Double Digit NASDAQ Stock Winners: ORPH, GLTO, AXLA
11:11 am Friday, June 11th, 2021
Following are major stock gainers on Nasdaq in Thursday’s trading session:
Orphazyme (NASDAQ:ORPH) was the active stock gainer on Thursday. The stock soared 301.53% to close $21. Orphazyme is a late-stage biopharma company specializing in pioneering a heat-shock protein response for the treatment of neurodegenerative orphan diseases.
Accordingly, the company aims to harness the amplification of heat-shock proteins to develop and commercialize novel therapeutics. The company’s leading drug candidate is arimoclomol. This drug is in clinical development targeted at four orphan diseases: Niemann-Pick disease Type C (NPC), Amyotrophic Lateral Sclerosis (ALS), Inclusion Body Myositis (IBM) and Gaucher disease.
Galecto (NASDAQ:GLTO) was another notable winner as the stock went up 60% to end the session at $8. Investors appear to be responding positively to a presentation from the company yesterday.
Yesterday, Galecto hosted a key opinion leader event to discuss the current treatment landscape and unmet clinical need for myelofibrosis as well as the potential for GB2064, which is Galecto’s LOXL2 inhibitor that is expected to enter a phase 2 trial in the current quarter. The webinar featured a presentation by KOL Srdan Verstovsek, MD, Ph.D., UT MD Anderson Cancer Center — who discussed the opportunity for Galecto’s GB2064 as a potential treatment option. And Hans Schambye, Galecto’s President and CEO, provided an update about its development status.
Axcella Health Inc (NASDAQ:AXLA) surged 48.70% to $5.13. Axcella Health Inc. operates as a clinical stage biotechnology company in the United States. It treats complex diseases and enhances health using endogenous metabolic modulator compositions. The company’s lead product candidates include AXA1665 for the treatment of overt hepatic encephalopathy; and AXA1125 for treating non-alcoholic steatohepatitis. It also develops AXA4010, a hematology product candidate; and AXA2678, a muscle product candidate. The company was formerly known as Newco LS16, Inc. and changed its name to Axcella Health Inc. in June 2016. Axcella Health Inc. was incorporated in 2008 and is based in Cambridge, Massachusetts.
