Quick Win by the Algorithm: Anacor Pharmaceuticals Inc (ANAC)
Quick Win by the Algorithm
Anacor Pharmaceuticals Inc.
On May 13th, 2016, The I Know First algorithm gave a bullish signal of 4.29 for the ticker ANAC, which had a predictability indicator of 0.08. In accordance with the algorithm’s prediction, ANAC spiked 62.74% in the following three days.
Anacor Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on discovering, developing and commercializing small-molecule therapeutics derived from its boron chemistry platform.
Lately, Anacor Pharmaceuticals stocks jumped 62% on news that it was being purchased by the drug giant Pfizer for $5.2 billion in cash, on Monday, May 16. The agreement looks like a done deal as both companies’ executives have signed off on the merger.
Pfizer decided to acquire the company mainly to get its hands on Anacor’s cisaborole, which is a treatment for eczema that is currently review by the FDA. That drug represents “an attractive opportunity to address a significant unmet medical need for a large patient population with mild-to-moderate atopic dermatitis,” a Pfizer executive said in a press release.
With approximately 20 million Americans suffering from mild or moderate eczema, the drug represents a big profit opportunity. “If approved, Pfizer believes peak year sales for crisaborole have the potential to reach or exceed $2.0 billion,” the two companies said in the joint statement.
