Active Stocks: Pfenex Inc [NYSE: PFNX] was a big gainer in Monday’s trading session. The stock closed the day with gains of 15.55% following news that it had received FDA approval for PF708, a treatment of Osteoporosis. According to the company CEO, Eef Schimmelpennink, this approval is a major milestone in the history of Pfenex. It is the company’s first approved commercial product. He noted that, its approval validates the company’s expression technology platform.
On top of that, the company has asked the FDA to designate PF708 as an equivalent to Forteo in terms of therapeutic capabilities. To validate such an A-rating, Pfenex is carrying out a study on comparative human factors between Forteo and PF708. The CEO further announced that the company was looking to optimize the patient impact of PF708 through Alvogen, the company’s commercial partner.
Looking at the charts, Pfenex is in a bullish breakout. After the PF708 news hit the market, the stock shot up, and reversed most of the losses that it had recorded last week. The stock was also quite volatile in the day. It opened the day at $8.51, and oscillated between $7.77 and $8.86 before closing the day at $8.62. Volumes were quite high too, and in the day, 6.1 million shares were traded. Today, the key level to watch will be yesterday’s high of $8.86. If it pushes above it when markets open, it could be an indicator that bulls are still in control.
About Pfenex Inc
Pfenex Inc is a biotechnology company that focuses on clinical-stage development. The company is also involved in the licensing of biotech solutions. Pfenex’s flagship product is PF708, a therapy drug that is equivalent to Forteo. Pfenex Inc has its headquarters in San Diego California