PYXS - Pfizer-backed Pyxis Oncology hits 52-week high to cross $200M market cap

2023-03-30 13:42:50 ET

Pyxis Oncology ( NASDAQ: PYXS ) shares reached a new 52-week high as the clinical-stage biotech backed by pharma giant Pfizer ( PFE ) extended the recent winning streak into the fifth consecutive session, and its marketing capitalization crossed $200M on Thursday.

While PYXS added ~41% , marking the biggest ever intraday gain, ~30.2M company shares changed hands, compared to the 65-day average of ~1.8M.

Pyxis ( PYXS ), a developer of antibody-drug conjugates (ADC) for cancer, has more than doubled in value over the past five sessions while the broader biotech industry remained flat, as indicated in this graph.

The recent rally coincided with Pfizer's ( PFE ) decision to boost its stake in Pyxis ( PYXS ) by more than a third, days after the company announced an agreement to acquire the leading ADC developer Seagen ( SGEN ) for $43B.

After the deal, Credit Suisse and William Blair reiterated their Outperform ratings on Pyxis ( PYXS ).

Seeking Alpha contributor Biotech Beast issued a Buy rating on PYXS early this week, noting, among other things, that the stock was trading less than half of cash at the time.

While Wall Street and Seeking Alpha authors agree on the bullish prospects on PYXS with Buy ratings, Seeking Alpha's Quant System, which consistently beats the market, rates the stock as a Strong Buy.

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