Healthcare Stocks That Hit New Highs (CBPO, CNMD, BHC...)

(RTTNews) - The following are the healthcare stocks that hit a new 52-week high on Thursday.

1. Arvinas, Inc. (ARVN) hit a new high of $30.54 in intraday trading on Thursday, before closing at $30.04. The stock jumped 130% year-to-date.

Arvinas is a clinical-stage biopharmaceutical company developing first-in-class protein degradation therapeutics for cancers and other difficult-to-treat diseases.

The company's investigational drugs are based on its proprietory protein degradation technology PROTAC (Proteolysis-Targeting Chimera).

ARV-110, a PROTAC protein degrader is being investigated in a phase I study for the treatment of patients with metastatic castration-resistant prostate cancer (mCRPC) who have progressed on at least two prior systemic therapies.

ARV-471, an oral estrogen receptor (ER)-targeting PROTAC protein degrader is in phase I study in patients with locally advanced or metastatic breast cancer who have received prior hormonal therapy and chemotherapy.

The company reported positive preliminary results from both the studies last month. More data from the study of ARV-110 is expected in the first half of 2020 and form ARV-471 in the second half of 2020.

Last week, the company launched a public offering of $90.0 million of its common stock, at $22.00 per share.

2. China Biologic Products Holdings, Inc. (CBPO) jumped to a new high of $119.44 in intraday trading on Thursday, before closing at $116.70. The stock has gained 50% year-to-date.

China Biologic is a plasma-based biopharmaceutical company.

On November 13, after the bell, the company reported better-than-expected third-quarter results. This drove the stock to touch its new 52-week high yesterday.

Net income in the third quarter increased to $47.0 million or $1.21 per share from $32.9 million or $0.94 per share in the same quarter a year ago.

Adjusted net income grew to $54.4 million or $1.40 per share from $33.7 million or $0.96 per share in the year-earlier quarter. Analysts were expecting earnings of only $0.88 per share.

Sales in the third quarter were $136.1 million versus $119.1 million in the corresponding period last year.

For the full year, the company raised its adjusted net income growth to the range of 16% to 18% from 4% to 6% in RMB terms over last year.

Last month, the company received a preliminary non-binding "Going Private" proposal from a Buyer Group, seeking to acquire all of the outstanding ordinary shares of the company, not already owned by them, for US$120 per share in cash.

The Buyer Group includes Beachhead Holdings Limited, CITIC Capital China Partners IV, L.P., PW Medtech Group Limited, Parfield International Ltd., HH Sum-XXII Holdings Limited and V-Sciences Investments Pte. Ltd.

A special committee, formed by the company's Board of Directors, is reviewing the "Going Private" proposal.

3. Krystal Biotech, Inc. (KRYS) recorded a new high of $53.14 in intraday trading on Thursday, before closing at $51.07. The stock is up almost 150% year-to-date.

Krystal Biotech is a clinical-stage gene therapy company developing innovative treatments for skin diseases.

The company is using its proprietary STAR-D platform to develop treatments for rare skin diseases.

Lead drug candidate, KB103 is in phase I/II study, dubbed GEM in Dystrophic epidermolysis bullosa, or DEB, an incurable, often fatal skin blistering condition caused by a lack of collagen protein in the skin. Positive results were reported in October this year. The company expects to start phase 3 pivotal trial before the year-end 2019.

Another drug candidate of the company KB105 is in phase I/II study, dubbed GEM-3, in transglutaminase-1 (TGM1) deficient autosomal recessive congenital ichthyosis (ARCI). ARCI is a genetic skin disease with life-long pronounced scaling of the skin with increased transepidermal water loss.

Last month, the European Medicines Agency granted orphan drug designation to KB105 for the treatment of TGM1 deficient ARCI.

4. CONMED Corporation (CNMD) hit a new high of $114.00 in intraday trading on Thursday, before closing at $112.66. The stock is up 75% year-to-date.

CONMED is a commercial-stage medical technology company developing and selling surgical devices and related equipment for minimally invasive procedures.

CONMED reported strong third-quarter financial results on October 30, 2019.

Net income in the third quarter of 2019 was $6.97 million or $0.23 per share compared with $5.83 million or $0.20 per share in the year-earlier period.

Adjusted EPS for the third quarter was $0.62 versus $0.46 a year ago. Analysts expected the company to report earnings of $0.56 per share.

Sales in the third quarter of 2019 were $233.6 million, an increase of 15.5% from $202.31 million in the year-ago quarter.

The company has raised its full-year guidance for adjusted earnings per share to a range of $2.62 to $2.65 from the previous range of $2.52 to $2.57 per share. Analysts are expecting earnings of $2.63 per share.

5. Bausch Health Companies Inc. (BHC) jumped to a new high of $27.82 in intraday trading on Thursday, before closing at $27.75. The stock has gained 50% year-to-date.

Bausch Health develop, manufacture and market a range of branded and generic pharmaceuticals, over-the-counter products and medical devices.

IDP-123 (tazarotene 0.045%) Lotion, an investigational product by Ortho Dermatologics, Bausch's dermatology business, is under review by the FDA with a decision expected on December 22, 2019. If approved, IDP-123 will be the first tazarotene acne treatment available in a lotion form.

Last week, Bausch Health reported strong third-quarter results and also raised full-year revenue guidance.

Net loss for the third quarter narrowed to $49 million or $0.14 per share from $350 million or $1.00 per share for the year-earlier period.

Adjusted net income was $425 million, as compared with $403 million for the third quarter of last year. Analysts expected earnings of$1.09 per share.

Revenue in the third quarter rose to $2.209 billion from $2.136 billion in the same quarter a year ago.

Looking forward to full-year, the company has raised its revenue guidance to a range of $8.475 billion - $8.625 billion from $8.40 billion- $8.60 billion. Analysts forecast revenue of $8.57 billion.