The markets are up to slow day as investors continue to digest yesterday’s presidential debate. The marker is still unsure of who is likely to win the election and this is likely to keep markets volatile in coming weeks. The uncertainty comes not just from the polarized nature of the upcoming election, but also the fact that the policies of the two contenders are very different and could have a direct effect on the markets.
There is also the fact that the markets still need a stimulus package and so far none has been agreed upon. Democrats have already advanced a $2.2 trillion stimulus package, but there are no guarantees that it will be agreed upon. The COVID-19 pandemic also continues to be a major risk to the economy. Recently, COVID-19 death numbers hit one million and until a vaccine is found, the economy will remain vulnerable.
So vulnerable is the economy that oil prices have dropped as a reflection of declining demand in the economy. Despite the overall market weakness, biotech stocks have been performing quite well. This is largely due to the excitement that comes with positive biotech news. Some of the biotech stocks that have been gaining since pre-market and could keep gaining all through the day are as below:
CTI Biopharma Corp [NASDAQ: CTIC]
CTI Biopharma Corp gained by over 100% pre-market and doesn’t seem to be easing up. This follows the company’s announcement that would it had submitted an NDA requesting for accelerated approval for its treatment for people suffering from severe thrombocytopenia called pactrinib. According to CEO Adam R. Craig, the company has been working closely with the FDA since it completed phase 2 dosing of this trial treatment in a bid to fast track the approval of this treatment of severe thrombocytopenia an unmet need that has very few treatment options. He added that the company’s treatment had so far shown the potential to become a new treatment.
Iterum Therapeutics PLC [NASDAQ: ITRM]
Iterum Therapeutics PLC is another stock that is gaining momentum and was up by over 100% pre-market. Its upside momentum comes after the company announced that it had a positive pre-NDA meeting with the FDA for its treatment for uncomplicated urinary tract infections called Sulopenem. The company is targeting 6 million people with UUTI in the U.S.
BioHiTech Global Inc [NASDAQ: BHTG]
This stock is another top performer this morning and is gaining upside momentum. This comes after the company provided its first disinfectant system targeting the cruise industry. It’s exciting because it opens a new revenue stream for the company.