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The Daily Biotech Pulse: Nuvectra Explores Strategic Options, J&J To Contend Opioid Ruling, Sesen Bio Gets New CFO

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The Daily Biotech Pulse: Nuvectra Explores Strategic Options, J&J To Contend Opioid Ruling, Sesen Bio Gets New CFO

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 Aug. 26)

  • DURECT Corporation (NASDAQ: DRRX)
  • Stoke Therapeutics Inc (NASDAQ: STOK)

Down In The Dumps

(Biotech stocks hitting 52-week lows on Aug. 26)

  • Advaxis, Inc. (NASDAQ: ADXS)
  • Arbutus Biopharma Corp (NASDAQ: ABUS)
  • ASLAN PHARMACEU/ADR (NASDAQ: ASLN)
  • Avanos Medical Inc (NYSE: AVNS)
  • Cancer Genetics Inc (NASDAQ: CGIX)
  • Clearside Biomedical Inc (NASDAQ: CLSD)
  • Elanco Animal Health Inc (NYSE: ELAN)(Bank of America downgraded the shares to Neutral)
  • Neurometrix Inc (NASDAQ: NURO)
  • Regeneron Pharmaceuticals Inc (NASDAQ: REGN)
  • Stealth BioTherapeutics Corp (NASDAQ: MITO)
  • Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH)
  • Tocagen Inc (NASDAQ: TOCA)
  • Unity Biotechnology Inc (NASDAQ: UBX)
  • Zafgen Inc (NASDAQ: ZFGN)

Stocks In Focus

Nuvectra To Explore Strategic Options

Nuvectra Corp (NASDAQ: NVTR) announced its decision to explore strategic alternatives to enhance shareholder value, including a sale or merger of the company. The company said the step has been necessitated by the need of financing for the expected growth of its business.

"As we go through this process, we remain committed to providing physicians with world-class neurostimulation technology that improves the lives of patients and to assisting them in supporting their patients," the company said in a release.

The stock jumped 41.96% to $2.03 in after-hours trading.

Alcon Announces Commercial Launch Of First FDA-Approved Trifocal Lens

Alcon AG (NYSE: ALC) said the FDA approved its AcrySof IQ PanOptix trifocal intraocular lens, or IOL, the first and only trifocal lens for U.S. patients undergoing cataract surgery.

The company noted that PanOptix delivers an exceptional combination of near, intermediate and distance vision, while significantly reducing the need for glasses after surgery.

The company intends to begin training U.S. ophthalmologists and making inventory of both PanOptix and PanOptix Tonic IOLs available through the rest of 2019 into early 2020.

The stock rose 1.57% to $59.48 in after-hours trading.

J&J To Contend Cleveland's $572M Opioid Lawsuit Ruling

Johnson & Johnson (NYSE: JNJ) and its Janssen unit said they will appeal the $572 million civil judgment entered in Cleveland County District Court in the State of Oklahoma's lawsuit against opioid manufacturers.

 

The company sees strong grounds to appeal the decision, as it has complied with the federal and state laws, its medicines play an unique role in the lives of people in need of them and its responsible marketing practices.

Also, the company noted that since launch, its opioid medications Duragesic, Nucynta and Nucynta ET accounted for less than 1% of total opioid prescriptions in Oklahoma as well as the U.S.

The stock rose 2.31% to $130.75 in after-hours trading.

Sesen Bio Appoints Company Veteran Monica Forbes As CFO

Sesen Bio Inc (NASDAQ: SESN) announced the appointment of company veteran Monica Forbes as CFO, effective immediately, as she succeeds Richard Fitzgerald, who is leaving the company, effective Aug. 30. The company also announced the appointment of Kristin Anderson as Principal Accounting Officer.

The stock gained 2.65% to $1.16 in after-hours trading.

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

 

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