The Daily Biotech Pulse: Merck Goes Shopping, Nuvectra Files For Bankruptcy Protection, Opiant Rips Higher - Merck & Co (NYSE:MRK), iShares Biotechnology ETF (NASDAQ:IBB)

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.

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)

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