Market Overview

The Daily Biotech Pulse: ContraVir's Volatile Ride Continues, Late-Stage Disappointment For Exelixis, Regeneron-Sanofi Breathe Easy

Share:
The Daily Biotech Pulse: ContraVir's Volatile Ride Continues, Late-Stage Disappointment For Exelixis, Regeneron-Sanofi Breathe Easy

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

Scaling The Peaks

(Biotech stocks hitting 52-week highs on June 20)

  • Abbott Laboratories (NYSE: ABT)
  • ANI Pharmaceuticals Inc Common Stock (NASDAQ: ANIP)
  • argenx SE – ADR (NASDAQ: ARGX)
  • ArQule, Inc. (NASDAQ: ARQL)
  • Celgene Corporation (NASDAQ: CELG)
  • Coherus Biosciences Inc (NASDAQ: CHRS)
  • DiaMedica Therapeutics Inc (NASDAQ: DMAC)(reported positive interim results from a Phase 1b study of its DM199, which is being evaluated for moderate-to-severe chronic kidney disease)
  • Edesa Biotech Inc (NASDAQ: EDSA)(FDA gave the go ahead to start a Phase 2b trial for EB01, its lead candidate being evaluated for chronic allergic contact dermatitis)
  • GALAPAGOS NV/S ADR (NASDAQ: GLPG)
  • Hologic, Inc. (NASDAQ: HOLX)
  • Repligen Corporation (NASDAQ: RGEN)
  • ResMed Inc. (NYSE: RMD)
  • Zynex Inc. (NASDAQ: ZYXI)

Down In The Dumps

(Biotech stocks hitting 52-week lows on June 20)

  • Abeona Therapeutics Inc (NASDAQ: ABEO)
  • Adial Pharmaceuticals Inc (NASDAQ: ADIL)
  • AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG)
  • ContraVir Pharmaceuticals Inc (NASDAQ: CTRV)
  • Jaguar Health Inc (NASDAQ: JAGX)
  • Minerva Neurosciences Inc (NASDAQ: NERV)
  • Neos Therapeutics Inc (NASDAQ: NEOS)
  • TrovaGene Inc (NASDAQ: TROV)

Stocks In Focus

ContraVir's NASH Candidate Gets Positive FDA Feedback Following Pre-IND Meeting

ContraVir said the FDA has given it positive feedback in response to its pre-IND meeting with regard to its candidate CRV431 in non-alcoholic steatohepatitis, or NASH. The positive feedback was for the pre-clinical data, which supports the study design for the NASH IND opening study.

The stock rallied 33.57% to $5.73 in after-hours trading.

Hologic Agrees To Buy French Ultrasound Products Company For Upto $85M

Hologic, Inc. (NASDAQ: HOLX) agreed to acquire SuperSonic Imagine, a French innovator in cart-based ultrasound products for 1.50 euro per share, corresponding to $39 million for all outstanding shares. With SuperSonic's outstanding debt assumed by Hologic, the maximum enterprise value would be $85 million.

Mustang Bio Rallies On Positive Analyst Action

Mustang Bio Inc (NASDAQ: MBIO) shares advanced strongly after Cantor Fitzgerald initiated coverage of the biotech with an Overweight rating and $7 price target suggesting, over 100% upside, according to Seeking Alpha.

The stock gained 6.82% to $3.60 in after-hours trading.

Exelixis' Skin Cancer Drug In Combo With Roche's Tecentriq Flunks Late-stage Study

Exelixis, Inc. (NASDAQ: EXEL) said in a SEC filing its collaboration partner Roche Holdings AG Basel ADR (OTC: RHHBY)'s Genentech unit has informed a Phase 3 trial dubbed IMspire170 that evaluated the combination of cobimetinib, a MEK inhibitor discovered by Exelixis, and Tecentriq, an anti-PDL1 antibody, did not meet the primary endpoint of progression-free survival compared to Merck & Co., Inc. (NYSE: MRK)'s Keytruda, a current standard of care in patients with previously untreated BRAF V600 wild-type advanced melanoma.

Exelixis' stock fell 7.24% to $19.61 in after-hours trading.

Regeneron-Sanofi's Asthma Treatment Biologics Aces Proof-Of-concept Phase 2 Study

Regeneron Pharmaceuticals Inc (NASDAQ: REGN) and Sanofi SA (NASDAQ: SNY) said a Phase 2 proof-of-concept trial evaluating their IL-33 antibody REGN3500 met the primary end point of an improvement in loss of asthma control compared to placebo. The companies also said the study met the key secondary endpoint of the REGN3500 monotherapy significantly improving the lung function compared to placebo.

Selecta Appoints Biopharma Industry Veteran to Board

Selecta Biosciences Inc (NASDAQ: SELB) announced the appointment of Scott Myers, a biopharma industry veteran, to its board. The company said it hopes to draw on Myers' product development and commercial experience, as it advances its lead program – SEL-212 – for the treatment of chronic refractory gout, and explore its ImmTOR technology in gene therapy.

The stock gained 10.05% to $2.30 in after-hours trading.

Posted-In: Biotech M&A News FDA Top Stories Pre-Market Outlook Trading Ideas Best of Benzinga

 

Related Articles (ABT + ABEO)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Kevin O'Leary On How His E-Commerce And Internet ETF Is Thriving In A Volatile Market

This Day In Market History: Penn Central Bankruptcy