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3 Stocks That Soared Stupendously This Week
The market enjoyed yet another great week. Several health-care stocks really set the pace. Here are three that soared by 25% and more. 1 2 3
Shares of the clinical stage biotech surged 56% this week. Bluebird Bio (Nasdaq:BLUE) Source: Yahoo! Finance
Bluebird reported positive early results from a phase 1 / 2 study of LentiGlobin in treating beta-thalassemia, a rare genetic blood disorder The first two patients in the study were blood transfusion independent as of day 10 and 12, respectively with no drug-related adverse events, according to the company This marks very encouraging news for Bluebird, which also has a couple of other mid-stage studies underway for LentiGlobin It’s also potentially good news for the estimated 228,000 patients suffering from the rare disease Why Bluebird Bio shares flew
Shares of the biopharmaceutical firm skyrocketed 51% higher for the week. Insmed (Nasdaq:INSM) Source: Yahoo! Finance
Insmed announced that the FDA granted breakthrough status designation to Arikayce The drug targets treatment of adult patients with nontuberculous mycobacterial (NTM) lung disease who are treatment refractory Breakthrough status designation stemmed from the company’s phase 2 study of Arikayce, which produced some positive results even though the primary endpoint wasn’t met Insmed reported good results last year from a phase 3 study of Arikayce conducted in Europe and Canada targeting treatment of lung infection in cystic fibrosis patients Why Insmed shares ignited
Shares of the medical device maker soared 25% higher this week. Covidien (NYSE:COV) Source: Yahoo! Finance
Medtronic (NYSE:MDT) announced on Monday that it planned to buy Covidien for $42.9 billion The deal expands Medtronic’s product lineup and should produce $850 million of annual cost synergies by 2018 It also helps significantly on the tax front, with Medtronic moving to tax-friendly Ireland, where Covidien is currently based Why Covidien shares crushed the market
Covidien has enjoyed its big pop and likely won’t move up much more now Further good news for Arikayce would keep positive momentum going for Insmed The best pick for continuing the winning ways, though, appears to be Bluebird Bio While the data is still early for LentiGlobin, it’s also very promising Bluebird stands a solid chance to keep flapping its wings higher Best pick to keep soaring? ?
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