NEW YORK, NY / ACCESSWIRE / May 14, 2018 / Pharma stocks Regeneron and Synergy saw big gains this Friday with Synergy blasting over 15% upon reporting first quarter results. Regeneron also saw gains but there was no specific catalyst to explain the move. It was earlier in the month that the company reported its own first quarter results. It was last month that Regeneron and Sanofi received FDA priority review of its Biologics License Application for cemiplimab.
RDI Initiates Coverage on:
Regeneron Pharmaceuticals, Inc.
Synergy Pharmaceuticals Inc.
Regeneron Pharmaceuticals, Inc. shares closed up 6.24% on about 2.7 million shares traded this past Friday. There was no significant news from the company last week but it was last month that the Food and Drug Administration (FDA) accepted for priority review Regeneron Pharmaceuticals and Sanofi's Biologics License Application for cemiplimab for the treatment of individuals with metastatic CSCC (cutaneous squamous cell carcinoma) or individuals with locally advanced CSCC who cannot be treated with surgery. Cemiplimab had been given Breakthrough Therapy designation last September. FDA approval of cemiplimab will allow Regeneron Pharmaceuticals and Sanofi to commercialize the drug in the U.S. as well as 28 member countries of the European Union. It was earlier in the month that Regeneron reported first quarter 2018 earnings results. For the quarter the company reported revenue of $1.5 billion.
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Synergy Pharmaceuticals Inc. shares closed up 15.95% on almost 12.7 million shares traded. The stock hit a new 52-week low of $1.43 before soaring back to close in the green. It was on Thursday that the company reported first quarter results that showed a loss of $36.1 million for the quarter. On a per-share basis the biopharmaceutical company reported a loss of 15 cents. Revenue for the quarter was $8.6 million. CEO Troy Hamilton stated, "The first quarter of 2018 was all about executing on our three key business priorities of optimizing the value of TRULANCE, ensuring a strong financial foundation, and continuing to explore all strategic business development opportunities. With TRULANCE, we saw continued growth in prescriptions, market share and its prescriber base and with the IBS-C launch in late February, we have the opportunity to continue to drive further sales growth. In addition, we continued to efficiently manage our operating expenses by prioritizing key investments in areas of high return, such as expanding market access. Finally, we amended our debt agreement to allow for more flexible access to capital as we are pursuing strategic options that align with our core mission to deliver exceptional value to our patients, customers and shareholders." Trulance is a once-daily tablet approved for adults with CIC and IBS-C.
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