Last week, companies like Sunesis Pharmaceuticals, Inc. SNSS and Chimerix, Inc. CMRX were in the news due to pipeline updates. While Sunesis' shares slumped on disappointing data, Chimerix made news related to the Ebola virus. Meanwhile, Regeneron's REGN Eylea continues to gain approval for new indications.
Recap of the Week's Most Important Stories
1. Sunesis' shares tanked 78% on news that a pivotal phase III study being conducted on Qinprezo (vosaroxin) and cytarabine failed to achieve the primary endpoint. The study was being conducted in patients with first relapsed or refractory acute myeloid leukemia (Read more: Sunesis Pharmaceuticals Down on Failure of Trial on Qinprezo).
2. Chimerix's shares are trading up ever since the company announced that its lead compound, brincidofovir, has been provided for the potential treatment of patients suffering from Ebola. Brincidofovir is actually in late-stage development for the treatment of adenovirus infections in immunocompromised transplant patients. However, last month, brincidofovir demonstrated in vitro activity against the Ebola virus.
With the Ebola virus outbreak gaining momentum, more focus is being placed on candidates that could treat the deadly disease.
Chimerix is now working with the FDA to finalize a study protocol for the evaluation of the tolerability and efficacy of brincidofovir in Ebola patients. The company's shares were up more than 10% on the news.
3. Regeneron continues to score with its blockbuster eye drug, Eylea. The latest update from Regeneron is that the FDA has approved Eylea for the treatment of macular edema following retinal vein occlusion (RVO). This means that Eylea can now be used for macular edema following branch retinal vein occlusion (BRVO) in addition to the previously-approved indication of macular edema following central retinal vein occlusion (CRVO). The approval for the broader indication should bring in more sales for Regeneron (Read more: Regeneron's Eye Drug Eylea Wins Another FDA Approval).
4. Incyte INCY earned a $60 million milestone payment from Novartis related to the reimbursement of Jakavi in Europe. While this amount will be recorded as contract revenue in the third quarter, the payment will be received in the fourth quarter. Novartis has exclusive rights to develop and commercialize Jakavi outside the U.S. for all hematologic and oncologic indications (Read more: Incyte Receives $60M Milestone Payment Related to Jakavi).
Performance
Last week, Alexion ALXN was the only stock among the major biotechs to record an increase in share price (up 1.29%).
Vertex VRTX was the biggest loser among the big biotechs last week with its shares declining 8.44%.
However, Vertex was the biggest gainer over the last six months (up 54.86%) with Gilead being a close second (up 44.39%).
Overall, the NASDAQ Biotechnology Index was down 2.46% last week (See the last biotech stock roundup here: Auxilium an Acquisition Target, Amgen Submits another BLA).
| Company | Last Week | Last 6 Months |
| AMGN | -3.15% | 15.66% |
| BIIB | -4.50% | 7.39% |
| GILD | -2.03% | 44.39% |
| CELG | -2.46% | 32.87% |
| REGN | -1.75% | 23.34% |
| ALXN | -1.29% | 15.31% |
| VRTX | -8.44% | 54.86% |
What's Next in the Biotech World?
Later this week, the FDA is expected to decide on the approval status of a once-daily fixed-dose combination of Gilead's GILD Sovaldi and ledipasvir for the treatment of chronic hepatitis C virus genotype 1 infection in adults.
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ALEXION PHARMA ALXN: Free Stock Analysis Report
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