The largest stock exchanges offer ample opportunities to investors since the listing standards are much stricter and it is unlikely for investors to end up investing in companies with poor corporate governance. Additionally, there is a lot of liquidity and an inflow of capital. NASDAQ is one such exchange and this feature looks into some of the stocks on the exchange which made significant gains recently.
Electra Battery Materials Corporation (NASDAQ:ELBM) was the biggest gainer on Tuesday as the stock soared 77% to close at $2.72. After yesterday’s big rally, the stock has regained all its fall of 2023.
On July 24, the Chief Executive Officer of Electra Battery Materials Corporation Trent Mell joined Proactive’s Joe Darling for an interview. At the interview, he shared his thoughts about the latest news about the company’s agreement with LG Energy Solutions for the supply of battery-grade cobalt. It was noted that the terms of the agreement had been amended and the duration had been extended to five years from three years. Additionally, the supply volume of battery-grade cobalt had also been amended to 19,000 tonnes from 7000 tonnes.
The higher supply of the material would account for as much as 80% of the company’s production as things stand. It was further announced by Mell that the two companies would also collaborate on opportunities that lie in the electric vehicle supply chain in the North American market.
They would specifically focus on sustainable sources of raw materials. The CEO stressed that LG Energy Solutions was looking to become a major player in the worldwide electric vehicle supply chain through investments in Ontario and through partnerships with Canadian firms involved in the supply of critical materials.
BullFrog AI Holdings Inc (NASDAQ: BFRG) was another big buzzer in yesterday’s trading session. The stock went up 44.22% to $4.99 on a hefty volume of 54.61 million shares, well above the average volume of 1.34 million shares.
The precision medicine company deploys machine learning and artificial intelligence to develop biologics and pharmaceuticals. Yesterday, BullFrog AI Holdings Inc was in the news cycle after it announced that on August 1, 2023, the United States Patent and Trademark Office would issue a patent to the company. The patent would protect the company’s novel prodrugs made from mebendazole and its use in the treatment of cancers as well as other diseases.
The compounds that would be patented demonstrated better oral bioavailability and solubility in relation to the parent drug. That addressed a major issue with regard to ascertaining the use of mebendazole in the field of oncology. The patent would also be the first one to be issued to BullFrog AI Holdings which originated from the intellectual property the company licensed from John Hopkins University last year.
Kiniska Pharmaceuticals (NASDAQ: KNSA) On Tuesday, the Kiniska Pharmaceuticals stock was one of the notable movers as it notched up gains of 27% by midday. It is a biotech firm that mainly focuses on the development of therapies meant to treat autoimmune and cardiovascular diseases. Yesterday, the company announced its second-quarter financial results and demonstrated notable growth thanks to Arcalyst, its first marketed therapy.
The company clocked revenues of $71.5 million, which worked out to year-on-year growth of 165%. That included $54.5 million from the sales of Arcalyst and licensing and collaboration revenues to the tune of $17 million. The company generated a net income of $15 million, which worked out to earnings per share of $0.21. In the prior year period, Kiniska Pharmaceuticals had suffered a loss of $20 million, which translated to a loss per share of $0.29.
Additionally, the company also announced that it expected the annual product revenue to be in the $220 million and $230 million range. The estimates for product revenues in the past had been in the $200 million and $215 million range.
KNSA stock surged 30.40% to $19.48 after hitting a new 52-week high of $20. The stock has surged 79% over the past year.
Galecto (NASDAQ: GLTO) stock is another stock that made a new 52-week high in the previous session. The stock increased by 31%, extending its yearly jump to 92%.
The clinical-stage Biotherapeutic firm is focused on the development of new treatments and most of those are uniquely small-molecule drug candidates. The drugs primarily target the biological processes related to cancers, inflammation, and fibrosis. At this point, Galecto has three drug candidates and all those are under study in four ongoing clinical trials. A fifth trial has been planned by the company for the end of the year.
The leading trial comprises the Phase 2b GALACTIC-1 study of GB 0139, which is an inhaled galectin-3 modulator. It is being tested for treating idiopathic pulmonary fibrosis and in May, the company announced that the last patient had been administered with the dose. The results from the study are expected to be announced by Galecto next month.
Akebia Therapeutics Inc (NASDAQ: AKBA) stock has been showing a solid uptrend this year with a jump of 61% in just one month. The stock has rallied 137% so far this year.
It is a biopharmaceutical company that is involved in improving the lives of people suffering from kidney disease. On July 18, Akebia Therapeutics Inc announced that it had concluded an End of Dispute Meeting with the United States Food and Drug Administration.
The meeting was related to the company’s upcoming resubmission of a New Drug Application for the product vadudusat. The product in question is meant for treating anemia in patients suffering from chronic kidney disease in adults who are on dialysis.