The healthcare sector is one of the biggest industries in the United States which adds roughly $1.136 trillion to the country’s GDP annually. Today, two stocks in the sector moved a bit, let’s see why:
Corbus Pharmaceuticals Holdings (NASDAQ:CRBP)
Shares of Corbus Pharmaceuticals Holdings have soared to highs of nearly 44% gains since yesterday’s closing price. Corbus Pharmaceuticals currently has one pipeline candidate under the name Ienabasum which is in phase 3 of its clinical study. The drug is meant to target systemic sclerosis as well as possible treating dermatomyositis. The company announced today a huge licensing deal today with Jenrin Discovery LLC. The deal effectively adds another drug to their candidate pipeline known as CRB-4001. The company plans to take CRB-4001 to a phase 1 clinical study in 2019 which will be tested for uses in treating fibrotic diseases such as nonalcoholic steatohepatitis (NASH). With having now two pipeline candidates, investors have been more attracted to the company based on future speculation.
Amicus Therapeutics (NASDAQ:FOLD)
Shares of Amicus Therapeutics have been getting punished since the middle of June, falling from $17.00 a share to under $12.00 a share. Today, shares of the biotechnology company rallied almost 11% from yesterdays close of $11.81 a share. The positive price action is reaction to Amicus’ announcement of their new acquisition. Amicus announced they are acquiring 10 clinical and pre-clinical stage adeno-associated virus programs from a company by the name Celenex. The deal sounds like it is pretty kosher as Amicus isn’t set to pay out any royalties, only tiered sales milestones of up to $75 million. Amicus also has a Fabry disease drug named Galafold which they market overseas and recently received FDA approval for.
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