Thursday’s trading session featured significant gains among biotechnology equities, headlined by Virax Biolabs on a new partnership with Fosun Diagnostics, Forte Biosciences after encouraging vitiligo data, First Tracks Biotherapeutics with momentum ahead of catalysts, and SANUWAVE Health despite a recent guidance reduction.
Virax Biolabs Doubles on Fosun Deal
Virax Biolabs Group Ltd. (VRAX), a biotechnology firm developing immune response testing and T-cell analysis, ranked among Thursday’s top performers as its shares climbed more than 100%.
The advance followed an announcement that its wholly owned subsidiary, Virax Biolabs (UK) Limited, entered an exclusive multi-country commercial supply agreement with Fosun Diagnostics for the ImmuneSelect product line.
ImmuneSelect is Virax’s commercially available research-use-only (RUO) immune profiling portfolio.
The agreement spans six Southeast Asian markets—Thailand, Vietnam, Indonesia, the Philippines, Singapore, and Malaysia—and establishes a framework for immediate supply via purchase orders. The collaboration is anticipated to generate near-term revenue while expanding Virax’s commercial footprint in the region.
In a separate move, the company confirmed a definitive agreement to exercise certain outstanding preferred investment options for up to 548,000 ordinary shares. Originally issued in October 2023 and amended in December 2025, the options’ exercise price was lowered from $10.00 to $6.00 per share.
VRAX closed Thursday at $6.36, up 100%.
Positive Vitiligo Data Propels Forte Biosciences
Forte Biosciences Inc. (FBRX), a clinical-stage biopharmaceutical company targeting autoimmune and autoimmune-related diseases, leapt 78% on Thursday after reporting positive Phase 1b results for FB102 in vitiligo.
The trial demonstrated statistically significant improvement by Day 64, with gains sustained through Week 24. Patients continued to improve for 12 weeks after the 12-week treatment concluded, indicating durable effects via suppression of harmful T cells while sparing protective regulatory T cells.
FB102 is also being evaluated in a Phase 2 celiac disease study and a Phase 1b alopecia areata trial, with topline data expected this year.
FBRX ended Thursday at $36.70, a 78.33% increase.
First Tracks Biotherapeutics Advances
First Tracks Biotherapeutics Inc. (TRAX), a clinical-stage biotech developing antibody therapies that modulate immune pathways in autoimmune and inflammatory diseases, rose over 55% on Thursday without specific news.
The company was spun out of AnaptysBio Inc. (ANAB), completing the separation on April 20, 2026. Its pipeline includes ANB033, a CD122 antagonist in Phase 1b for celiac disease and eosinophilic esophagitis; Rosnilimab, a pathogenic T-cell depleter that has completed Phase 2b in rheumatoid arthritis; and ANB101, a BDCA2 modulator in a Phase 1a healthy-volunteer study.
Top-line Phase 1b data for ANB033 in celiac disease are anticipated in Q4 2026, while eosinophilic esophagitis readouts are expected mid-2027.
TRAX closed at $32.40, up 55.95%.
TransCode Therapeutics: Upcoming Catalyst
TransCode Therapeutics Inc. (RNAZ), a clinical-stage immuno-oncology and RNA therapeutics developer for advanced cancers, holds a clinical catalyst later this year.
Its lead candidate, TTX MC138, is in a Phase 2a trial in colorectal cancer patients with circulating tumor DNA (ctDNA) positivity after curative-intent therapy. The study plans to enroll up to 45 patients who completed standard curative treatment, show no radiographic disease, yet remain or become ctDNA-positive, signaling minimal residual disease.
An enrollment update is expected this quarter, with preliminary results in Q4 2026.
RNAZ finished at $9.60, up 21.84%.
Connect Biopharma Nears Data Readout
Connect Biopharma Holdings Ltd. (CNTB), a clinical-stage biopharmaceutical focused on inflammatory disease care, has a near-term catalyst pending.
The Seabreeze STAT Asthma study—a Phase 2 trial of rademikibart, a next-generation anti-IL-4Rα antibody, as adjunct therapy for acute asthma exacerbations with type 2 inflammation—is underway.
Topline data are expected in early September 2026.
CNTB closed at $2.66, up 19.82%.
SANUWAVE Health Gains Despite Guidance Cut
SANUWAVE Health Inc. (SNWV), provider of FDA-cleared directed energy systems for advanced wound care, rose over 19% on Thursday absent specific news.
The company will report Q2 2026 financials in early August. Its flagship UltraMIST System uses acoustic wave therapy to promote healing by controlling inflammation, reducing wound-bed bacteria, and increasing angiogenesis.
Projected Q2 2026 revenue of $8.5M–$9.5M falls short of the prior $11.1M–$11.6M guidance issued May 13; year-ago revenue was $10.2M.
The reduced outlook reflects reimbursement clawbacks by CMS for skin substitutes and allografts, stricter than expected, causing some wound care practices to close and resell used UltraMIST units, dampening new-system demand. Management remains optimistic on long-term pipeline despite near-term capital equipment headwinds.
SNWV ended at $12.10, up 19.75%.
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