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

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

Down In The Dumps

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

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

Stocks In Focus

Merck Acquires Calporta For Up To $576M

COI Pharma, established by Avalon Ventures, said Merck & Co., Inc. (NYSE: 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 (NASDAQ: 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. (NASDAQ: SGEN) said it has submitted an arbitration demand to the American Arbitration Association to resolve its dispute with DAIICHI SANKYO/S ADR (OTC: 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 (NYSE: 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 (NASDAQ: 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 (NASDAQ: 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 (NASDAQ: 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. (NASDAQ: 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 (NYSE: 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 (NASDAQ: 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 (NASDAQ: 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 (NASDAQ: 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 (NASDAQ: DCPH) - initial Phase 1 data for DCC-3014 in solid tumors

Earnings

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

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

 

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