NEW YORK, NY / ACCESSWIRE / May 30, 2017 / While still not anywhere the highs of 2015's boom, the Biotech Industry has shown some signs of a comeback in 2017. After a dismal 2016, the iShares NASDAQ Biotechnology Index ETF and the SPDR S&P Biotech ETF have posted year-to-date gains of 8.61 and 16.1 percent, respectively. In comparison, the Dow Jones Industrial Average is up 6.67 percent year-to-date, while the S&P 500 Index has increased 7.91 percent.
RDI Initiates Coverage on:
AEterna Zentaris Inc.
Dynavax Technologies Corp.
AEterna Zentaris' shares surged 22.92 percent to close at $1.18 a share on Friday. The stock traded between $0.95 and $1.21 on volume of 2.85 million shares traded. The company reported a net loss of $4.1 million, or a loss of $0.31 per share, for the first quarter of 2017, compared to a net loss of $3.7 million, or a loss of $0.37 per share, for the same quarter a year ago. Cash and cash equivalents were $17.8 million as at March 31, 2017. Shares of AEterna Zentaris have fallen approximately 67.22 percent year-to-date.
"On May 1, we reported that the ZoptEC (zoptarelin doxorubicin in endometrial cancer) Phase 3 study of Zoptrex in women with locally advanced, recurrent or metastatic endometrial cancer did not achieve its primary endpoint of demonstrating a statistically significant increase in the median period of overall survival of patients treated with Zoptrex as compared to patients treated with doxorubicin. Therefore, the results of the study do not support regulatory approval of Zoptrex. Based on this outcome, we do not anticipate conducting clinical trials of Zoptrex with respect to any other indications," commented David A. Dodd, President and Chief Executive Officer.
Access RDI's AEterna Zentaris Research Report at:
Dynavax Technologies' shares gained 2.70 percent to close at $5.70 a share on Friday. The stock traded between $5.55 and $5.79 on volume of 1.13 million shares traded. The company reported a net loss of $25.3 million, or a loss of $0.60 per share, for the first quarter of 2017, compared to a net loss of $27.0 million, or $0.70 per share, for the same quarter a year ago. Cash, cash equivalents and marketable securities were $85.4 million at March 31, 2017. Shares of Dynavax Technologies have gained approximately 44.30 percent year-to-date.
"In January we reduced operating cost, limited further investment in HEPLISAV-B [Hepatitis B Vaccine, (Recombinant) Adjuvanted] until after we have received approval, and focused our efforts on immuno-oncology," said Michael Ostrach, Chief Financial Officer of Dynavax. "We expect HEPLISAV-B costs prior to any FDA decision to be approximately $1 million per month and all other operating costs to support continued development of our oncology business for the remaining three quarters of 2017 to be approximately $45 million."
Access RDI's Dynavax Technologies Research Report at:
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