114.75 0.00 (0.00%)
Pre-Market: 6:12AM EDT
|Bid||114.43 x 800|
|Ask||114.75 x 800|
|Day's Range||110.80 - 114.99|
|52 Week Range||100.22 - 122.97|
|PE Ratio (TTM)||3.99|
|Beta (3Y Monthly)||1.44|
|Expense Ratio (net)||0.47%|
Shares of Equillium rose in their public debut, as they opened 2.5% above the initial public offering price. The first trade was at $14.35 at 11:12 a.m. Eastern for 130,085 shares. The stock edged higher since to be up 4.3%. The IPO priced late Thursday at $14, at the bottom of the expected range of $14 to $16, to value the biotechnology company at about $233.8 million. Equillium sold 4.67 million shares to raise about $65.4 million. The company went public at a time that the Renaissance IPO ETF has dropped 11.6% over the past three months, the IShares Nasdaq Biotechnology ETF has shed 5.8% and the S&P 500 has slipped 1.1%.
Shares of Immune Design Corp. took a 42% dive toward a record low in premarket trade Friday, after the immunotherapy company said it discontinued its CMB305 cancer vaccine program. The company said late Thursday it made the design after an early analysis of a phase 2 study showed CMB305 combined with Tecentriq is not likely to show a survival benefit in relapsed synovial sarcoma patients. The company said it plans to focus on accelerating and expanding the development of its lymphoma therapy, G100. Leerink analyst Jonathan Chang cut his rating on Immune Design to market perform from outperform and slashed his price target on the stock (IMDZ) to $3 from $7. Chang wrote in a note to clients that while he views the decision to focus on G100 as a positive, "in the context of past disappointments that have pressured IMDZ shares, we believe this recent update could add to investor concerns on company execution, which has been a critical part of the IMDZ story." The stock had lost 74% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has lost 2.9% and the S&P 500 has gained 7.0%.
Share of Corium International Inc. rocketed 50.7% to pace all premarket gainers Friday, after the biotechnology company agreed to be acquired by private investment firm Gurnet Point Capital. Under terms of the deal, announced late Thursday, Gurnet will pay $12.50 in cash for each Corium share outstanding, a 50.4% premium to Thursday's closing price of $8.31. The deal is expected to close by the end of the year. Corium shares have lost 13.5% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF has gained 2.2% and the S&P 500 has tacked on 2.1%.
Celgene (CELG) is expected to report its third-quarter earnings on October 25. According to Wall Street analysts’ estimates, Celgene is expected to generate revenues of $3.8 billion in the third quarter.
Neurocrine Biosciences’ (NBIX) revenues grew from $6.3 million in the second quarter of 2017 to $96.9 million in the second quarter. The company reported net revenues of $168.0 million in the first half of this year, which grew from $6.3 million in the first half of 2017. Wall Street analysts expect Neurocrine Biosciences to generate revenues of $151.8 million in the third quarter.
In September 2018, the US FDA granted Portola Pharmaceuticals’ cerdulatinib, an investigational Syk/JAK inhibitor, an orphan drug designation for peripheral T-cell lymphoma (or PTCL) therapy. The FDA grants this designation to support the development of therapies for rare diseases. This designation provides benefits such as seven years of market exclusivity after approval, tax credits for certain clinical trials, and exemption of FDA application fees.
Insys Therapeutics (INSY) is a specialty pharmaceuticals company focused on developing cannabinoids and sprays. It reported EPS of -$0.37 on revenues of $23.47 million in the second quarter of 2018.
Biotechnology companies focused on marijuana-based products include GW Pharmaceuticals (GWPH), Cara Therapeutics (CARA), and Insys Therapeutics (INSY). In this series, we’ll look at these stocks and how they performed in the third quarter.
Shares of Kodiak Sciences Inc. debuted with little fanfare, as they traded little changed after the biotechnology company's initial public offering priced well below the expected range. The first trade was at $10 at 11:30 a.m. ET for 480,541 shares, matching the IPO price of $10, which valued the company at $318.3 million. The IPO was expected to price between $13 and $15. The company sold 9 million shares to raise $90 million. Kodiak has gone public at a time that the Renaissance IPO ETF has gained 3.3% year to date, while the iShares Nasdaq Biotechnology ETF has tacked on 11% and the S&P 500 has advanced 8.6%.
Shares of Guardant Health Inc. soared in their public debut Thursday, as they opened 46% above the initial public offering price, which was well above the expected range. The first trade for the cancer detection and treatment company's stock was at $27.75 at 10:48 a.m. ET for 1.7 million shares. That compares with the IPO price of $19, which was above the expected range of $15 to $17. The stock has extended gains since then, to trade up 51%. The company raised $237.5 million with the IPO, which values the company at $1.6 billion. Guardant is going public at a time that the Renaissance IPO ETF has slipped 0.9% over the past three months, while the iShares Nasdaq Biotechnology ETF has gained 7.5% and the S&P 500 has advanced 7.1%.
Shares of Vaxart Inc. shot up 44% in premarket trade Thursday, after the biotechnology company announced results from a phase 2 trial that its oral flu vaccine performed better than Sanofi's Fluzone. Sanofi's U.S.-listed shares shed 1.6% ahead of the open. "These latest results show that our vaccine elicited a significant expansion of mucosal homing receptor α4β7+ (β7+) plasmablasts to approximately 60% of all activated B cells, while Fluzone only maintained baseline levels of 20%," said Chief Scientific Officer Sean Tucker. Wouter Latour, chief executive of Vaxart, said, "We believe this clearly differentiates our oral vaccines from conventional injectable vaccines, and strongly suggests that vaccines based on Vaxart's proprietary vector adjuvant system could be optimal to protect against mucosal pathogens, including some of the major public health threats such as flu, norovirus, RSV and many others." The stock has tumbled 55.4% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF has rallied 13.6% and the S&P 500 has gained 9.4%.
In the third quarter, Gilead Sciences (GILD) delivered a dividend yield of 3.01%. In July, Gilead Sciences announced a cash dividend of $0.57 per share for the third quarter. Gilead Sciences announced that it would pay the dividend on September 27 to its shareholders of record on September 14. In the first and second quarters, Gilead Sciences delivered a dividend of $0.57 per share.
In the first half this year, Alexion Pharmaceuticals’ (ALXN) revenue grew 11% YoY (year-over-year) to $1.98 billion from $1.78 billion. Alexion’s Soliris generated revenue of $1.7 billion in H1 2018, with revenue of $800.1 million and $898.2 million in the first and second quarters, respectively.
Shares of Geron Corp. plummeted 63% to pace all premarket decliners, after the biopharmaceutical company said Janssen Biotech Inc. has terminated its collaboration and license agreement (CLA), following a strategic portfolio evaluation and prioritization of assets. As a result, Geron has regained global rights to develop and commercialize imetelstat. "We believe the clinical results from IMbark provide valuable insights into the potential future development of imetelstat for an underserved relapsed and refractory myelofibrosis patient population," said Geron Chief Executive John Scarlett. Transition of the imetelstat program to Geron is expected to occur over 12 months, which support from Janssen. Geron's stock, has more than tripled year to date through Wednesday (up 246%), while the iShares Nasdaq Biotechnology ETF has gained 13% and the S&P 500 has advanced 8.7%.
Shares of Aldeyra Therapeutics Inc. rocketed 35% toward a record high in active premarket trade Wednesday, after the biotechnology company announced positive results from a phase 1/2 trial of its treatment for pleural malignant mesothelioma. "The MESO-2 results are highly encouraging," said Dean Fennell, chief investigator of the cancer research UK Meso-2 clinical trial. "Addition of ADX-1612 to pemetrexed and either cisplatin or carboplatin achieved an overall response rate of 61%, the highest seen to date for addition of a novel agent to front-line chemotherapy." Aldeyra Chief Executive Todd Brady said he looks forward to meeting with regulatory authorities to discuss the results. The stock has run up 46% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF has rallied 13% and the S&P 500 has gained 9.1%.
Alexion Pharmaceuticals Inc. announced Wednesday an agreement to buy Syntimmune for a total value of up to $1.2 billion. Syntimmune is a clinical-stage biotechnology company, which currently has a treatment for autoimmune hemolytic anemia being evaluated in phase 1b/2a studies. The deal includes an upfront payment of $400 million and up to $800 million in potential additional milestone payments. Alexion plans to finance the deal through cash on hand. Alexion's stock, which was still inactive in premarket trade, has gained 7.9% year to date, while the iShares Nasdaq Biotechnology ETF has rallied 12.6% and the S&P 500 has tacked on 9.1%.
The "Options Action" traders share three options trading strategies to kick off the week. Dan Nathan recommends a call spread in the 20+ Year Treasury Bond TLT Mike Khouw and Carter Worth recommend ...
Shares of Epizyme Inc. shot up 25% in premarket trade Monday, after the company said the Food and Drug Administration lifted its hold on the enrolling of new patients in trials of its treatment for non-Hodgkin lymphoma. The FDA's hold had followed a report of a case of T-cell lymphoblastic lymphoma (T-LBL) in its tazemetostat pediatric study. Epizyme said its response to the FDA included a comprehensive assessment of the risk of secondary malignancies. "The Epizyme team has worked diligently to provide a comprehensive response back to the FDA, and through constructive dialogue, we successfully resolved the partial clinical hold," said Chief Executive Robert Bazemore. "This allows us to turn our full attention to our key priorities: preparing for our first NDA submission for tazemetostat in epithelioid sarcoma and defining our registration path in FL." The stock had tumbled 31% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF had gained 5.6% and the S&P 500 had advanced 6.3%.
As discussed earlier, Sage Therapeutics (SAGE) is focused on the development of products for the treatment of life-threatening central nervous system (or CNS) disorders. The products under development include SAGE-718 and SAGE-904.
Shares of Novavax Inc. soared 12% in premarket trade Friday, after J.P. Morgan analyst Eric Joseph swung to bullish from bearish, citing a favorable risk-reward investment profile ahead of pivotal trial data on its RSV treatment for infants, due out in the first quarter of 2019. Joseph raised his rating two notches to overweight from underweight. He said the shares have already pulled back sharply from recent highs on "receding expectations" regarding the trial outcome. As a result, he sees 50% to over 100% potential upside in the stock after the results, and about an 80% downside risk on a trial failure, but that is viewed as a "less likely" event. "Looking beyond the phase 3 readout, we believe positive PREPARE data would support broader development to additional at-risk populations and their inclusion in the model (pediatric patients under 2yo)," Joseph wrote in a note to clients. The stock had tumbled 39% from the Feb. 20 17-month closing high of $2.42. Over the same time, the iShares Nasdaq Biotechnology ETF has climbed 9.2% and the S&P 500 has advanced 7.9%.
Biotechnology company Shire (SHPG) reported a 4.6% YoY (year-over-year) rise in revenue to ~$3.9 billion in the second quarter compared to $3.7 billion in the second quarter of 2017.
Carter Worth, Cornerstone Macro, on whether healthcare is looking sick. With CNBC's Melissa Lee and the Fast Money traders, Pete Najarian, Tim Seymour, Karen Finerman and Guy Adami.