Shares of Nasdaq listed penny stock of Dyax Corp. (DYAX) have gained 17.74% since announcing plans to discontinue Ecallantide phase II trials. A week after that announcement, Needham & Company initiated coverage on DYAX setting a “buy” rating and a $3.50 price target on the makers of KALBITOR®. The coverage was initiated based on the Company’s development pipeline with their four drug candidates which are in phase III.
DYAX stock is currently set to open Monday at 21.51% above the 50-Day moving average of $1.80, 39.82% above the 200-Day moving average of $1.57, just -0.45% below the 52-Week high of $2.20 set Friday, and nearly double the 52-Week low of $1.10.
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DYAX Stock Chart
Market Cap: 216.37M
Price/Sales (ttm): 3.84
(Jun 22, 2012): 2.20
(Aug 22, 2011): 1.10
Avg Vol (3 month): 384,438
Avg Vol (10 day): 979,112
Shares Outstanding: 98.80M
% Held by Insiders: 3.35%
% Held by Institutions: 71.80%
On June 14th, DYAX discontinued their Phase 2 trial investigating ecallantide in the acute treatment of angiotensin converting enzyme (ACE) inhibitor-induced angioedema. Safety was not a factor in the Company’s decision to stop the clinical trial. The decision to stop was based upon the results of an interim analysis.
KALBITOR® was approved by the FDA in December of 2009. It is used for the treatment of acute attacks of hereditary angioedema (HAE) in patients 16 years of age and older. HAE is a rare, genetic disorder characterized by severe, debilitating and often painful swelling, which can occur in the abdomen, face, hands, feet and airway. KALBITOR®, a potent, selective and reversible plasma kallikrein inhibitor discovered and developed by Dyax, is the first subcutaneous HAE treatment approved in the U.S.
About Dyax Corp.
Dyax Corp. is a biopharmaceutical company that developed KALBITOR® (ecallantide) on its own and, since February 2010, has been selling it in the U. S. Outside of the U. S., the Company has established partnerships to obtain regulatory approval for and commercialize KALBITOR® in certain markets and is evaluating opportunities in others. Also, the Company leverages its proprietary phage display technology through its Licensing and Funded Research Program, referred to as the LFRP. This program has provided the Company a portfolio of product candidates being developed by its licensees, which currently includes 18 product candidates in various stages of clinical development, including four in Phase 3 trials.
The LFRP generated revenue of approximately $15 million in 2011, and to the extent that the Company’s licensees commercialize some of the Phase 3 product candidates, milestone and royalty revenues under the LFRP are expected to experience significant growth over the next several years.
To view the SEC filings for DYAX, click here. For more information on DYAX or KALBITOR®, visit:
Bottom Line: The penny stock DYAX is not headed into “blue sky” territory by surpassing $2.20. Looking back at the last 3 years, DYAX was $2.33 just 55 weeks ago and traded above $3.00 prior to May, 2010. Year-to-Date, the penny stock is up 61.03% and it appears that the trend will continue as investors await the results on any of the 4 drug candidates in Phase III trials.
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