Biotech stocks were seen consolidating last week after advancing in the previous week. The iShares NASDAQ Biotechnology Index (NASDAQ: IBB) reached a 52-week high of 121.16 Monday, although it has come off this level since then.
The week saw huge moves in reaction to presentations at the American Society of Hematology annual meeting. A few M&A announcements were made, including Merck & Co., Inc.'s (NYSE: MRK) deal to buy ArQule, Inc. (NASDAQ: ARQL) and Sanofi SA's (NASDAQ: SNY) proposed purchase of Synthorx Inc (NASDAQ: THOR).
Correvio Pharma Corp (NASDAQ: CORV) fell sharply in the week following an FDA panel snub of its atrial fibrillation treatment Brinavess.
The following are key catalytic events expected in the week ahead:
The FDA is set to rule on Avadel Pharmaceuticals PLC's (NASDAQ: AVDL) NDA for AV001, a sterile injectable product for the hospital market. The PDUFA date is scheduled for Sunday following a three-month extension from the original decision date of Sept. 15.
FDA's Oncologic Drugs Advisory Committee will discuss Wednesday Epizyme Inc's (NASDAQ: EPZM) NDA for tazemetostat tablets for treating patients with metastatic or locally advanced epithelioid sarcoma who are not eligible for curative surgery.
Anavex Life Sciences Corp (NASDAQ: AVXL) (Monday, after the market close)
The week could see clinical readouts from companies that have given a timeline of December/fourth quarter/second half of 2019/year-end 2019.
Regeneron Shares Swing On Sanofi's Hint At Sale Of Ownership Stake, Amendments To Drug Collaborations
Attention Biotech Investors: Mark Your Calendar For These December PDUFA Dates
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