Although we don’t believe in timing the market or panicking over market movements, we do like to keep an eye on big changes — just in case they’re material to our investing thesis.
What: Shares of ProMetic Life Sciences (TSX: PLI) soared 12% today after the biopharmaceutical company’s quarterly results impressed Bay Street.
So what: The stock had pulled back sharply over the past month on nervousness leading into the quarter, but today’s better-than-expected Q4 — EBITDA loss of $3.8 million on revenue of $5.1 million — are quickly easing those concerns. Additionally, ProMetic’s diabetes drug candidate PBI-4050 continued show strong promise all while management strengthened the balance sheet with financings, giving Bay Street plenty of good vibes over the company’s growth prospects going forward.
Now what: Management expects to initiate its PBI-4050 clinical program in diabetic patients with chronic kidney disease early in the second half of 2014. “PBI-4050 continues to impress with new data further supporting the use of this product in diabetic patients with chronic diseases as well as in other rare conditions,” said President and CEO Pierre Laurin. “Our objective for this year is to quickly confirm that the positive effects observed in multiple animal models translates to patients.”
So while the stock might be too volatile and speculative for average investors, biotech-savvy Fools might want to take a closer look at ProMetic’s seemingly brightened prospects.
Renowned Canadian investor Iain Butler just named 10 stocks for Canadians to buy TODAY. So if you’re tired of reading about other people getting rich in the stock market, this might be a good day for you. Because Motley Fool Canada is offering a full 65% off the list price of their top stock-picking service, plus a complete membership fee back guarantee on what you pay for the service. Simply click here to discover how you can take advantage of this.
Fool contributor Brian Pacampara owns no position in any of the companies mentioned.