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The Daily Biotech Pulse: Amgen Hurt By Generic Competition, Nanoviricides Confirms Working On Wuhan Virus, Arcutis IPO

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The Daily Biotech Pulse: Amgen Hurt By Generic Competition, Nanoviricides Confirms Working On Wuhan Virus, Arcutis IPO

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 Jan. 30)

  • Acceleron Pharma Inc (NASDAQ: XLRN)
  • Alector Inc (NASDAQ: ALEC)(priced its upsized offering of 8.35 million shares at $25 per share)
  • Applied Therapeutics, Inc. (NASDAQ: APLT)
  • Aptose Biosciences Inc (NASDAQ: APTO)
  • AtriCure Inc. (NASDAQ: ATRC)
  • Black Diamond Therapeutics Inc (NASDAQ: BDTX) (IPOed Thursday)
  • Eli Lilly And Co (NYSE: LLY)(reacted to its Q4 results)
  • Nymox Pharmaceutical Corp (NASDAQ: NYMX)
  • Profound Medical Corp (NASDAQ: PROF)
  • Quest Diagnostics Inc (NYSE: DGX)
  • Tandem Diabetes Care Inc (NASDAQ: TNDM)

Down In The Dumps

(Biotech Stocks Hitting 52-week lows on Jan. 30)

  • Avanos Medical Inc (NYSE: AVNS)
  • Allogene Therapeutics Inc (NASDAQ: ALLO)
  • Blueprint Medicines Corp (NASDAQ: BPMC)
  • Enanta Pharmaceuticals Inc (NASDAQ: ENTA)
  • Endologix, Inc. (NASDAQ: ELGX)
  • Galectin Therapeutics Inc. Common Stock (NASDAQ: GALT)
  • MediciNova, Inc. (NASDAQ: MNOV)
  • Neuronetics Inc (NASDAQ: STIM)
  • Portola Pharmaceuticals Inc (NASDAQ: PTLA)
  • REDHILL BIOPHAR/S ADR (NASDAQ: RDHL)
  • Therapix Biosciences Ltd – ADR (NASDAQ: TRPX)
  • Wave Life Sciences Ltd (NASDAQ: WVE)
  • X4 Pharmaceuticals Inc (NASDAQ: XFOR)
  • Zosano Pharma Corp (NASDAQ: ZSAN)

Stocks In Focus

Nanoviricides Working On Wuhan Coronavirus Treatment

NanoViricides Inc (NYSE: NNVC) confirmed reports that it is working on developing a treatment for the Wuhan coronavirus.

"Our platform technology enables possibly the most rapid pathway for new drug development against viral diseases," said Anil Diwan, President and Executive Chairman of Nanoviricides.

The stock jumped 41.67% to $17 in after-hours trading.

Earnings

Amgen, Inc.'s (NASDAQ: AMGN) fourth-quarter revenues fell 1% to $6.2 billion, hurt by the impact of biosimilar and generic competition against select products. Non-GAAP EPS, however, rose 6% to $3.64, and came in ahead of the $3.46 consensus estimate.

For the full-year, Amgen guided to revenues of $25 billion to $25.6 billion and non-GAAP EPS in the range of $14.85-$15.60. Analysts estimate EPS of $16.14 on revenues of $25.49 billion.

The stock slipped 2.50% to $220.50 in after-hours trading.

Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) said its fourth-quarter revenues climbed from $870.11 million in 2018 to $1.41 billion in 2019. Non-GAAP EPS improved from $1.30 to $1.70, while the consensus estimate called for EPS of $1.21.

For the full year, the company guided product revenues of $5.1 billion to $5.3 billion. Analyst estimate revenues of $4.88 billion.

The stock rallied 5.73% to $243.50 in after-hours trading.

Edwards Lifesciences Corp (NYSE: EW) reported 20% sales growth for the fourth quarter to $1.2 billion and adjusted EPS of $1.46, up 25%. The EPS trailed the consensus estimate of $1.49. The company narrowed its 2020 revenue guidance from $4.5 billion-$5 billion to $4.6 billion-$5 billion and hiked its EPS guidance from $6.05-$6.30 to $6.15-$6.40.

The stock added 3.86% to $243 in after-hours trading.

Offerings

Israeli biotechIntec Pharma Ltd (NASDAQ: NTEC) said it has priced its previously-announced underwritten public offering of 16.25 million shares and warrants to purchase up to 16.25 million shares at 40 cents per share. The company expects to generate gross proceeds of $6.5 million from the offering. The offering is expected to close on or about Feb. 4.

The stock slipped 19.29% to 37 cents in the after-hours trading.

On The Radar

Clinical Readouts

Miragen Therapeutics Inc (NASDAQ: MGEN) will present at the 12th Annual T-cell Lymphoma Forum, data from the Phase 1 trial of cobomarsen, a miR inhibitor, in patients with aggressive HTLV-1 Associated adult T-cell leukemia/lymphoma.

IPO

Arcutis Biotherapeutics, a biotech company developing topical therapies for common skin diseases, priced its upsized initial public offering of 9.375 million shares at $17, at the higher end of the estimated price range of $15-$17. The shares will be listed on the Nasdaq under the ticker symbol "ARQT."

 

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Posted-In: Biotech Earnings News Guidance Offerings IPOs Top Stories Pre-Market Outlook