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These Biotech Stocks Have a Strong Green Close on Friday

CORAL GABLES, FL / ACCESSWIRE / March 29, 2018 / The biotechnology industry continued to recover on Thursday. The market itself had one of its most volatile weeks yet as the first quarter of 2018 came to a close. Since hitting lows of 104.67, the Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) saw a rebound of roughly 2% by Thursday's closing bell. Similarly, the Dow, NASDAQ, and S&P 500 all saw green by the final minutes of the month of March as well. Aided by a healthy mergers & acquisitions climate, the biotechnology industry was off to a quick start during the first quarter.

For instance, Takeda Pharmaceutical's possible acquisition of Shire (SHPG), with its market value of $45 billion, would boost the sector's year-to-date dollar total for deals to well above $200 billion. Earlier this year in January, Celgene (CELG) struck one of its largest deals in company history with a $9 billion acquisition of biotechnology firm Juno Therapeutics. Furthermore, Sanofi (SNY) Chief Executive Officer Olivier Brandicourt has amassed more than $15 billion in deals this year with the buyouts of Bioverativ and Ablynx.

While the markets head higher, companies in the biotech sector have begun to respond favorably. These include GT Biopharma (GTBP) and Galectin Therapeutics Inc. (GALT).

GT Biopharma Inc. (OTCQB: GTBP)

Market Cap: $168.93 Million

GT Biopharma (GTBP) saw a bullish close on Thursday afternoon. Shares of the company had been trading between $1.51 and $1.77 for the majority of the week. Thursday afternoon saw shares of GT Biopharma climb to highs of $1.97 before closing out the month at $1.91, up 26% from Monday's low.

In the news over recent months, the company has announced acquisition of Georgetown Translational Pharmaceuticals in September 2017, the Phase 2 trial of cancer drug OXS-1550, initiation and completion of a proof-of-concept Phase I clinical trial with GTP-004, adding additional members to the management team and Board of Directors, attending and presenting at investor conferences, and a financing that was completed and announced in January 2018.

For More on GT Biopharma, Click Here For Your Full Report

Galectin Therapeutics, Inc. (NASDAQ: GALT)

Market Cap: $171.28M

Similarly, Galectin Therapeutics saw a bullish close to round out the last quarter of the year. Shares of the biotech stock slid to lows of $3.70 during the week. On Thursday, Galectin opened trading at $3.84 and saw highs of $4.95 before closing the last trading day of March at $4.74, up 28% from Wednesday's low.

The company reported financial results for the year ended December 31, 2017.

"In May 2018, we will be meeting with the Food and Drug Administration (FDA) to present the results of our NASH-CX clinical trial. We hope to come to an agreement with the FDA on a plan for a Phase 3 clinical trial. In addition, we have submitted an application for Breakthrough Therapy Designation for GR-MD-02. We are also encouraged by the recent findings of Phase 1 clinical trial of GR-MD-02 used in combination with pembrolizumab (KEYTRUDA®) on melanoma patients, which may represent another path forward for GR-MD-02 into the significant market for evolving new cancer therapies," said Peter G. Traber, M.D., president, chief executive officer and chief medical officer of Galectin Therapeutics.

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BIOTECHSTOCKS.com is owned by MIDAM VENTURES LLC., a Florida Corporation that has been compensated $1,800,000.00 by a GT Biopharma Inc. for a period beginning August 1, 2017, and ending April 30, 2018, to publicly disseminate information about (GTBP). We own zero shares. Full Disclaimer Here

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