Why These Five Biotech Stocks Are Red Hot Today?

MyoKardia, Inc. (MYOK) surged over 50% on news that Myers Squibb Co. will acquire MyoKardia Inc. for $13.1 billion in cash to boost its heart therapy offering. Bristol Myers, which signed the biggest pharmaceutical contract in history only last year, will pay $225 a share for MYOK, according to the company’s announcement on Monday. The deal price represents a premium of 61 per cent over the biotech stock’s Friday closing price.

Eidos Therapeutics, Inc. (EIDX) made strong gains as BridgeBio (BBIO) purchases 36.3 per cent of Eidos that it does not own for cash and stock valued at $73.26 per share. Terms grant the holders of Eidos the right to earn either 1.85 BridgeBio shares or $73.26 in cash for each of their shares. The overall cumulative amount of cash offered in the deal is $175 million.

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Artelo Biosciences, Inc. (ARTL) extends rally from last week when the news came out the company is licensed by the UK Ethics Committee for its Cancer Appetite Recovery Study (CARES) Synthetic Cannabinoid ART27.13 in patients with anorexia cancer and weight loss. CAReS is a Phase 1/2 clinical trial of ART27.13 involving up to 49 participants, initially located in the U.K. The primary endpoint in this phase is the determination of the most effective and safe dose of ART27.13.

Humanigen, Inc. (HGEN) is trending higher after the company reported on Friday that the U.S. Food and Drug Administration has indicated that its proposal for emergency use authorisation (EUA) for coronavirus treatment with lenzilumab may be appropriate, pending Phase 3 trial results. The agency offered input at what is known as the Type B meeting and indicated that there is no need for any material adjustment in the company’s chemical, manufacturing & control strategy, EUA labelling and statistical analysis plan. Humanigen also announced that the enrollment in the Phase 3 study referred to above continues in the United States and Brazil and has now been accepted for expansion to Mexico.

Enlivex Therapeutics Ltd. (ENLV) climbed higher, extending gains after it published tentatively promising results for Allocetra as a treatment for patients with serious and essential types of COVID-19 therapy. Data were taken from a small sample of five patients with COVID-19, three of whom were in a moderate condition and two were in a critical condition. After Allocetra, all five patients were completely recovered; those in moderate condition were released from hospital after an average of 5.5 days, and those in critical condition reached the same milestone after 8.5 days. No adverse effects have been reported. The therapy has also been studied in ten sepsis patients with a similar effectiveness and safety profile.

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