Not that many biotech and pharma companies were on the move Wednesday, but a few of the smaller caps made splash, while one giant company posted a massive loss. Although some of these companies may not be the largest in the sector, they posted some of the biggest gains and losses on Wednesday.
We have included information about each stock, as well as recent trading activity and the consensus price target.
Gilead Sciences Inc. (GILD) reported fourth-quarter earnings after markets closed on Tuesday and consequently hit a new multiyear low.
The company posted $2.70 in earnings per share (EPS) and $7.3 billion in revenue, compared with the consensus estimates from Thomson Reuters that called for $2.61 in EPS and revenue of $7.15 billion. The same period of last year reportedly had EPS of $3.32 and $8.51 billion in revenue.
The HCV product sales were the key business segment this past quarter. Consisting of Harvoni, Sovaldi and Epclusa, HCV sales totaled $3.2 billion for the fourth quarter of 2016, compared to $4.9 billion last year.
In terms of guidance for the 2017 full year, the company expects to see net product sales in the range of $22.5 billion to $24.5 billion. Non-HCV sales are expected to be between $15.0 billion and $15.5 billion, while HCV product sales are expected to be in the range of $7.5 billion to $9.0 billion. The consensus estimates are $10.68 in EPS and $28.07 billion in revenue for the coming year.
Shares of Gilead were trading down nearly 10% at $66.13 on Wednesday, with a consensus analyst price target of $93.36 and a 52-week trading range of $65.75 to $103.10. Overall, this company lost about $9 billion worth of its total market cap on Wednesday.
Shares of Cellect Biotechnology Ltd. (APOP) rose handily on Wednesday after the company reported that it had treated the first blood cancer patient in its recently initiated Phase 1/2 trial of its stem cell technology ApoGraft.
The trial is intended to assess the Cellect ApoGraft process, which is designed to prevent graft-versus-host disease (GvHD), a common complication associated with stem cell transplant in which the transplanted immune cells attack the recipient's body cells and organs. GvHD is a life-threatening condition occurring in up to 50% of stem cell transplants. In this trial, the company will be testing stem cells transplanted from a matched donor related to the patient.
The company expects to release definitive and complete results from this trial before the end of the first quarter of this year.
Shares of Cellect were last seen up 21% at $5.05, with a consensus price target of $10.00 and a 52-week range of $2.30 to $8.78.
After the markets closed on Tuesday, Myriad Genetics Inc. (MYGN) reported its fiscal second-quarter financial results. The company posted $0.26 in EPS and $196.5 million in revenue, versus consensus estimates that called for $0.24 in EPS and $190.1 million in revenue.
The outlook for the fiscal third quarter calls for EPS in the range of $0.23 to $0.25 and revenues between $188 million and $190 million. The consensus estimates are $0.25 in EPS and $190.21 million in revenue for the current quarter.
Mark C. Capone, president and CEO of Myriad Genetics, commented:
Revenues this quarter reached their highest level in the last three years, driven by a return to sequential growth in hereditary cancer revenue and strong results from GeneSight. Importantly, our diversification strategy is working with new products now contributing more than two thirds of testing volume. We also made steady progress on increasing reimbursement that will ultimately unlock significant operating leverage and long-term shareholder value.
Myriad shares were trading up over 10% at $17.02. The consensus price target is $19.42, and the 52-week range is $15.15 to $39.74.
After Diffusion Pharmaceuticals Inc. (DFFN) announced data from its Phase 1/2 clinical trial for trans sodium crocetinate (TSC) in newly diagnosed glioblastoma multiforme, published in the Journal of Neurosurgery, its shares saw a solid gain on Wednesday.
Results from the Phase 1/2 clinical trial in 59 patients showed that 36.3% of the full TSC dose patients were alive at two years, compared to historical two-year survival rates ranging from 27% to 30%. TSC, the lead product candidate, is designed to target the tumor’s reduced oxygen microenvironment. TSC re-oxygenates cancerous tissue, thus making the cancer cells more susceptible to current radiation therapy and chemotherapy.
David Kalergis, board chair and chief executive, commented:
The publication of the article in the JNS provides peer-reviewed validation and raises the visibility of Diffusion across key stakeholder audiences. The very encouraging data from our Phase 1/2 clinical trial supports our strategy to advance into Phase 3 clinical development.
Shares of Diffusion Pharma were recently trading up 14% at $5.00, with a 52-week trading range of $0.08 to $15.50 and a consensus analyst price target of $89.30.
The announcement of a secondary offering crushed shares of Galena Biopharma Inc. (GALE) on Wednesday. The company expects to receive about $17 million in gross proceeds from the offering. Each unit in the offering is priced at $1.00 and consists of one full share of its common stock and a warrant to purchase one share. The warrants are immediately exercisable at a price of $1.10 per share and will expire five years from the date of issuance. The offering is expected to close on February 13, 2017.
The sole book-running manager for this offering is Canaccord Genuity.
Galena was trading down 40% at $0.84, with a consensus price target of $6.00 and a 52-week range of $0.16 to $4.75.