The Daily Biotech Pulse: Merck Goes Shopping, Nuvectra Files For Bankruptcy Protection, Opiant Rips Higher

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 Nov. 12)

  • ACADIA Pharmaceuticals Inc ACAD
  • Allergan plc AGN
  • Amgen, Inc. AMGN
  • Antares Pharma Inc ATRS
  • Arrowhead Pharmaceuticals Inc ARWR
  • Bio-Rad Laboratories, Inc. Class A Common Stock BIO
  • Bristol-Myers Squibb Co BMY
  • Celgene Corporation CELG
  • Crispr Therapeutics AG CRSP
  • Diplomat Pharmacy Inc DPLO( warned of going concern risk)
  • Dicerna Pharmaceuticals Inc DRNA
  • DexCom, Inc. DXCM
  • GALAPAGOS NV/S ADR GLPG
  • Galera Therapeutics Inc GRTX
  • Insulet Corporation PODD
  • Karyopharm Therapeutics Inc KPTI
  • Momenta Pharmaceuticals, Inc. MNTA
  • Neurocrine Biosciences, Inc. NBIX
  • Seattle Genetics, Inc. SGEN
  • Vertex Pharmaceuticals Incorporated VRTX
  • X T L Biopharmaceuticals Ltd XTLB
  • XOMA Corp XOMA
  • Zai Lab Ltd ZLAB
  • Zimmer Biomet Holdings Inc ZBH

Down In The Dumps

(Biotech stocks hitting 52-week lows on Nov. 12)

  • Affimed NV AFMD
  • Akebia Therapeutics Inc AKBA
  • Allena Pharmaceuticals Inc ALNA
  • Alpine Immune Sciences Inc ALPN(presented at a rheumatology conference new pre-clinical data for ALPN-101 in inflammatory/autoimmune diseases)
  • ASLAN PHARMACEU/ADR ASLN
  • BioCryst Pharmaceuticals, Inc. BCRX
  • Capricor Therapeutics Inc (NASDAQ: CAPR
  • Cellectar Biosciences Inc CLRB )(reacted to its third-quarter results)
  • CNS Pharmaceuticals Inc CNSP
  • Cocrystal Pharma Inc COCP(reacted to its third-quarter results)
  • Corbus Pharmaceuticals Holdings Inc CRBP
  • Diffusion Pharmaceuticals Inc DFFN
  • Genocea Biosciences Inc GNCA
  • Helius Medical Technologies Inc HSDT(reported its third-quarter results)
  • Idera Pharmaceuticals Inc IDRA
  • Kezar Life Sciences Inc KZR
  • Miragen Therapeutics Inc MGEN
  • Obseva SA OBSV
  • Ocugen Inc OCGN
  • Onconova Therapeutics Inc ONTX
  • Oramed Pharmaceuticals, Inc. ORMP
  • Oyster Point Pharma Inc OYST (IPOed on Oct. 31)
  • PDS Biotechnology Corp PDSB
  • Savara Inc SVRA
  • Sensus Healthcare Inc SRTS
  • SpringWorks Therapeutics Inc SWTX(reacted to its third-quarter results)
  • Solid Biosciences Inc SLDB(FDA placed its DMD gene therapy program on hold )
  • Tetraphase Pharmaceuticals Inc TTPH
  • Therapix Biosciences Ltd – ADR TRPX
  • Unum Therapeutics Inc UMRX
  • Verastem Inc VSTM
  • Viveve Medical Inc VIVE

Stocks In Focus

Merck Acquires Calporta For Up To $576M

COI Pharma, established by Avalon Ventures, said Merck & Co., Inc. MRK had acquired Calporta Therapeutics for a total potential consideration of up to $576 million, including an upfront payment and contingent milestone payments.

Calporta develops selective small molecule agonists to TRPML 1, which play a key role in lysosomal function by promoting autophagy and lysosomal exocytosis. These TRPML 1 agonists are being evaluated in preclinical studies to treat various lysosomal storage and neurodegenerative disorders, including Alzheimer's and Parkinson's disease.

Nuvectra Files For Chapter 11 Bankruptcy Protection

(Nuvectra Corp NVTR said it has elected to file a voluntary petition for Chapter 11 bankruptcy protection. The company said it intends to use the court-supervised process to continue its review of options to maximize value and address its financial obligations.

The stock tumbled 76.22% to 33 cents in after-hours trading.

Seattle Genetics Files Arbitration Demand To Settle Dispute Over Breast Cancer Drug Candidate

Seattle Genetics, Inc. SGEN said it has submitted an arbitration demand to the American Arbitration Association to resolve its dispute with DAIICHI SANKYO/S ADR DSNKY regarding ownership of certain technology used by the latter in its metastatic breast cancer drug candidate DS-8201, [Fam-] trastuzumab deruxtecan, among other candidates.

Seattle Genetics said its demand is to place the dispute in arbitration in Seattle, Washington, where it belongs under the agreement, even as Daiichi Sankyo has filed a declaratory judgment action in the U.S. District Court for the District of Delaware.

See Also: Biotech Stock On The Radar: Alkermes At A Crossroads

Mallinckrodt Reports Positive Efficacy Data For Acthar Gel

Mallinckrodt PLC MNK announced Phase 4 data on patient-reported outcomes for its Acthar Gel (repository corticotrophin injection), which showed improved disease measures that impact rheumatoid arthritis patients with persistently active disease, as early as Week 4, and resulted in clinically meaningful improvements in PROs.

The data was presented at the American College of Rheumatology/Association of Rheumatology Professionals 2019 annual meeting.

The stock rose 1.79% to $2.85 in after-hours trading.

Offerings

NextCure Inc NXTC shares, which received a price target cut at the hands of Bank of America on Tuesday, came under pressure in after-hours trading after it announced a proposed public offering of 3.2 million shares of its common stock.

The stock slid 8.85% to $34.10 in after-hours trading.

Reata Pharmaceuticals Inc RETA said it plans to offer 2 million shares of its Class A common stock in an underwritten public offering.

The stock, which tumbled about 15% in the regular session Tuesday in reaction to a clinical readout, rose 1.46% to $185.50 in after-hours trading.

BioCryst announced intention to sell $55 million worth of its common stock in a follow-on offering. The stock declined 8.94% to $1.63 in after-hours trading.

Replimune Group Inc REPL announced a proposed public offering of up to 5 million shares of its common stock. The shares fell 2.46% to $16.29 in after-hours trading.

Earnings

Marker Therapeutics, Inc. MRKR reported a loss of 12 cents per share for the third quarter, narrower than the loss of 32 cents per share a year ago, while analysts estimated a loss of 13 cents per share. The company also said its current cash position will be sufficient to fund operations at least until the fourth quarter of 2020.

The stock slipped 9.95% to $3.53 in after-hours trading.

Transenterix Inc's TRXC third-quarter revenues slipped from $5.4 million in 2018 to $2 million in 2019. The adjusted loss per share widened from 6 cents to 9 cents. The results trailed expectations.

The stock tumbled 18.17% to 25 cents in after-hours trading.

Catalyst Pharmaceuticals Inc CPRX reported net product revenues of $30.90 million in the third quarter of 2019 compared to no revenues a year ago. The company reversed to a profit of 13 cents per share from a loss of 8 cents per share in the year-ago quarter. The consensus estimate called for earnings per share of 11 cents.

The stock slipped 11.41% to $4.35 in after-hours trading.

HTG Molecular Diagnostics Inc HTGM said its revenues increased from $4.71 million in the third quarter of 2018 to $5.40 million in the third quarter of 2019. The loss per share narrowed from 17 cent to 15 cents. The company forecast full-year revenues of $19 million to $20 million, below the $23.94 million consensus estimate.

The stock moved down 18% to 64 cents in after-hours trading.

Opiant Pharmaceuticals Inc's OPNT third quarter revenues climbed notably from $4.37 million in 2018 to $20.64 million in 2019, thanks to a surge in royalty and licensing revenues. The company reversed from a loss of 32 cents per share to a profit of $2.64 per share. Analysts, on average, estimated a loss of 9 cents per share.

The stock jumped 31.76% to $20.70 in after-hours trading.

On The Radar

Clinical Readouts

2019 Connective Tissue Oncology Society Annual Meeting Presentations

Deciphera Pharmaceuticals Inc DCPH - initial Phase 1 data for DCC-3014 in solid tumors

Earnings

Liquidia Technologies Inc LQDA (before the market open)
Matinas BioPharma Holdings Inc MTNB (before the market open)
Alpine Immune Sciences Inc ALPN (after the market close)
Biocept Inc BIOC (after the market close)
DiaMedica Therapeutics Inc DMAC (after the market close)
Gamida Cell Ltd GMDA (after the market close)
Edap Tms SA EDAP (after the market close)
Cyclacel Pharmaceuticals Inc CYCC (after the market close)
Y-mAbs Therapeutics, Inc YMAB (after the market close)
Eyenovia Inc EYEN (after the market close)

Posted In: BiotechM&ANewsOfferingsFDATop StoriesPre-Market OutlookTrading Ideas