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The Daily Biotech Pulse: FDA Nod For AstraZeneca, AbbVie-Allergan Deal Clears Antitrust Hurdle

The Daily Biotech Pulse: FDA Nod For AstraZeneca, AbbVie-Allergan Deal Clears Antitrust Hurdle

Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peak

(Biotech Stocks Hitting 52-week Highs May 5)

Adverum Biotechnologies Inc (NASDAQ: ADVM) ( reacted to a positive clinical readout)
Akebia Therapeutics Inc (NASDAQ: AKBA) (announced positive topline results for a late-stage study of drug to treat anemia in chronic kidney disease patients)
ChemoCentryx Inc (NASDAQ: CCXI)
Cytokinetics, Inc. (NASDAQ: CYTK)
DexCom, Inc. (NASDAQ: DXCM)
GenMark Diagnostics, Inc (NASDAQ: GNMK)(announced strong quarterly results)
Immunomedics, Inc. (NASDAQ: IMMU)
Immunovant Inc (NASDAQ: IMVT)
Masimo Corporation (NASDAQ: MASI)
Minerva Neurosciences Inc (NASDAQ: NERV)
ORIC Pharmaceuticals Inc (NASDAQ: ORIC)
Regeneron Pharmaceuticals Inc (NASDAQ: REGN)(reported quarterly results and announced positive results for its immuno-oncology therapy in treating skin cancer)
Seattle Genetics, Inc. (NASDAQ: SGEN)
TG Therapeutics Inc common stock (NASDAQ: TGTX)(announced positive late-stage readout for combo therapy in treating chronic lymphocytic leukemia)
Vermillion, Inc. (NASDAQ: VRML)
Zynex Inc. (NASDAQ: ZYXI)

Down In The Dumps

(Biotech Stocks Hitting 52-week Lows May 5)

Biofrontera AG (NASDAQ: BFRA)
Lyra Therapeutics Inc (NASDAQ: LYRA) (IPOed May 1)

Stocks In Focus

AstraZeneca's Farxiga Gets Label Expansion to Treat Heart Failure

AstraZeneca plc (NYSE: AZN) announced FDA approval for Farxiga oral tablets for adults with heart failure with reduced ejection fraction to reduce the risk of cardiovascular death and hospitalization for heart failure.

In after-hours trading, the stock edged up 0.52% to $53.75.

AbbVie Gets Antitrust Clearance For Allergan Buy

AbbVie Inc (NYSE: ABBV) and Allergan plc (NYSE: AGN) announced they have received clearance from the FTC for the pending acquisition of the latter by the former. The clearance was obtained following Allergan's decision to divest its autoimmune disorder treatment brazikumab to AstraZeneca as well as exocrine pancreatic insufficiency therapy Zenpep and another pancreatic enzyme preparation to Nestlé S.A. (OTC: NSRGY).

Allergan has also decided that only one of its directors will join AbbVie board, and the companies have amended the transaction agreement accordingly. The closing of the deal is now contingent on the Irish High Court approval. A hearing for the same is scheduled today.

See Also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates

Qiagen Expects Q2 Results Above Consensus; Suspends Guidance

Qiagen NV (NYSE: QGEN) pre-announced second-quarter results, expecting net sales growth of at least 12% at constant exchange rates and adjusted earnings per share of at least 40 cents at CER. The company said the sales growth for the quarter is likely to have benefited from the ongoing significant demand for various products and solutions in pandemic testing, partly offset by lower sales in other areas of its portfolio.

The company also suspended its full-year outlook. It is scheduled to release its first-quarter results after the close.

Cidara Announces Positive Data For Anti-fungal and Anti-viral Candidates

Cidara Therapeutics Inc (NASDAQ: CDTX) announced publication of 10 abstracts reporting new clinical and preclinical data on the Company's antifungal rezafungin program and preclinical data on its Cloudbreak antiviral program that was to be present at the now cancelled European Congress of Clinical Microbiology and Infectious Diseases 2020 meeting.

Data from the STRIVE Phase 2 trial showed that a single dose of rezafungin has a Day 5 success rate of 62.3% compared to 55.7% for the approved echinocandin comparator, caspofungin. Additionally, preclinical data in a rabbit model of Candida endophthalmitis showed treatment with rezafungin significantly lowered fungal burden as compared to micafungin, azole as well as vehicle control in multiple eye tissues.

New findings on the company's Cloudbreak antiviral platform candidate CD377 showed the candidate's tolerability and stability in preclinical invitro and invivo studies. In animal testing, single doses of CD377 showed a greater decrease in lung viral burden and cytokine levels compared to oseltamivir, dosed for five days.

The stock added 3.68% to $3.10 in after-hours trading.


Kura Oncology Inc (NASDAQ: KURA) said it has commenced an underwritten public offering to sell shares of its common stock.

In after-hours trading, the stock fell 1.03% to $14.46.

Silk Road Medical Inc (NASDAQ: SILK) said it has priced an underwritten public offering of 6.81 million shares of its common stock at $39 per share. About 4.89 million shares are being offered by the company and the remaining 1.92 million by certain selling shareholders. The company expects to generate gross proceeds of about $75 million from the offering. The offering is expected to close May 8.

The stock fell 7% to $40.25 in after-hours trading.


Supernus Pharmaceuticals Inc's (NASDAQ: SUPN) first-quarter revenues rose 11% to $95 million, ahead of the $83.48 million consensus estimate, and earnings per share, or, EPS, came in at 40 cents compared to the Street estimate of 28 cents. The company suspended its full-year guidance.

The stock jumped 22.69% to $27.20 in after-hours trading.

Clovis Oncology Inc (NASDAQ: CLVS) reported Rubraca product revenues of $42.6 million compared to the consensus estimate of $41.41 million. The net loss, however, came in wider than expectations at $1.39 per share.

The stock gained 9.73% to $8.46 in after-hours trading.

Axonics Modulation Technologies Inc (NASDAQ: AXNX) reported first-quarter revenues of $26.3 million, way ahead of the consensus of $15.16 million. The loss per share came in at 43 cents compared to the 61-cents consensus estimate.
In after-hours trading, the stock was up 7.42% to $35.75.

Myriad Genetics, Inc. (NASDAQ: MYGN) reported below-consensus revenues and an unexpected loss for its first quarter.

The stock slipped 8.13% to $13.61 in after-hours trading.

Jazz Pharmaceuticals PLC's (NASDAQ: JAZZ) first-quarter revenues climbed 5% to $535 million, trailing estimates of $544.55 million. The adjusted EPS came in at 45 cents, below the consensus estimate of 67 cents. The company lowered its full-year guidance.

In after-hours trading, the stock slipped 6.26% to $103.50.

Cytosorbents Corp (NASDAQ: CTSO) reported first-quarter revenues of $8.7 million compared to the average analysts' estimate of $7 million. The loss came in at 10 cents per share compared to the 13 cents per share loss estimated by analysts. The company also hinted at higher second-quarter revenues relative to the first quarter, thanks to CytoSorb, which is used as a treatment of cytokine storm in many countries worldwide.

The stock gained 7.52% to $10.01 in after-hours trading.

T2 Biosystems Inc (NASDAQ: TTOO) reported below-consensus first-quarter revenues and a wider-than-expected loss.

The stock slumped 9.67% to 54 cents in after-hours trading.

Agile Therapeutics Inc (NASDAQ: AGRX) reported a wider-than-expected first-quarter loss.

In premarket trading, the stock declined 9.19% to $2.57.

Danish diabetes drug company Novo Nordisk A/S (NYSE: NVO) said its first-quarter sales as well as EPS climbed 16%, thanks to pandemic-related stocking.

On The Radar

Axcella Health Inc (NASDAQ: AXLA) is due to announce top-line data from a study that is assessing the impact of AXA1125 and AXA1957 on safety, tolerability and effects on structures and functions of the liver in adult subjects with nonalcoholic fatty liver disease, or NAFLD.


Eyepoint Pharmaceuticals Inc (NASDAQ: EYPT) (before the market open)
Horizon Therapeutics PLC (NASDAQ: HZNP) (before the market open)
Constellation Pharmaceuticals Inc (NASDAQ: CNST) (before the market open)
Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) (before the market open)
IVERIC bio Inc (NASDAQ: ISEE) (before the market open)
Blueprint Medicines Corp (NASDAQ: BPMC) (before the market open)
BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) (before the market open)
Strongbridge Biopharma plc (NASDAQ: SBBP) (before the market open)
Evofem Biosciences, Inc. (NASDAQ: EVFM) (before the market open)
Neurocrine Biosciences, Inc. (NASDAQ: NBIX) (before the market open)
Jounce Therapeutics Inc (NASDAQ: JNCE) (before the market open)
PPD Inc (NASDAQ: PPD) (before the market open)
Zoetis Inc (NYSE: ZTS) (before the market open)
Ionis Pharmaceuticals Inc (NASDAQ: IONS) (before the market open)
TherapeuticsMD Inc (NASDAQ: TXMD) (before the market open)
Avanos Medical Inc (NYSE: AVNS) (before the market open)
Aerie Pharmaceuticals Inc (NASDAQ: AERI) (after the close)
Allogene Therapeutics Inc (NASDAQ: ALLO) (after the close)
ADMA Biologics Inc (NASDAQ: ADMA) (after the close)
Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) (after the close)
AxoGen, Inc Common Stock (NASDAQ: AXGN) (after the close)
Global Blood Therapeutics Inc (NASDAQ: GBT) (after the close)
Pacific Biosciences of California (NASDAQ: PACB) (after the close)
Theravance Biopharma Inc (NASDAQ: TBPH) (after the close)
BioTelemetry Inc (NASDAQ: BEAT) (after the close)
Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) (after the close)
Veracyte Inc (NASDAQ: VCYT) (after the close)
Ligand Pharmaceuticals Inc. (NASDAQ: LGND) (after the close)
Precigen Inc (NASDAQ: PGEN) (after the close)
Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) (after the close)
OraSure Technologies, Inc. (NASDAQ: OSUR) (after the close)
NuVasive, Inc. (NASDAQ: NUVA) (after the close)
Sarepta Therapeutics Inc (NASDAQ: SRPT) (after the close)
Natera Inc (NASDAQ: NTRA) (after the close)
Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) (after the close)
Qiagen NV (NYSE: QGEN) (after the close)
Enanta Pharmaceuticals Inc (NASDAQ: ENTA) (after the close)
Esperion Therapeutics Inc (NASDAQ: ESPR) (after the close)
G1 Therapeutics Inc (NASDAQ: GTHX) (after the close)
Quidel Corporation (NASDAQ: QDEL) (after the close)
• Cytokinetics (after the close)
MannKind Corporation (NASDAQ: MNKD) (after the close)
Atara Biotherapeutics Inc (NASDAQ: ATRA) (after the close)
Cellular Biomedicine Group Inc (NASDAQ: CBMG) (after the close)
Opko Health Inc. (NASDAQ: OPK) (after the close)
VIVUS, Inc. (NASDAQ: VVUS) (after the close)
Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) (after the close)
Ultragenyx Pharmaceutical Inc (NASDAQ: RARE) (after the close)


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