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The Daily Biotech Pulse: Advaxis Posts Narrower Loss, Endocyte Announces $175M Offering, Leadership Transition At Insulet

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The Daily Biotech Pulse: Advaxis Posts Narrower Loss, Endocyte Announces $175M Offering, Leadership Transition At Insulet
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25 Stocks Moving In Tuesday's Pre-Market Session

Here's a roundup of top developments in the biotech space over the last 24 hours:

Scaling The Peaks

(Stocks that hit 52-week highs Sept. 7.)

  • Amgen, Inc. (NASDAQ: AMGN)/p>
  • BioSpecifics Technologies Corp. (NASDAQ: BSTC)
  • BIO-TECHNE Corp (NASDAQ: TECH)(Leerink analyst Puneet Souda raised his price target for Bio-Techne shares from $190 to $214.)
  • Eli Lilly And Co (NYSE: LLY)
  • Genomic Health, Inc. (NASDAQ: GHDX)
  • Kiniksa Pharmaceuticals Ltd (NASDAQ: KNSA)
  • Krystal Biotech Inc (NASDAQ: KRYS) (Cantor Fitzgerald initiated coverage of the stock with a Buy rating and $28 price target.)
  • Merck & Co., Inc. (NYSE: MRK)(The company received European approval for its Keytruda plus chemotherapy as first-line treatment for non-squamous non-small cell lung cancer.)
  • Myokardia Inc (NASDAQ: MYOK)
  • PRA Health Sciences Inc (NASDAQ: PRAH)
  • ProQR Therapeutics NV (NASDAQ: PRQR)
  • Rocket Pharmaceuticals Inc (NASDAQ: RCKT)
  • STRATA Skin Sciences Inc (NASDAQ: SSKN)
  • Tactile Systems Technology Inc (NASDAQ: TCMD)

Down In The Dumps

(Stocks that hit 52-week lows Sept. 7.)

  • Achaogen Inc (NASDAQ: AKAO)
  • Aytu Bioscience Inc (NASDAQ: AYTU)
  • Cellectar Biosciences Inc (NASDAQ: CLRB)
  • Endologix, Inc. (NASDAQ: ELGX)
  • Histogenics Corp (NASDAQ: HSGX)
  • Molecular Templates Inc (NASDAQ: MTEM)
  • Otonomy Inc (NASDAQ: OTIC)
  • Pernix Therapeutics Holdings Inc (NASDAQ: PTX)
  • Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP)
  • XBiotech Inc (NASDAQ: XBIT)

Stocks In Focus

Advaxis Q2 Loss Narrows

Advaxis, Inc. (NASDAQ: ADXS) reported a fiscal third-quarter loss of 27 cents per share compared to the year-ago loss of 80 cents per share. The loss narrowed due to a significant reduction in R&D and administrative expenses, the company said.

Analysts had estimated a loss of 25 cents per share for the quarter.

The shares rallied 4.58 percent to $1 in after-hours trading Monday.

Endocyte To Offer $175 Million In Shares In Secondary Offering

Endocyte, Inc. (NASDAQ: ECYT), which rallied over 11 percent Monday after it announced the FDA has permitted the use of radiographic progression-free survival as an endpoint for its clinical trial that evaluated the use of 177Lu-PSMA-617 for treating metastatic castration-resistant prostate cancer, said after the close it would offer $175 million in common stock in a registered underwritten public offering.

All shares earmarked for the offering will be sold by the company.

The stock fell 3.92 percent to $18.15 in after-hours trading Monday.

See also: New Class of Migraine Drug Creates Four-Way Pharma Development Race

Pacific Biosciences

Pacific Biosciences of California (NASDAQ: PACB) announced that it intends to sell shares of its common stock in an underwritten public offering, although it did not give the exact size of the offering.

The stock declined 8.94 percent to $4.28 in after-hours trading Monday.

Insulet Announces Leadership Transition

Insulet Corporation (NASDAQ: PODD) said CEO Patrick Sullivan will retire from the role effective Jan. 1. The company named Shacey Petrovic, its president and COO, as Sullivan's replacement.

The stock fell 1 percent to $104.82 in after-hours trading Monday.

Xenon Buys Out Milestones, Royalties Related To Epilepsy Drug

Xenon Pharmaceuticals Inc (NASDAQ: XENE) announced an agreement to buy out from Bausch Health Companies Inc (NYSE: BHC) all milestone payments and royalties with respect to XEN1101, a Kv7 potassium channel opener developed for epilepsy.

The amount owed to Bausch Health includes up to $39.6 million in potential clinical development, regulatory and sales-based milestones and a mid-to-high-single digit percentage royalty on commercial sales in exchange for a one-time payment of $6 million.

On The Radar

Incyte Corporation (NASDAQ: INCY) is due to present Phase 2 data for its ruxolitinib for treating atopic dermatitis between Sept. 12-16 at the 27th EADV Congress in Paris.

Related Link: Attention Biotech Investors: Mark Your Calendar For These September PDUFA Dates

Posted-In: Biotech Earnings News Offerings FDA Best of Benzinga

 

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25 Stocks Moving In Tuesday's Pre-Market Session