:SONN) - Over the past week the Sonnet BioTherapeutics Holdings stock had managed to clock gains of as much as 83% amidst significant interest. It announced its financial results for the three and six-month periods that ended on March 31, 2023, in May. The company announced that at the end of the period, it had $11.4 million in cash and no debts. Research and development expenses for the quarter went down to $3.8 million from $6.4 million in the prior year period.
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