BYSI - This Biotech Stock Just Skyrocketed by 170%. Is It a Buy?
The biotech industry is a wild one indeed. It isn't uncommon to see shares of biotech companies double (or more) in just a day or two. That's what happened to BeyondSpring (NASDAQ: BYSI) on Aug. 4, when its stock skyrocketed by as much as 211% and ended the day's trading session up 176%.
The reason for the gains was the usual suspect in this industry: positive results from a late-stage clinical trial. And while the data was enough to woo a cohort of investors, for those focused on the long term, it pays to take time to look at a company's entire investment thesis before jumping in. Let's dig deeper into this business to figure out whether its shares are worth buying today.
BeyondSpring is a biotech that focuses on developing cancer treatments. This isn't a bad market to jump into. Cancer drugs generate more sales than any other class of medicines. Further, the field of oncology is one of the fastest-growing in the pharmaceutical industry. Even considering how crowded it is, a smaller company managing to carve out a profitable niche for itself within this space is by no means unheard of. With that said, BeyondSpring currently has no products on the market.
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This Biotech Stock Just Skyrocketed by 170%. Is It a Buy?