|Bid||119.32 x 1300|
|Ask||120.04 x 1100|
|Day's Range||119.03 - 120.30|
|52 Week Range||89.01 - 120.51|
|PE Ratio (TTM)||24.75|
|YTD Daily Total Return||24.11%|
|Beta (3Y Monthly)||1.36|
|Expense Ratio (net)||0.47%|
It is less likely that Santa alone will drive Wall Street this season as trade tensions persist. Overall, these ETF investing trends should stay strong.
Shares of Sage Therapeutics Inc. plummeted 59% toward a 2-year low to pace all premarket decliners Thursday, after the biopharmaceutical company said a Phase 3 study of its SAGE-217 for the treatment of major depressive disorder failed to meet the primary endpoint. The study did not result in a statistically significant reduction compared with placebo, but SAGE-217 was well tolerated and showed a similar safety profile as seen in earlier studies. "Notwithstanding the finding on the primary endpoint, the drug displays good activity on most measures. We understand that drug development is an iterative process," said Chief Executive Jeff Jonas. "In this study, we've gathered new data on SAGE-217, data we believe support our hypothesis that SAGE-217 has a unique profile with the potential for rapid and robust onset with durable effect." The stock has run up 56% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF has rallied 25% and the S&P 500 has gained 24%.
The U.S.-listed shares of Aslan Pharmaceuticals Ltd. plunged 47% in active afternoon trading on Tuesday, after the Singapore-based biotechnology company's stock offering priced at less than half the previous session's closing price. Trading volume was 7.4 million shares, compared with the full-day average of about 2.1 million shares. The company announced in midday trading Monday that it had commenced a public offering of American Despositary Shares, but did not disclose the number of ADS to be sold or estimate a price. The stock closed Monday at $5.20, a 14-fold rise from the Nov. 13 record closing low of 37 cents, amid upbeat data from studies of its ASLAN004 and ASLAN003 products. Late Monday, the company said its public offering of about 5.1 million ADS priced at $2.50 per ADS, or 52% below Monday's closing price, for expected proceeds of about $12.8 million. All of the ADS in the offering were sold by the company. The stock has run up 71% over the past three months, but was still down 23% year to date. In comparison, the iShares Nasdaq Biotechnology ETF has run up 23% this year and the S&P 500 has climbed 23%.
Shares of Aslan Pharmaceuticals Ltd. jumped 42% on heavy volume in afternoon trading, but pared by more than half earlier gains of over 100%, after the biotechnology company took advantage of a more-than 12-fold rally in six days to sell more shares to the public. Trading volume swelled to 12.5 million shares, compared with the full-day average of about 1.6 million shares. The Singapore-based company did not provide details about the size of the public offering of American Depositary Shares (ADS). Aslan said it planned to use the proceeds from the stock offering to help fund clinical development of its ASLAN004 and ASLAN003 potential products, and for general corporate purposes. Earlier Monday, the stock had more than doubled (up as much as 114%) after Aslan provided upbeat data from a study of its atopic dermatitis treatment ASLAN004. The stock has now soared 1,132% since the company announced on Nov. 22 that preclinical data characterized ASLAN003 as a potential treatment for acute myeloid leukemia (AML). The stock has now gained 50.5% year to date, while the iShares Nasdaq Biotechnology ETF has advanced 22.7% and the S&P 500 has climbed 24.4%.
Shares of Aslan Pharmaceuticals Ltd. soared 77% in active premarket trading Monday, after the Singapore-based biopharmaceutical company revealed positive preliminary data from a proof-of-concept study of its atopic dermatitis treatment ASLAN004. The stock was the most active ahead of the open with over 346,000 shares traded. The rally comes after the stock had already rocketed nearly 9-fold from Nov. 21 through Friday, after Aslan published new preclinical data which characterized ASLAN004 as a potential treatment for acute myeloid leukemia. On Monday, the company said in a review of "unclean blinded data," the Eczema Area and Severity Index (EASI) scores of 3 patients who have completed at least one month of low dosing were reduced by 85%, 70% and 59% from baseline. "Whilst the data remains early, we had not anticipated to observe such pronounced improvements in patients enrolled into the lowest dose cohort," said Mark McHale, head of research and development at Aslan. The stock was on track to open Monday at a price that is more than 15 times the Nov. 21 closing price of 44 cents. The stock has more than doubled (up 130%) over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF has gained 16% and the S&P 500 has tacked on 7.3%.
Biotechnology ETFs, including the iShares Nasdaq Biotechnology ETF (IBB) , have been rebounding for over a month, but investors remain apprehensive about the group. This month, IBB, the largest biotechnology ETF, is higher by 8.20% and since the start of the current quarter, the fund is higher by nearly 19%. “n the weekly period ending Wednesday, a group of health care/biotech funds tracked by Lipper/AMG Data Services saw $184 million in outflows, according to a note Thursday from Piper Jaffray analyst Christopher Raymond, continuing a trend that has been going on for months,” reports Josh Nathan-Kazis for Barron's.
Shares of Hepion Pharmaceuticals Inc. rocketed 57% in active trading to pace all premarket gainers, after the biopharmceutical company announced positive results from a preclinical study of its CRV431 liver cirrhosis treatment. Trading volume topped 836,000 shares, already more than half the full-day average of about 1.5 million shares. The company said late Wednesday that CRV431 prevented the development of liver cirrhosis in a "highly aggressive" model of liver disease. "The results align with previous findings in other experimental models and highlight the tremendous potential of CRV431 as a treatment for liver diseases, including NASH, where progression to cirrhosis is a primary medical concern," said Chief Executive Robert Foster. The stock had plunged 88% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF had climbed 18% and the S&P 500 had advanced 24%.
Shares of Karuna Therapeutics Inc. more than tripled (up 254%) in active trading, to lift the biopharmaceutical company's market capitalization to well above $1 billion, after a phase 2 trial of its schizophrenia treatment met its primary endpoint. Trading volume ballooned to 6.5 million shares, compared with the full-day average of about 70,000 shares. The company said its KarXT port the treatment of acute psychosis in schizophrenia patients demonstrated a "statistically significant and clinically meaningful" reduction in total positive and negative syndrome scale (PANSS) score compared with a placebo. KarXT was also well tolerated. "With this information, and following our anticipated end-of-Phase 2 meeting with the FDA in the second quarter of 2020, we will work to initiate a Phase 3 clinical trial of KarXT in patients with schizophrenia by the end of 2020," said Chief Medical Officer Stephen Brannan. The stock, which went public on June 28 at an initial-public-offering price of $16, has nearly tripled (up 182%) over the past three months, while the iShares Nasdaq Biotechnology ETF has gained 5.5% and the S&P 500 has rallied 7.9%.
Shares of 89bio Inc. surged in their public debut Monday, with their first trade being 25% above the $16 initial public offering price. The first trade on the Nasdaq for the San Francisco-headquartered, but Israeli-based clinical-stage biopharmaceutical company's stock was at $20 at 11:36 a.m. Eastern for about 55,000 shares. The stock has since extended gains to trade up 26%. The company sold 5.3 million shares to raise $84.8 million, while the IPO pricing valued the company at about $193 million. The company went public at a time the Renaissance IPO ETF has lost 6.6% over the past three months and the iShares Nasdaq Biotechnology ETF has gained 4.0%, while the S&P 500 has advanced 5.6%.
Shares of Lipocine Inc. plummeted 67% toward a record low, and to pace all premarket losers, after the biopharmaceutical company said the Food and Drug Administration indicated that its New Drug Application (NDA) for its testosterone deficiency treatment can't be approved in its present form. The company said it received a Complete Response Letter from the FDA, which identified a deficiency stating the efficacy trial didn't meet three secondary endpoints for maximal testosterone concentrations. "We are disappointed by the FDA's decision and intend to request a meeting with the FDA as soon as possible to discuss a potential path forward for the approval of TLANDO," said Lipocine Chief Executive Mahesh Patel. The company said it is still actively enroll in its ongoing phase 2 study for LPCN 1144 LiFT (Liver Fat intervention with oral Testosterone). The stock had more than doubled (up 110%) year to date through Friday, while the iShares Nasdaq Biotechnology ETF has gained 14.5% and the S&P 500 has rallied 23.4%.
Biotechnology stocks have been outperforming over the past month, but ETF investors seem disinterested and are even trimming exposure to this sector. In a weekly update on the flow of money in and out of stock funds, PiperJaffray analyst Christopher J. Raymond pointed out that investors pulled a net $99 million out of healthcare and biotech-related funds in the one-week period ended on Wednesday, Barron's reports. The latest redemptions seems surprising given the recent outperformance of the biotechnology sector.