A number of companies trading on the NASDAQ managed to set 52-week highs on Monday with that list including: Depomed, Inc. (DEPO), Genzyme Corporation (GENZ), NPS Pharmaceuticals (NPSP), Brigham Exploration (BEXP), and Patterson-Uti Energy (PTEN).
Depomed Inc. (DEPO) pushed to a 52-week high of 8.60 on Monday following Friday’s news that the FDA had approved their drug Gralise, its treatment for post-herpetic neuralgia (PHN). Shares closed at 8.38 on the day after volume of more than 12.1 million, substantially higher than their trading volume average of 900,000. The company, which develops and commercializes pharmaceutical products based on its proprietary oral drug delivery technologies in the United States, is comfortably ahead of their 50-day moving average of 6.04 and their 200-day moving average of 4.35.
Genzyme Corporation (GENZ) set a new 52-week high of 73.46 after news hit that they had reached a deal with Sanofi-Aventis SA which would allow the French drugmaker to acquire them. Shares closed at 73.35 on Monday on volume nearly 4x its trading average. The company, which focuses on rare genetic disease disorders, renal diseases, orthopaedics, cancers, transplant and immune diseases, and diagnostic and predictive testing areas, moved past its 50-day moving average of 71.18 and stayed ahead of its 200-day moving average of 64.21.
NPS Pharmaceuticals (NPSP) climbed to a 52-week high of 10.17 on Monday before closing at 10.01 on more than 9.6 million trades, significantly higher than their trading volume average of 476,000. The price spike came following news that their phase 3 study of their drug Gattex revealed favorable results for patients suffering from short bowel syndrome. The company, which engages in the development of specialty therapeutics for gastrointestinal and endocrine disorders, is now well ahead of their 50-day moving average of 7.28 and 200-day moving average of 6.75.
Brigham Exploration (BEXP) reached a new 52-week high of 30.29 on Monday before closing the day at 29.61 on volume of more than 3.8 million shares. Shares climbed thanks in large part to the companies updated operations report that showed a positive reserve report. The company, which engages in the exploration, development, and production of onshore oil and natural gas reserves in the Rocky Mountains, the Gulf Coast, the Anadarko Basin, and west Texas, is still ahead of their 50-day moving average of 26.89 and their 200-day moving average of 20.24.
Patterson-Uti Energy (PTEN) hit a new 52-week high of 23.38 on Monday and settled at 23.34 on the day with more than 3.7 million shares trading hands. Shares rose as investors continue to bet on the company who announced they would be releasing their earnings report on Thursday. The company, which provides onshore contract drilling services to independent oil and natural gas operators in North America, is still ahead of their 50-day moving average of 21.08 and their 200-day moving average of 17.05.