After having declined through the first half of the week, biotech stocks staged a recovery to close higher in the trading week ended May 28. Broader market sentiment and company-specific news flow dictated stock moves during the week.
Gainers
Vertex Energy, Inc. (NASDAQ: VTNR) shares climbed 124.2% to settle at $3.99 on Thursday after the company announced plans to acquire a Alabama refinery and related logistics assets.
Pieris Pharmaceuticals Inc (NASDAQ: PIRS) shares are trading higher by 57% at $2.91 after the company announced a respiratory and ophthalmology collaboration with Genentech.
Biotech stocks had a volatile ride in the week ended May 14, with stocks moving broadly lower for much of the week before coming back up strongly in the final session. Some of the weakness may be traced back to the across-the-board weakness in markets, as macroeconomic fears unnerved traders.