What's better than momentum? Mo' momentum. Let's take a closer look at five of this past week's biggest scorchers.
MediciNova was an obscure and thinly traded biotech until it received fast-track designation from the FDA for its potentially promising treatment of methamphetamine dependence on Monday afternoon. Fast-track status grants an expedited review of drugs that aim to fill an unmet medical niche or treat serious diseases. More than 6 million shares of MediciNova traded hands last week, and it's safe to say that MediciNova will no longer be an obscure and thinly traded biotech.
MGIC soared despite posting its 10th consecutive quarterly loss on Thursday. The shares rallied on the market's confidence that home prices in general will continue to firm, making MGIC's dicey portfolio less risky.
MAKO Surgical also bounced back after posting uninspiring financial results. They key here is that the company behind the RIO surgical robotics system for orthopedic procedures had already braced investors for the soft showing back in January. The market was won over by its cautious outlook for the year ahead, calling for the sale of 45 to 48 new RIO systems and roughly 13,500 to 14,500 procedures for all of 2013.
Ebix bounced back after getting pounded a week earlier on a bearish report. The insurance industry software specialist rose after hosting a conference call to refute the negative claims in the report. Ebix was apparently convincing enough to gain back a good chunk of the prior week's hit.
Celldex Therapeutics has now come through with three straight weeks featuring gains of 8% or better. Momentum continues to build after revealing positive test results for its treatment for hematopoietic stem cell transplantation last month.
Keep the good vibes coming
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The article 5 of Last Week's Biggest Winners originally appeared on Fool.com.
Longtime Fool contributor Rick Aristotle Munarriz owns shares of Ebix. The Motley Fool recommends Ebix and MAKO Surgical and owns shares of Ebix. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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