Believe it or not, this is a big month for biotechnology stocks. January marks national biotechnology month. In an official statement made by the White House, a presidential message goes over the importance of the industry as a whole.
“During National Biotechnology Month, we recognize the enormous potential of biotechnology to improve people’s lives here in the United States and around the world. Its applications hold boundless possibilities for economic growth, national security, healthcare, manufacturing, and agriculture. Using biotechnology, we can develop new ways to treat cancer, manufacture medicines, generate plastics, and provide America’s farmers and ranchers the tools they need to help feed, fuel, and clothe the world’s growing population, which is expected to surpass 9 billion by 2050.”
So it makes sense as to why so many companies are pushing to develop new treatments and therapies. This week we’ve also seen a strong push by investors as well. This has come in the wake of concern in the middle east. After the President assured the American people that no one was hurt in Iran’s retaliatory event, markets began to point higher. This has also taken biotech stocks along with it.
Biotech Stocks In Focus #1 Curis
The first biotech stock to take into consideration is that of Curis, Inc. (NASDAQ:CRIS). It climbed considerably after the company announced the signing of a major deal. In a new development, the company announced that it has reached an agreement with ImmunNext. It is going to develop and commercialize its lead candidate CI 8993. The medicine in question is meant for treating cancer.
In addition to that, it is also going to develop anti-VISTA antibodies. Curis will pay ImmunNext an undisclosed sum to get the option for an exclusive license for oncology portfolio. The news proved to be a positive and the Curis stock soared by as much as 7% during Tuesday’s session, but ended flat.
Biotech Stocks In Focus #2 Advaxis
The other biotech stock that has managed to make significant gains was that of Advaxis, Inc. (NASDAQ: ADXS), which made a major announcement this morning with regards to one of its products. The company, which is involved in the commercialization and manufacturing of immunotherapy products made an announcement with regards to its product ADXS 504. It announced that the Investigational New Drug Application for the Phase 1 clinical study of the product has been awarded by the U.S. Food and Drug Administration.
The development is a huge one for Advaxis and the market reacted positively. The stock has rallied by as much as 21.50% on Tuesday’s trading.