The Daily Biotech Pulse: Qiagen Opts To Stay Solo Following Strategic Review, Spectrum Slumps On Negative Data, Microbot Medical To Offer Shares

The Daily Biotech Pulse: Qiagen Opts To Stay Solo Following Strategic Review, Spectrum Slumps On Negative Data, Microbot Medical To Offer Shares

The following is a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks that hit 52-week highs Dec. 24.)

  • Aimmune Therapeutics Inc AIMT
  • Applied Genetic Technologies Corp AGTC
  • Cassava Sciences Inc SAVA
  • ChemoCentryx Inc CCXI
  • Clearside Biomedical Inc CLSD
  • DURECT Corporation DRRX
  • Eiger Biopharmaceuticals Inc EIGR
  • Esperion Therapeutics Inc ESPR
  • Exagen Inc XGN
  • Forty Seven Inc FTSV
  • Fulcrum Therapeutics Inc FULC
  • Global Blood Therapeutics Inc GBT
  • Harpoon Therapeutics Inc HARP
  • Horizon Therapeutics PLC HZNP
  • Intuitive Surgical, Inc. ISRG
  • Jazz Pharmaceuticals PLC JAZZ
  • Karyopharm Therapeutics Inc KPTI
  • Kodiak Sciences Inc KOD (JPMorgan initiated coverage with an Outperform rating)
  • Microbot Medical Inc MBOT
  • Mirati Therapeutics Inc MRTX
  • Momenta Pharmaceuticals, Inc. MNTA
  • Myokardia Inc MYOK
  • NeoGenomics, Inc. NEO
  • NewLink Genetics Corp NLNK (reacted to announcement concerning licensing of ovarian cancer drug)
  • Nevro Corp NVRO
  • NuVasive, Inc. NUVA
  • Ovid Therapeutics Inc OVID
  • Oyster Point Pharma Inc OYST
  • SpringWorks Therapeutics Inc SWTX
  • Synthorx Inc THOR
  • TG Therapeutics Inc TGTX
  • XOMA Corp XOMA
  • Zimmer Biomet Holdings Inc ZBH

Down In The Dumps

(Biotech stocks that hit 52-week lows Dec. 24.)

  • Akorn, Inc. AKRX
  • KemPharm Inc KMPH
  • MediciNova, Inc. MNOV
  • Stealth BioTherapeutics Corp MITO (reacted to a downgrade by H.C. Wainwright to Neutral)
  • Therapix Biosciences Ltd – ADR TRPX

Stocks In Focus

Qiagen To Pursue Standalone Business Plan 

Following the conclusion of a strategic review, Qiagen NV QGEN said the execution of its current business plan is the best opportunity to drive future value creation.

The company's supervisory board determined the various offers received weren't compelling and therefore terminated all discussions in a bid to execute on the company's standalone plan.

The German molecular and genetic testing company announced a third-quarter shortfall in early October, the resignation of its CEO, the shelving of its development plan of its next-gen genome sequencing machines and restructuring initiatives.

In mid-November, the company confirmed the receipt of several non-binding offers.

The stock was down 27.9% at $29.90 in Thursday's premarket session. 

Microbot Medical Announces $9.59M Registered Direct Offering 

Microbot Medical Inc MBOT, which recently unveiled a fully disposable robotic system for endovascular procedures, said it has entered into definitive agreements with certain institutional investors for the sale of 912,858 shares in a registered direct offering at a purchase price of $10.50, priced at-the-market under Nasdaq rules.

The company expects gross proceeds of $9.58 million from the offering, with the offering expected to close on or about Dec. 27.

The stock was dropping by 20.82% to $12.89 in the premarket session. 

Spectrum Pharma Lung Cancer Fails To Meet Primary Endpoint In Midstage Trial

Spectrum Pharmaceuticals, Inc. SPPI said a Phase 2 trial that is evaluating its poziotinib for previously untreated non-small cell lung cancer with EGFR exon 20 insertion mutations did not meet the pre-specified primary endpoint in Cohort 1.

Notwithstanding the lower response rate, the company said it looks ahead to provide readout from Cohorts 2 and 3 in 2020. It also said it will provide an update on overall program strategy in the first quarter of 2020 after the completion of a full evaluation of data from the Cohort 1.

The company said its BLA for Rolontis, its pipeline for chemotherapy-induced neutropenia, was accepted for review by the FDA, with a PDUFA date of Oct. 24, 2020.

The stock was down 42.86% at $5 at the time of publication. 

Related Links:

10 Biotech M&A Targets Under The Scanner For 2020

A Perspective On Biopharma's Record M&A Run In 2019

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