MTNB - Top trending biotech stocks: ANVS MTNB AVTX TPST
2023-10-12 11:26:53 ET
Biotech stocks are some of the most volatile in the market because of the regular FDA updates and mergers and acquisitions in the industry. Some of the most notable M&A events this year were Pfizer’s acquisition of Seagen, Eli Lilly’s buyout of POINT Biopharma and Versanis Bio, and Roche’s purchase of Good Therapeutics. Here are some of the top biotech stocks today.
Annovis Bio
Annovis Bio (NASDAQ: ANVS) stock price surged by more than 15% after the company announced a positive independent analysis for its Alzheimer’s study.
The independent review showed that its Phase 2/3 AD study was sufficient to continue as planned. Still, the statement added that the company was still blinded to the Phase 3 trial. It hopes to have more data in the coming three weeks. The company’s CEO said :
“Although we remain blinded to the data, results from this interim analysis supports our original statistical powering for enrolling 320 patients into the Phase 2/3 Alzheimer’s study.
Annovis Bio stock price has crashed by over 60% from its highest level this year and is hovering at the lowest point since May 2022.
Matinas BioPharma Holdings
Matinas BioPharma Holdings (NYSE: MTNB) is another trending biotech stock. The company, which has a market cap of over $139 million, saw its shares plunge by more than 60% on Thursday.
MTNS shares crash was a harsh reversal since it soared by more than 80% on Wednesday when it announced a positive outcome for its MAT2203 drug. A patient in trial went through a complete clinical resolution of recurrent hemorrhagic cystitis due to Candida krusei. It is also testing the drug with 11 patients.
Therefore, the MTNS stock price likely plunged as the new update lost momentum. Another cause of such sharp reversals is a company’s decision to sell stock to raise capital.
Avalo Therapeutics
Avalo Therapeutics (NASDAQ: AVTX) has been a trending biotech stock as I wrote here . The small-cap company came to the spotlight in September after it entered an agreement to divest its AVTX-800 series. It also eliminated $35 million debt owed to Horizon Technology. It did that to boost its balance sheet as it continues to innovate.
AVTX stock price plunged by more than 10% on Thursday as its volatility continued. It has crashed to a record low and is 96% below the highest point this year.
Tempest Therapeutics
Tempest Therapeutics (NASDAQ: TPST) has been one of the most volatile biotech stocks this year. The shares jumped by more than 4,000% on Wednesday, giving it a market cap of over $136 million. It then crashed by over 55% on Thursday as it lost momentum.
The stock surged after publishing a positive result of its Phase 1 / 2 of its TPST-1120 drug which is aimed to treat a type of live cancer called metastic hepatocellular carcinoma.The company also adopted a limited duration shareholders rights plan.
TPST stock price has been dead money for most investors as it has remained near zero since 2021.
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