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7 Biotech Movers To Watch Today: Prothena, Proteostasis, Global Blood Therapeutics And More

7 Biotech Movers To Watch Today: Prothena, Proteostasis, Global Blood Therapeutics And More

A number of biotech stocks are poised to make big moves Wednesday. Here's the news behind these moves.

Prothena Strikes It Rich With Celgene

Prothena Corporation PLC (NASDAQ: PRTA) was up 19 percent after the late-stage clinical biotech company announced a partnership with Celgene Corporation (NASDAQ: CELG) to develop therapies for a broad range of neurodegenerative diseases. The global collaboration agreement provides for Celgene paying a $100 million upfront payment and a $50 million equity investment by Celgene, plus future potential exercise and milestone payments.

Proteostasis On Rebound Mode On Withdrawal of Equity Offering

Proteostasis Therapeutics Inc (NASDAQ: PTI), which fell more 26 percent Tuesday in reaction to an announcement of a common stock offering and a short report, was up more than 10 percent Wednesday after the company said it's not proceeding with its proposed 9 million public offering.

Vascepa Approval In Lebanon

Amarin Corporation plc (ADR) (NASDAQ: AMRN), which focuses on developing therapies for improving cardiovascular health, announced the Ministry of Public Health in Lebanon has approved Vascepa capsules as a prescription medication for use in Lebanon as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia. The company sees this as a first of a series of anticipated approvals for the therapy in the MENA region.

The stock was up about 5 percent in pre-market trading, was in the red by 2 percent shortly after the opening bell.

Positive Trial Results

Cidara Therapeutics Inc (NASDAQ: CDTX), a developer of anti-infectives, said additional data and analyses from STRIVE Phase 2 clinical trial confirm positive efficacy results in both rezafungin arms. The company had released top-line STRIVE clinical data earlier this week. The company also presented definitive Phase 1 QT clinical trial data of rezafungin, showing no cardiac abnormalities.

The stock was up about 2.7 percent.

Teligent Basks On FDA Approval

Teligent Inc (NASDAQ: TLGT) traded up more than 3 percent after it announced FDA approval for Halobetasol Propionate Ointment.

Xencor Drops On Pricing Common Stock Offering

Xencor Inc (NASDAQ: XNCR) shares were down close to 5 percent after it announced it has priced its common stock offering of 7.3 million shares at $31 a share. Shares closed Tuesday's session at $32.27.

Global Blood Bleeds On Downgrade

Global Blood Therapeutics Inc (NASDAQ: GBT) shares were down about 4.5 percent after Morgan Stanley downgraded shares from Overweight to Equal-weight, with a $61 price target. The firm premised its downgrade on its belief that consensus expectations are already discounting positive Part A data for GBT-440, its therapy for sickle cell disease, which is due in the first half of 2018.

Related Links:

The Week Ahead In Biotech: Earnings, PDUFA Dates And More

7 Biotech Stocks With Clinical Trial Outcomes In March


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