While many American skies were lit up with fireworks this week, the stock market also saw its share of pops, sizzles, and bangs. Here are three health-care stocks that skyrocketed over the past five days.
Nothing like being wanted
By Sunday, Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) had announced that it was rebuffing Amgen’s offer as too low. The company also revealed that other third parties had expressed interest in a potential buyout. As a result, Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) authorized financial advisor Centerview Partners to line up potential suitors. Mr. Market certainly liked the prospects of a bidding war. During after-hours trading on Friday, Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) share prices jumped from $87 to $109. The stock opened on Monday at more than $133 per share. How high can Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) go? Deutsche Bank analyst Robyn Karnauskas pegs the stock’s value at $148 per share. However, Geoffrey Porges at Sanford C. Bernstein thinks some company could pay as much as $180 per share for Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX).
Buy, buy
Jim Cramer responded to a caller’s question about Celldex Therapeutics, Inc. (NASDAQ:CLDX) in his Tuesday “Lightning Round” by saying: “I like this one and I’m sticking with it.” Cramer wasn’t the only one saying that the stock was a buy. The next day, Guggenheim initiated coverage on Celldex Therapeutics, Inc. (NASDAQ:CLDX) with a “buy” rating and target price of $24 per share. Celldex Therapeutics, Inc. (NASDAQ:CLDX)’s lead drug candidate is rindopepimut, which is in a phase 3 study for treating front line glioblastoma and in another phase 2 study for recurrent glioblastoma. The biotech also has several other drugs in its pipeline, including CDX-1135, for which Celldex Therapeutics, Inc. (NASDAQ:CLDX) just kicked off a pilot study in treating dense deposit disease.
Good news comes in threes
The company reported positive results from its phase 2 study of ALN-TTR02 at the beginning of the week.
