uniQure Stock Rose 35.7% Yesterday—Here’s Why

Stock performance

On November 15, uniQure (QURE) stock closed at $30.93, which reflected a ~35.66% rise from its previous day’s close of $22.80.

On November 14, uniQure stock closed at $30.93, marking a ~126% rise over its 52-week low of $13.71 on November 15, 2017. uniQure hit its 52-week high of $43.23 on September 5.

uniQure Stock Rose 35.7% Yesterday—Here’s Why

Reason for the stock price hike

On November 15, uniQure announced the primary clinical data from its Phase 2b trial of AMT-061, its investigational AAV5-based gene therapy for the treatment of individuals with severe to moderately severe hemophilia B. The FDA has already granted AMT-061 a breakthrough therapy designation. The European Medicines Agency has also granted it a priority medicines designation.

In the Phase 2b trial, patients receiving AMT-061 demonstrated sustained therapeutic factor IX activity. The success of the clinical trial should provide uniQure with data for filing a new drug application for the approval of the commercialization of the drug in the market.

Financials in a nutshell

uniQure generated revenue of $3.1 million in the third quarter, reflecting a 39% rise YoY (year-over-year). In the quarter, uniQure’s biopharmaceutical peers Spark Therapeutics (ONCE) and Adaptimmune Therapeutics (ADAP) generated revenues of $10.7 million and $40.79 million, respectively, compared to $1.9 million and $27.19 million, respectively, in the third quarter of 2017.

The revenue rises of uniQure, Spark Therapeutics, and Adaptimmune could boost the price of the iShares NASDAQ Biotechnology ETF (IBB). Spark Therapeutics, Adaptimmune, and uniQure make up ~0.21%, ~0.05%, and ~0.17% of IBB’s total portfolio holdings, respectively.

In the third quarter, uniQure reported R&D (research and development) and SG&A (selling, general, and administrative) expenses of $20.5 million and $5.9 million, respectively, compared to $20.1 million and $5.6 million, respectively, in the third quarter of 2017.

In the third quarter, uniQure reported net income and EPS of -$22.0 million and -$0.59, respectively, compared to -$10.2 million and -$0.40, respectively, in the third quarter of 2017.

Analysts’ recommendations

Of the ten analysts tracking uniQure in November, three have given it “strong buy” recommendations, while seven have given it “buy” recommendations. On November 16, uniQure had a consensus 12-month target price of $57.44, representing a potential ~85.71% return on investment over the next 12 months.