After seeing some strength last week, U.S. Stocks have moved somewhat lower in early trading on Monday, giving back ground. The major averages have all skimmed into negative territory after ending last Friday’s trading mixed.
Presently, the major averages are turning in a mixed performance. While the Dow is lowered 6.81 points or less than a tenth of a percent at 17,665.79, the Nasdaq upbeat 1.80 points or less than a tenth of a percent at 4,759.75 and the S&P 500 is up 1.59 points or 0.1 percent at 2,053.41.
Biotechnology stocks have revealed a strong move to the upside on the day, lashing the NYSE Arca Biotechnology Index up by 1.7 percent. With the gain, the index has achieved a new record intraday high.
Following are the top movers in biotech sector, during the recent trading session: Array BioPharma, (NASDAQ:ARRY), MannKind, (NASDAQ:MNKD), Ampio Pharmaceuticals, (NYSE:AMPE), Curis, (NASDAQ:CRIS), and their performance along with latest news are detailed underneath:
Array BioPharma, Inc. (NASDAQ:ARRY), skyrocketed 7.74% to $7.66, during its recent trading session, after s a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer, recently declared that it has reached a definitive contract with Novartis Pharma AG to attain worldwide rights to encorafenib (LGX818), a BRAF inhibitor presently in Phase 3 development. This contract is conditional on the closing of transactions declared by Novartis and GlaxoSmithKline PLC (GSK) on April 22, 2014, which are predictable to close in the first half of 2015, and the contract remains subject to the receipt of regulatory approvals. Array formerly declared a definitive contract with Novartis to regain global rights to the Phase 3 MEK inhibitor binimetinib, the material terms of which remain in place following this contract.
MannKind Corp. (NASDAQ:MNKD), inclined 4.52% to $6.01, after a biopharmaceutical-based technology company, declared that Alfred Mann, the company’s founder, stepped down from his role as Chief Executive Officer effective January 9, 2015 and will transition to Executive Chairman. Mr. Mann proposes to remain engaged with the company in business matters, counting those concerning development and financing of MannKind’s future therapies. On January 9, 2015, MannKind’s Board of Directors appointed Hakan Edstrom, current President of MannKind, as the new Chief Executive Officer of the company. Mr. Edstrom will retain his title as President.
MannKind Corp. (NASDAQ:MNKD), focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes.
Ampio Pharmaceuticals, (NYSE:AMPE), soared 8.99%, gaining volume of $1,794,443, during its recent trading session, after Ampio’s partner Luoxis Diagnostics, Inc., declared it has secured long-term contracts with European distributors Eurobio, Una Health Limited, and THP Medical, to offer Luoxis’ RedoxSYS™ Diagnostic System to prominent academic and pharma-based research centers within their respective territories. RedoxSYS is a first-in-class diagnostic platform and robust research tool capable of measuring oxidation-reduction potential (ORP) in the body in response to injury, illness, or stress.
Ampio Pharmaceuticals, (NYSE:AMPE), is a development stage biopharmaceutical company primarily focused on the development of therapies to treat prevalent inflammatory conditions for which there are limited treatment options.
Curis, Inc. (NASDAQ:CRIS), gained 12.87% to $1.89, attaining market capitalization of $162.12M, following the news that a biotechnology company focused on the development and commercialization of innovative drug candidates for the treatment of human cancers, and Aurigene Discovery Technologies Limited, a specialized, discovery stage biotechnology company developing novel therapies to treat cancer and inflammatory diseases, declared that they have reached an exclusive collaboration contract focused on immuno-oncology and designated precision oncology targets. The partnership offers for inclusion of multiple programs, with Curis having the option to exclusively license compounds once a development candidate is nominated within each respective program.
