Several companies benefited from an overall biotech bounce-back today, but Athenahealth (NASDAQ:ATHN), Puma Biotechnology (NYSE:PBYI) and Cytokinetics (NASDAQ:CYTK) were three health-care stocks that saw big pops on specific company news, which made them today's winners in the space.
Puma Biotechnology got a 15% boost after the European Patent Office ruled in the company's favor. The matter involved Boehringer Ingleheim challenging the validity of one of the company's drug patents, a vital patent for the company, as Puma only has one drug. The drug is in nine different trials with other drugs to treat breast and lung cancer, and the company is definitely one to watch.
Cytokinetics is up 30% today, thanks to some tremendous fourth-quarter results. Revenue increased elevenfold year over year, and the company had a colossal earnings beat, coming in at $0.21 per share in the black, as compared to analysts' predictions of $0.08 per share in the red. While the company is working on three drugs, the most-hyped is its heart failure drug in collaboration with Amgen. in the video, Motley Fool health-care analyst David Williamson suggests that investors wait to get more data here before jumping in.
Athenahealth also popped today, up 25% after announcing its fourth-quarter results. Revenue grew substantially, to $171 million, which slightly beat estimates, but the company annihilated estimates on the bottom line, coming in at $0.57 per share vs. the $0.44 per share consensus. David sees the company as showing good network growth, and executing its expansion plans smoothly and solidly.
David Williamson has no position in any stocks mentioned. The Motley Fool recommends Athenahealth. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.