Why Did Premiere Global Services, Inc. (PGI) And KaloBios Pharmaceuticals Inc (KBIO) Jump Today?

KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) is another stock soaring during the early trading hours. The biopharmaceutical company has seen a rebound in the past few days, with its shares improving 88.21% in September alone. The shares of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) have declined 69.21% year-to-date, following company’s failed phase 2 study of KB001-A released in January. The prescription medicine was targeted towards the treatment of pseudomonas lung infections in cystic fibrosis patients.

According to Zacks Research, KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) has an average rating of “hold” from three analysts. The pharmaceutical company reported its second quarter 2015 financial results on August 10, with net loss of $6.00 million or $1.46 per share. Some of the ongoing development programs of the clinical-stage biopharmaceutical company include KB004 Immunon-oncology program for EphA3 and KB003 Oncology program for treatment of chronic myelomonocytic leukemia (CMML). KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) announced clearance of Investigational New Drug Application for KB003 from the U.S. Food and Drug Administration (FDA) on July 29. Among the hedge funds that we track at Insider Monkey, Jim Simons’ Renaissance Technologies had 564,673 shares of the biopharmaceutical company in its portfolio at the end of the second quarter. Millennium Management and Biotechnology Value Fund were among hedgies disposing off their entire stake in the medical company.

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