PRQR and MRTX are both in the spotlight today
Two biotech stocks are in the spotlight today, ProQR Therapeutics NV (NASDAQ:PRQR) and Mirati Therapeutics Inc (NASDAQ:MRTX), with the former attracting plenty of options activity. Below we’ll take a closer look at what catalysts are behind today’s price action for the equities.
ProQR Therapeutics Stock Skyrocketing
The shares of ProQR Therapeutics are soaring, up 69% at $2.79 at last glance, after news that Eli Lilly (LLY) is expanding its partnership with the company for RNA-editing-based genetic medicines. This pop has PRQR at its highest level since its February bear gap, which occurred after its rare eye disease drug failed in a mid- to late-stage trial and sent the stock spiraling into penny stock territory. The equity still has a long way to go before it is fully recovered, however. Year-to-date, the security is down 63%.
PRQR’s typically quiet options pits are a bustle with bullish activity. So far today, 4,255 calls have been exchanged, which is 223 times the average intraday amount. The January 2023 5-strike call is the most popular, followed by the 2.50-strike call in the same monthly series.
Mirati Therapeutics Receives FDA Praise
Mirati Therapeutics stock reversed its premarket surge, trading flat at $41.31 at last glance. The U.S. Food & Drug Administration (FDA) designated its colorectal cancer treatment as a “breakthrough therapy,” which fast tracks the approval process.
On the charts, MRTX has been struggling since its early-December slide, down 71.6% year-to-date. The $40 level has swooped in as support, though longer term, pressure at its 320-day moving average kept a lid on the stock’s November rally.