Top Nasdaq Stocks Stock Watch: EVLO, BPTS, ARDS, ICAD, AMRN

The NASDAQ is one of the biggest stock exchanges in the world and offers investors a plethora of options. It boasts massive liquidity and attracts investors from all over the world, including institutional ones. Here is a quick look at some of the stocks listed on the NASDAQ market which clocked notable gains lately.

Evelo Biosciences Inc (NASDAQ:EVLO) – was one of the biggest gainers on NASDAQ with a jump of 61%. The clinical-stage biotech firm is best known for its work on the development of a novel platform for delivering inflammation-resolving medicines orally that can work on the small intestinal axis.

On July 12 the company came into the news cycle after it announced that it had been successful in closing the private placement that it had previously announced. It resulted in Evelo Biosciences raising gross proceeds to the tune of $25.5 million through the offering of 11,025,334 shares of the company’s common stock for the purchase price of $2.31 each.

The offering had been led by Flagship Pioneering, the founder of the company and other new and existing investors had also participated. The net proceeds derived by the company from the offering would be used to finance the final phases of the currently ongoing Phase 2a trial of the product EDP2939 for moderate psoriasis. Additionally, the company also seeks to pay down $5 million in debt and also use part of the proceeds for general corporate expenses.

Biophytis SA (NASDAQ:BPTS) – The company is an innovative clinical-stage biotech firm that is involved in the development of therapeutics that are aimed at slowing down the degenerative processes brought about by aging. It also seeks to improve the functional outcomes in people suffering from age-related issues. Yesterday, the stock skyrocketed 41% on unusual volume.

The company announced that it had concluded a master agreement about the production of the active compound in Sarconeos, the main drug candidate from the company. The product is being developed by the company for three separate indications, Duchenne muscular dystrophy, extreme forms of COVID-19, and sarcopenia.

The active ingredient of the product would be produced by SEQENS at its facility in Villeneuve La Garenne near Paris, France. The site, which is of historical importance, had been expanded and modernized in 2020. A unit had also been opened with the sole purpose of producing high-potential active pharmaceutical ingredients. The production center boasts of highly advanced and modern infrastructure which aligns with the commitment of SEQENS to safety and decarbonisation.

Aridis Pharmaceuticals Inc (NASDAQ: ARDS) – On July 17 Aridis Pharmaceuticals announced that it had received positive feedback on its proposed single confirmatory Phase 3 study of AR 301, its investigational monoclonal antibody candidate, from the European Medicines Agency (EMA).

The product is being developed by the company in the form of adjunctive therapy in combination with standard-of-care antibiotics meant for treating pneumonia, brought about by the Gram-positive bacteria Staphylococcus aureus (S. aureus).

The company revealed that the main agreements by the EMA were similar to those of the United States Food and Drug Administration. The EMA agreed on the design of the single confirmatory Phase 3 superiority study that would be necessary for the submission of a Marketing Authorization Application.

Another key agreement was that of clinical cure of pneumonia on the 21st day as the primary efficacy endpoint. Vu Truong, the Chief Executive Officer of Aridis Pharmaceuticals spoke about the developments as well. He noted that everyone at the company was particularly pleased with the fact that such concurrence had been reached with the EMA soon after the agreements with the FDA.

On Tuesday, the stock closed higher by 18%.

iCAD Inc (NASDAQ:ICAD) – The worldwide medical technology company is a leader in providing state-of-the-art cancer detection and therapy solutions. The stock soared 74% on Tuesday after it announced that it had inked a commercial agreement spanning multiple years with Radiology Partners, the biggest radiology practice in the United States through its directly owned and affiliated practices.

As per the terms of the agreement that had been executed on June 27, 2023, iCAD was selected by Radiology Partners for providing breast artificial intelligence technologies that would be deployed by way f the Radiology Partners Cloud.

That would also allow iCAD to leverage the clinical expertise of Radiology Partners, as well as its leadership expertise, artificial intelligence validation platform, and scale of operations. The company first collaborated with Radiology Partners in November 2022 and the confirmation of the commercial agreement was a major milestone, as per the Chief Executive Officer and President of iCAD.

Amarin Corporation PLC (NASDAQ:AMRN) was one of the notable volume movers and ended higher by 9%. The company announced that it had appointed Patrick Holt as its new President, Chief Executive Officer and a member of the board of directors. The appointment went into effect immediately.

Since April 2023, Aaron Berg had served as the interim CEO and President of the company. He would continue to serve the company in a senior leadership position. Holt is a highly experienced executive who brings more than a quarter of a century of leadership experience in the life sciences space and additionally, he is also a seasoned operator in the international markets. The most recent position Holt held was President of Cordis, the global interventional cardiovascular business of Cardinal Health. He turned the business around during his tenure and that led to a sale.