Shares of BioCryst Pharmaceuticals, Inc. (BCRX) reached a 52-week high of $8.60 during the first half of the trading session on Jan 3, 2014. The closing price of $8.46 reflects a whopping increase of more than 400% in a span of one year.
This biotechnology company, with a Zacks #2 Rank (Buy), has a market cap of $499.9 million. Average volume of shares traded during the trading session stood at 983,320.
What's Driving the Price?
The share price of the company has been on an uptrend ever since BioCryst announced that it has submitted a marketing application for peramivir to the U.S. Food and Drug Administration (FDA) on Dec 12, 2013. The stock price has shot up 22.3% since the announcement was made in December.
BioCryst is looking to get peramivir approved for the treatment of adults suffering from acute uncomplicated influenza. If approved, BioCryst plans to launch peramivir in the U.S. during the 2014-15 influenza season. The drug is already approved in Japan (trade name Rapiacta) and Korea for the treatment of influenza.
The share price appreciation was further fueled by the receipt of additional funding from the National Institute of Allergy and Infectious Diseases (NIAID) to advance the development of the company’s pipeline candidate, BCX4430. The NIAID has exercised an option, representing another $2.5 million of funding to BioCryst, to develop BCX4430 for the treatment of Marburg virus disease.
We note that NIAID has already made an initial award of $5 million to BioCryst in Sep 2013. As per the contract, NIAID can fund up to $22 million (in the event of all contract options being exercised) over five years for BCX4430’s development. BioCryst plans to initiate studies, which will enable the company to file an investigational new drug (IND) application for the candidate under the contract agreement.
Some better-ranked stocks include Jazz Pharmaceuticals (JAZZ), Lannett Company, Inc. (LCI) and Forest Laboratories Inc. (FRX). All three carry a Zacks Rank #1 (Strong Buy).
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment