Tuesday was a breakout day for biotech firms

Tuesday was a breakout day for biotech firms

For a few biotechnology firms, Tuesday was a day of breakout that witnessed solid gains. With the markets at all-time highs, these firms could help push things even higher.

Some of those standouts from Tuesday were picked by 24/7 Wall St. to highlight.

Shares of Melinta Therapeutics Inc. jumped on Tuesday after the company reported initial & unaudited financial results & provided a corporate update for the 2nd quarter.

Amongst the major highlights was the United States Food & Drug Administration recently approved for priority review a supplemental New Drug Application for Baxdela looking for expansion of the current indication to take account of adult patients with community-acquired bacterial pneumonia. The Food & Drug Administration has assigned a Prescription Drug User Fee Act action date which is the proposed review deadline of 24th October 2019.

Shares of Melinta Therapeutics Inc. traded upwards around 6 percent to $4.43, in a 52-week range of $1.62 to $31.45. The consensus price target is $11.

Atara Biotherapeutics Inc. shares dunked after the company announced an updated development plan for the Phase III tab-cel program for patients with Epstein-Barr virus-associated post-transplant lymphoproliferative disease.

Based on recent discussions of Atara’s with The Food & Drug Administration, the firm intends to initiate a tab-cel biologics license application submission for patients with Epstein-Barr virus-associated post-transplant lymphoproliferative disease in the 2nd half of 2020.

Shares of Atara decreased around 14 percent at $15.60, in a 52-week range of $15.52 to $43.95. The consensus price target is $42.29.

Shares of AvroBio Inc. pushed higher after the firm announced the first kidney biopsy result & extra positive data from two ongoing clinical trials of its AVR‑RD‑01 investigational gene therapy in Fabry disease. Till today, 8 patients have been dosed in the trials: 3 patients in Phase II FAB-2011 trial & 5 patients in the Phase I FACTs2 trial.