The Nasdaq iShares Biotechnology Index (IBB) has taken a turn toward “greener pastures”. The ETF rose by more than 1.2% on Tuesday as a number of biotech stocks moved higher in early morning trading.
Additionally, a number of other ETF’s tracking the healthcare and biotech sectors have reversed from bearish trends and are heading higher during the morning session. With this in mind, a number of companies have followed the more recent uptrend.
GT Biopharma (GTBP)
GT Biopharma (GTBP) is an immuno-oncology biotechnology company focused on innovative treatments based on the company’s proprietary platforms. In addition to the company’s latest developments, GT’s initiative to build value also has encompassed its leadership team as well. Earlier this month the company announced the addition of Dr. John N. Bonfiglio to GT Biopharma’s Board of Directors.
Dr. Bonfiglio started his career with Allergan pharmaceuticals as a scientist and moved into project management, strategic marketing and business development. After working for Baxter HealthCare, he began a career in small biotech companies. Most recently Dr. Bonfiglio served as Board member and President and COO a for Tapimmune.
Shares of GT Biopharma have been in an uptrend for the majority of the month of July. Just a few weeks ago, GT shares were under $1.50 and Tuesday’s session has GT Biopharma trading above $2.
Opko Health Inc. (OPK)
Opko Health Inc. (OPK) has followed a similar path of an uptrend. Earlier this month the company announced that the its partner Vifor Fresenius Medical Care Renal Pharma had received approval from Health Canada to market RAYALDEE® in Canada for the treatment of secondary hyperparathyroidism in adults with stage 3 or 4 chronic kidney disease and vitamin D insufficiency.
“We established a global development and commercialization plan for RAYALDEE as this therapy addresses an important medical need in CKD patients worldwide, and we want to ensure that as many people as possible have access to its benefits,” stated Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO Health in a press release.
Shares of Opko are up by nearly 20% since July 27th lows of $4.70
Medpace Holdings, Inc. (MEDP)
Medpace Holdings, Inc. (MEDP) rounds out the list after a stellar earnings report on Monday. Net service revenue for the three months ended June 30, 2018 increased 24.6% to $117.8 million, compared to $94.6 million for the comparable prior-year period. On a constant currency basis, net service revenue for the second quarter of 2018 increased 24.0% compared to the second quarter of 2017.
In addition, for the second quarter of 2018, Direct service costs, excluding depreciation and amortization, were $61.5 million, compared to $52.0 million in the second quarter of 2017. Adjusted Direct service costs were $62.3 million for the second quarter 2018, compared to $52.8 million in the second quarter of 2017.
Shares jumped by more than 30% from Monday’s close to today’s morning high of $63.97
MIDAM VENTURES LLC., a Florida Corporation that has been compensated $200,000.00 by GT Biopharma Inc. for a period beginning July 16, 2018 and ending August 16, 2018 to publicly disseminate information about (GTBP).MIDAM VENTURES owns zero shares. MIDAM VENTURES may buy or sell additional shares of (GTBP) in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information.
Biotech Breakroom 