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The Daily Biotech Pulse: BioMarin Trims Outlook, MediciNova Enrolls First Patient In Brian Cancer Drug Study

Shanthi Rexaline

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 on Jan. 8)

  • Innoviva Inc (NASDAQ: INVA)
  • Organogenesis Holdings Inc (NASDAQ: ORGO) (announced positive Nasdaq listing determination)
  • PDL BioPharma Inc (NASDAQ: PDLI)
  • Takeda Pharmaceutical Co Ltd (NYSE: TAK) (announced completion of acquisition of Shire)

Down In The Dumps

(Biotech Stocks Hitting 52-week lows on Jan. 8)

  • Avrobio Inc (NASDAQ: AVRO)
  • AxoGen, Inc Common Stock (NASDAQ: AXGN)
  • Diplomat Pharmacy Inc (NYSE: DPLO)
  • NuVasive, Inc. (NASDAQ: NUVA)
  • Viveve Medical Inc (NASDAQ: VIVE)

Stocks In Focus BioMarin Revises Down FY18 Earnings Guidance

At the JPMorgan Health Care Conference, BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) announced updated guidance for 2018, with the overall revenue guidance largely unchanged at $1.47 billion to $1.53 billion. Kuvan net product revenue guidance was lowered from $440 million to $480 million to $430 million to $450 million.

The company lowered its non-GAAP net income guidance from $100 million to $140 million to $90 million to $105 million.

The stock slid 3.35 percent to $89.21 in after-hours trading.

ImmunoGen Sells Residual Rights For Breast Cancer Drug

ImmunoGen, Inc. (NASDAQ: IMGN) announced the sale of its residual rights to receive royalty payments on the commercial sales of Kadcyla, to OMERS, the province of Ontario's pension fund, for $65 million.

Kadcyla is the first ADC antibody-drug conjugates approved for the treatment of HER2-positive breast cancer.

As per a 2000 agreement, ImmunoGen was eligible to receive royalties in the 3-5 percent range in countries where ImmunoGen holds valid patents, and 2 percent in countries where it does not have valid patents.

MediciNova Enrolls First Patient In Brian Cancer Drug Study

MediciNova, Inc. (NASDAQ: MNOV), which is listed both on the Nasdaq and in Japan, said it has commenced enrollment of patients in a Phase 1/2 trial that is evaluating its MN-166 in combination with temozolomide for glioblastoma, a type of brain cancer.

Globus Medical

Globus Medical Inc (NYSE: GMED) announced preliminary results, expecting revenues of $195.5 million for Q4 and $712.5 million for FY18, representing 11 percent and 12 percent year-over-year growth, respectively. Analysts, on average, estimate revenues of $188.18 million for Q4 and $705.17 million for FY18.

"The fourth quarter marked the fifth consecutive quarter of double digit organic revenue growth, which is particularly outstanding considering the strong comparable quarter last year," CEO Dave Demski said.

The company established 2019 revenue and non-GAAP EPS guidance of $770 million and $1.72, respectively. The revenue guidance exceeded expectations, while EPS guidance fell short.

The stock rallied 10.44 percent to $44 in after-hours trading.

On The Radar Clinical Trial Results

Constellation Pharmaceuticals Inc (NASDAQ: CNST) will release updated Phase 2 data on first four patients treated with its investigational myelofibrosis candidate CPI-0610

Related Links:

The Week Ahead In Biotech: Conferences, Clinical Trials

Attention Biotech Investors: Mark Your Calendar For These January PDUFA Dates

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