Why Shares of Point Biopharma Global Rose Monday
Shares of Point Biopharma Global (NASDAQ: PNT) were up 11.4% Monday afternoon after the healthcare company reported its first-quarter earnings and made an announcement about a collaboration with a manufacturer. The stock is up more than 46% so far this year.
Point is a radiopharmaceutical company that develops radioglands to fight cancer. Radioglands are precision nuclear medicine that may recognize and treat disease. The company, prior to announcing its quarterly report, said it was partnering with Ionetix, which manufactures isotopes, to create Ionetix Alpha.
The new company will be a subsidiary of Ionetix and will focus on the commercial-grade production of therapeutic isotopes, such as actinium-225. Point said it has pledged $10 million toward the new company. The deal was made to address a key bottleneck for Point in obtaining actinium-225 to allow it to run future trials.
Source Fool.com
