2 Skyrocketing Biotech Stocks In A Stalling Market
Last week’s market price action was somewhat like watching paint peel. In other words, there just wasn’t much going on.
Even though the market edged higher for the fourth straight week and the S&P 500 hit new record highs, the gains came during the smallest market moves since 1979.
After Monday, the benchmark S&P rose or fell less than 0.1 percent on four consecutive days during the rest of week.
However, that doesn’t mean that all stocks were taking the week off. Some were shooting much higher. Specifically, there were a couple of biotech stocks that had a great week.
To start, the top biotech stock over the last five-day stretch was Orexigen Therapeutics, Inc. (NASDAQ: OREX).
Orexigen focuses on the development of pharmaceutical product candidates for the treatment of obesity.
The company’s stock has been in an overall trend lower during the last 12 months, but a couple of 20+ percent days later and Orexigen may be finally breaking out of its downtrend.
Related Link: The Institutional Money's No. 1 Biotech Stock
Orexigen finished last week with gains of more than 46 percent and closed at $5.65 on Friday.
Another biotech name that had a fantastic week was Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN).
Achillion discovers, develops and commercializes anti-infective drug therapies for the treatment of chronic hepatitis C infection and resistant bacterial infections.
The stock had started the week just above $10 per share, but at one point Achillion was actually testing the $15 mark.
Even though it may have cooled off a bit by week's end, come Friday’s close Achillion was up by 38 percent with a closing price of $13.97.
Investors should conduct their own due diligence before investing in any stock, but stocks having the best gains now could have great gains in the future.
The biotech stocks considered for this review were confined to those more than $5 per share that traded at least 500,000 shares a day based on a 90-day average.
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