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Recent Market Movers: Healthcare Companies Making Headlines: DYAI, RIGL, ARDX, VERO, MEDS

Lately, several companies have garnered attention for various reasons, and this article aims to delve into five of them, offering insights into their recent developments. 

Dyadic International Inc. (NASDAQ: DYAI) experienced significant movement in its stock last week, with trading volumes surpassing the average and reaching a six-month high. The company specializes in advanced microbial platforms for protein development and bioproduction to address clinical needs. On February 21, 2024, it was revealed that Dyadic extended its partnership with the Israel Institute for Biological Research (IIBR) and its affiliate, Life Sciences Research Israel (LSRI), to develop solutions for emerging diseases. Earlier in February 2024, Dyadic garnered attention for its partnership with Cygnus Technologies, a division of Maravai LifeSciences (NASDAQ: MRVI) and on Friday, February 23, 2024, Maravai LifeSciences (NASDAQ: MRVI) surged by 63.6%, gaining $3.25 to close at $8.36. 

Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) made an announcement on February 22, 2024, regarding its definitive agreement to acquire the rights to GAVRETO in the United States from Blueprint Medicines Corporation. According to the press release, GAVRETO is an oral small-molecule kinase inhibitor targeting oncogenic RET fusions and wild-type RET fusions. GAVRETO has already received approval from the United States Food and Drug Administration for treating adults with metastatic RET fusion-positive non-small cell lung cancer (NSCLC), which accounts for the majority of lung cancer cases in the US, with RET fusions occurring in approximately 1-2% of the total patient population. 

Ardelyx Inc. (NASDAQ: ARDX) is a biopharmaceutical firm founded with the objective of developing, discovering, and commercializing pioneering medications to address unmet medical needs. On February 22, 2024, Ardelyx Inc. disclosed its financial outcomes for the fourth quarter and full fiscal year concluding on December 31, 2023. By December 31, 2023, the company possessed $184.3 million in cash, cash equivalents, and short-term investments. Total revenues for the fiscal year surged to $124.5 million from $52.2 million in the previous year, 2022. 

Venus Concept Inc. (NASDAQ: VERO), a leading global provider of medical aesthetic technology, revealed on February 23, 2024, that it had engaged in a registered direct offering, adhering to NASDAQ regulations regarding market pricing. Under this agreement, the company plans to offer 817,748 shares of its common stock at a price of $1.465 per share. Simultaneously, Venus Concept Inc. will conduct a private placement, issuing unregistered warrants enabling the purchase of up to 817,748 shares of common stock at an exercise price of $1.34 per share. These warrants will be immediately exercisable upon issuance and will remain valid for a period of five years from the date of issuance. 

TRxADE HEALTH INC. (NASDAQ: MEDS) serves as the parent entity of a B2B exchange platform catering to the pharmaceutical sector. On January 17, TRxADE HEALTH Inc. made public the submission of its quarterly report, Form 10-Q, for the quarter concluding on September 30, 2023. Notably, on November 21, 2023, the Nasdaq Listing Qualifications Department notified the company of its noncompliance due to the delayed filing of Form 10-Q. On February 20, 2024, TRxADE HEALTH's stock witnessed a remarkable surge, climbing by 98.04% to reach an intraday peak of $10.68, eventually closing at $9.09 with a trading volume of 12.44 million shares. Presently, the stock is trading within an elevated range, surpassing its 10, 20, 50, and 200-day moving averages at $8.58 per share.


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