Not that many biotech and pharma companies were on the move Thursday, just one day before the inauguration. However, a few of the smaller caps made splash, while broad markets were just trading sideways. Although some of the companies may not be the largest in the sector, they posted some of the biggest gains and losses on Thursday.
These companies 24/7 Wall St. has picked stood out from the rest on Thursday morning. We have included information about each stock, as well as recent trading activity and the consensus price target.
Apricus Biosciences Inc. (APRI) reported on Wednesday that Mexico has granted the company’s commercialization partner, Ferring Pharmaceuticals, market approval for Vitaros, an on-demand topical cream indicated for the treatment of patients with erectile dysfunction. This is the 26th country in which the product has been approved.
On Wednesday, the stock posted gains of nearly 90% on the day, with over 51 million shares moving. However, on Thursday the company continued to trade at an increased volume, but this time giving back some of its gains, with the stock down over 15%.
Shares of Apricus were last seen down 15.7% at $2.41, with a consensus analyst price target of $4.18 and a 52-week trading range of $0.26 to $4.07.
Catabasis Pharmaceuticals Inc. (CATB) announced the publication of Phase 1 data on edasalonexent in adult subjects. Edasalonexent is a potential disease-modifying therapy being developed for Duchenne muscular dystrophy (DMD).
Dr. Joanne Donovan, chief medical officer of Catabasis, commented:
These Phase 1 safety, tolerability and positive NF-kB biomarker results support edasalonexent development in Duchenne muscular dystrophy and potentially other diseases. The Phase 1 results in adults informed on the dose and dose schedule for the current MoveDMD trial in 4-7 year-old boys affected by Duchenne, where similar Phase 1 results were seen. We look forward to the results from the edasalonexent Phase 2 clinical trial in boys affected by Duchenne, which are expected in the first half of Q1 2017.
Shares of Catabasis were up 15% on Thursday to $4.78. The consensus price target is $17.00, and the 52-week range is $3.22 to $8.15.
When Zynerba Pharmaceuticals Inc. (ZYNE) reported that it intends to have an underwritten secondary offering, there were no pricing details listed in the release. The underwriters for the offering are Jefferies and Piper Jaffray.
The company intends to use the net proceeds from the offering to continue the funding of its clinical development of ZYN002 and ZYN001, for research and development, for working capital and general corporate purposes.
Shares of Zynerba were down about 16% at $18.89, with a 52-week range of $4.64 to $23.07. The consensus analyst target is $30.43.