Biotech Fever Fuels Big Gain in Techniclone Stock
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How quickly can a penny stock turn into one with a market value above $1 billion?
In about two months, in the case of Tustin-based Techniclone Corp. which has benefited from the mania for biotech stocks along with its recent developments.
The stock was trading at around 50 cents a share at the start of the year, but Tuesday it rose $1.69, or 14%, to $14, as the biotechnology company and rival Oxigene Inc. said they plan to jointly develop and market Techniclone’s Vascular Targeting Agent technology. Earlier in the session, the stock hit a 52-week high of $16.63 a share in Nasdaq trading.
The venture to develop therapeutic agents for cancer treatment will include an upfront licensing fee and payment to Techniclone by Oxigene. Oxigene, meanwhile, rose $3.50, or 16%, to $26.
Despite a 3% drop Tuesday, the Amex index of 15 biotech stocks has risen 96% so far this year.
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