Cassava, Annovis among H1 biotech winners while Grayburg, Odonate biggest laggards
- Companies engaged in developing therapies for Alzheimer's disease were among the best performing biotech stocks in the first half of the year.
- Cassava Sciences (SAVA -1.7%) was the best performing biotech stock in the half, with a return in the period of 1166%.
- A phase 3 trial of its Alzheimer's candidate, simulfilam, is expected to begin in this half of the year. The company will release data from a phase 2 trial at the Alzheimer's Association International Conference later this month.
- Not far behind Cassava was Annovis Bio (ANVS +2.1%), which is focused on Alzheimer's and Parkinson's disease therapies. It returned 1110% in 1H.
- In May, Annovis shares surged after the company presented promising phase 2 data on ANVS401, its lead candidate for Alzheimer's and Parkinson's.
- Oncology and infectious disease therapy-focused Atossa Therapeutics (ATOS -16.6%) was the third best performer with a 627% return.
- Atossa, which is focused on breast cancer treatment and has a COVID-19 nasal spray therapy in development, was included in the Russell 2000 and Russell 3000 Indexes last month. Shares rose sharply last month, despite a roller coaster ride in the process.
- Rounding out the top five were Brooklyn Immunotherapeutics (BTX -5.7%) with a 604% return and EnteraBio (ENTX +5.2%), an Israeli biotech, with a 472% return.
- Meanwhile, Grayburg Vision (GRAY -4.3%) was the biggest laggard in first half, down 82%.
- Grayburg shares plunged in March following top-line results on its lead candidate, GB-102, for wet age-related macular degeneration and diabetic macular edema.
- Not far behind Grayburg, the second worst performing stock was Odonate Therapeutics (ODT -1.6%), down 81%.
- Odonate shares nosedived in March after it said it would stop development of its chemotherapy agent tesetaxel.
- The No. 3 worst performer was ChemoCentryx (CCXI -2.7%) with a 79% decline.
- The company's shares plunged in early May after an FDA advisory committee split down the middle on the efficacy of its vasculitis candidate avacopan.
- Rounding out the five worst performers of 1H were Immunovant (IMVT -4.0%) and Frequency Therapuetics (FREQ -4.3%) which were down, respectively, 77% and 75%.
- Only companies with a market cap of at least $100M and that have traded since at least Jan. 1, 2021 were included.