Small-cap medical device company
rocketed 80% Thursday amid an otherwise flat day for the biotech sector on news an advisory panel of the Food and Drug Administration recommended pre-market approval (PMA) for the company's atrial flutter (AF) treatment system.
The San Diego-based company's Cryoblation System, which is already approved in Europe, uses cyroenergy, or extreme cold, to destroy targeted cardiac tissue. CryoCor expects a decision from the FDA on the PMA in August, nothing that while FDA usually follows the recommendation of its advisory panels, it's not required to do so.
CryoCor is currently conducting a trial in the U.S. to evaluate safety and efficacy of the system. Its shares were up $2.06, or 82%, to $4.61, after being up more than 90% earlier in the day.
Up less significantly,
( MLNM) said Thursday results from its clinical trials for multiple myeloma treatment velcade were positive and that it observed a 100% response rate achieved with velcade, lenalidomide and dexamethasone. Shares climbed 26 cents, or 2.5%, to $10.77.
Millennium is part of the Amex Biotechnology index, which rose $2.22, or 0.3%, to $783.69.
Another winner Thursday,
spent another day on the move, the stock leapt $5.45, or 12.2%, to $50.02, after announcing a deal with
Wednesday. On Thursday, CL King raised its price target for the company to $53 from $43.
Ratings changes also affected other stocks. Piper Jaffray upgraded
to market perform from outperform. The stock scaled 53 cents, or 12.1%, to $4.93. Additionally, Maxim Group initiated coverage on
with price targets of $10, respectively. Epix climbed 38 cents, or 7.3%, to $5.58.
inched down 5 cents, or 2.2%, to $2.30, after it said Thursday that it agreed to a stay on its patent infringement lawsuit against Neuralstem, pending reexamination by the U.S. Patent and Trademark Office (PTO) of the four patents in question.
The patents subject to litigation cover Neuralstem's current business, including the human spinal stem cells it uses. StemCells noted in a press release that petitioning for patent reexamination and a stay is a procedural tactic often used by defendants to delay a trial. Neuralstem was down 5 cents, or 1.8%, to $2.80.