DELAFIELD, Wis. (Stockpickr) -- Small-cap biotech stocks are all the rage on Wall Street right now.
Just take a look at shares of Oxigene (OXGN), which are ripping higher today by close to 100% after the company reported that its experimental drug Zybrestat, when used in conjunction with Roche's (RHHBY) Avastin, delayed the re-growth of ovarian cancer. The results of Oxigene's phase II study on Zybrestat are attracting big interest from traders since volume so far has eclipsed 17 million shares vs. its three-month average volume of 438,000 shares.
Another small-cap biotech stock that recently made a monster move to the upside was La Jolla Pharmaceutical (LJPC), which I highlighted in Mar. 7's "5 Stocks Ready for Breakouts" at around $9.10 per share. Shares of LJPC have exploded higher since that article, with the stock hitting an intraday high of $19.50 per share on Tuesday. The catalyst that sent shares of LJPC off to the races was the results of its phase II study for GCS-100, a chronic kidney disease treatment, which showed a statistically significant improvement.
Yet another small-cap biotech stock that's moving sharply to the upside today is BG Medicine (BGMD), which I recently featured in Feb. 24's "5 Biotech Stocks to Trade for Breakouts" at around $1.24 per share. If you refer back to my chart piece, you'll see that I think shares of BGMD are on the cusp of a major technical breakout that has the potential to send this stock significantly higher from current levels at around $1.35 per share.