Runaway biotech stocks Amphastar Pharmaceuticals (AMPH) and Syndax Pharmaceuticals (SNDX) beat second-quarter estimates as they reported earnings Monday.
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Amphastar said adjusted earnings were 39 cents per share on $123.5 million in sales, climbing a respective 86% and 21%. Analysts polled by FactSet expected Amphastar earnings of 35 cents per share on $118.1 million in sales.
Syndax reported a net loss of 62 cents per share, better than analysts’ call for a 64-cent per-share loss. Syndax doesn’t yet have a commercial product.
Shares of the two companies have surged recently. Amphastar is ranked first out of more than 800 biotech stocks, while Syndax ranks No. 13. The industry group itself ranks fourth out of 197 groups Investor’s Business Daily tracks.
But in response, the biotech stocks were flat in after-hours trading on today’s stock market.
Amphastar stock is nearing a buy point at 42.41 out of a consolidation, according to MarketSmith.com. Syndax stock broke out of a double-bottom base with an entry at 20.01 in July. Shares have since touched a profit-taking zone, 20%-25% above their buy point.
Highly Rated Biotech Stocks
Both biotech stocks are also highly rated. Amphastar has a perfect Composite Rating of 99, while Syndax stock is rated with a CR of 94. This puts shares in the top 1% and 6% of all stocks, respectively, in terms of fundamental and technical measures, according to IBD Digital.
The two stocks also have strong Relative Strength Ratings of 98. This puts their 12-month performance in the top 2% of all stocks. This month, alone, Syndax stock has surged more than 21%.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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Read More: These Runaway Biotech Stocks Just Beat Quarterly Estimates