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Stocks of AVEO Pharmaceuticals Inc. (AVEO:US or NASDAQ: AVEO) amplified over 89 per cent on Wednesday, March 10, as the biotech firm received FDA approval for its kidney cancer therapy FOTIVDA®.
Enveric Biosciences (ENVB:US or NASDAQ: ENVB) is another biotech stock that zoomed nearly 55 per cent yesterday, following its agreement with US-based biopharmaceutical Diverse BioTech to acquire a license for novel cannabidiol (CBD) molecules.
Let us look at both healthcare stocks’ performances in detail:
AVEO Pharmaceuticals Inc. (AVEO:US or NASDAQ: AVEO)
The firm engages in research and development (R&D) in the oncology segment and provides patients with diagnosis, prevention, and treatment of cancer. It expects to launch its FDA-approved FOTIVDA® in the US by March 31, 2021.
The biotechnology stock breached its previous 52-week high by 42.67 per cent on Wednesday and soared to US$ 15.28 per piece. Its share price has risen almost 165 per cent year-to-date (YTD). It is up nearly 296 per cent in one year, driven by its exclusive cancer therapy research and development.
It has already outpaced the S&P 500 Biotechnology (Sub Industry) sector, which is up 268.10 in one year.
AVEO stock could grow once it begins the commercialization of FOTIVDA® in the second quarter of this year.
The company has also appointed a new chief commercial officer, Mike Ferraresso, who will manage retail strategy and functions.
Image Source: Kalkine Group @2021
Enveric Biosciences (ENVB:US or NASDAQ: ENVB)
The company studies and develops novel cannabinoid products to provide relief to cancer patients. Through its latest agreement with Diverse BioTech, Enveric will develop dermatology and pain-relief drugs by acquiring five CBD molecules.
The stock has increased 63.30 per cent week-to-date, pushing its one-year growth to 22 per cent.
However, its current share price of US$ 4.54 is down by 78.58 per cent from its 52-week high of US$ 21.20 per share on June 2, 2020.
The drug producer’s stock tumbled to its 52-week low of US$ 2.36 on Friday, March 5, 2021, but quickly rebounded by 92.37 per cent in the last three trading sessions.
On February 25, the company also announced its collaboration and exclusive delivery agreement with PureForm Global, a biotech firm focused on the R&D and retail of synthesized CBD to treating inflammation and pain-causing from cancer therapies.
