2 Biotech Stocks Starting the Week Off Strong

The FDA fast-tracked Prevail's Parkinson's disease treatment

Managing Editor
Jul 8, 2019 at 9:53 AM
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Two biotech names are making a run up the Nasdaq charts this morning. First there's Sangamo Therapeutics Inc (NASDAQ:SGMO), up 10% to trade at $12.53, after the gene therapy specialist reported positive early-stage results for its hemophilia treatment developed with Pfizer (PFE). An analyst at Cowen and Company said that while the data is encouraging, more follow-ups are needed to fully gauge the drug's long-term impact.

Sangamo Therapeutics stock has used this news to climb just south of $13, an area that contained an early-April bull gap. Prior to today, SGMO was trading just below its year-to-date breakeven point. And barring a dramatic pivot the next four days, the drug stock is staring at its fourth-straight weekly win.

A short squeeze could power more gains. Short interest is at its highest point since mid February, and accounts for 18.8% of SGMO's total available float, and more than eight days' worth of pent-up buying power, at the stock's average pace of trading.  

Then there's Prevail Therapeutics Inc (NASDAQ:PRVL), up 8% to trade at $11.35, after the Food and Drug Administration (FDA) granted 'fast-track' designation for the company's Parkinson's disease treatment. Dosing will begin in the second half of 2019. Prevail Therapeutics stock had its initial public offering (IPO) on June 10, pricing at $17 per share. PRVL raced as high as $16.90 on June 24, but prior to today, had turned in only one positive session since, and has yet to reach $17.

 

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