Market Overview

ICYMI: Pharmaceutical Stocks Are Moving Big On Monday


Pharmaceutical stocks made big moves Monday.

ImmunoGen, Inc. (NASDAQ: IMGN) spiked up over 20 percent to $9.06 following news that Takeda Pharmaceutical Co Ltd (ADR) (OTCMKTS: TKPYY) had licensed exclusive rights to use ImmunoGen's ADC technology to develop and commercialize targeted anticancer therapeutics to up to two undisclosed targets, according to a press release.

ImmunoGen was to receive $20 million upfront and was eligible to receive milestone payments potentially totaling up to $210 million plus royalties on the commercial net sales of any resulting ADC products.

Dermira Inc (NASDAQ: DERM) surged over 6 percent to $16.19 Monday morning following the presentation of clinical data from its successful DRM01 Phase 2a trial in patients with facial acne vulgaris. According to the company's press release, the primary endpoints in this trial were met with statistical significance.

Related Link: Gilead Shares Tumble On Drug Warning; Baird Says Buy

Dynavax Technologies Corporation (NASDAQ: DVAX) traded at $24.44, up 8.03 percent following an upgrade by J.P. Morgan.

Shares of MEI Pharma Inc (NASDAQ: MEIP) crashed nearly 70 percent to $1.97 following news the company's cancer drug, Pracinostat, failed to meet its main goal in a Phase II clinical investigation.

Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) fell over 3 percent and recently traded at $126.81 following the release of data from its 12-week Phase 2 study of VX-661 for Cystic Fibrosis. The primary endpoint of the study was safety and it showed that the combination regimen was generally well tolerated, and all patients completed 12 weeks of treatment.

Gilead Sciences, Inc. (NASDAQ: GILD) traded at $100.35, down 1.90 percent Monday following a warning that "nine patients taking its hepatitis C drugs Harvoni or Sovaldi along with the heart treatment amiodarone developed abnormally slow heartbeats and one died of cardiac arrest," according to Bloomberg.

Biogen Idec Inc (NASDAQ: BIIB) fell over 1 percent to $470.00 Monday following news that it will shorten its name to Biogen and expand its focus to Alzheimer's and ALS treatments.

Posted-In: Bloomberg ReutersBiotech News Movers General


Related Articles (BIIB + DERM)

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