The Daily Biotech Pulse: Qiagen Opts To Stay Solo Following Strategic Review, Spectrum Slumps On Negative Data, Microbot Medical To Offer Shares

The following is a roundup of top developments in the biotech space over the last 24 hours. Scaling The Peaks (Biotech stocks that hit 52-week highs Dec. 24.)

Benzinga · 12/26/2019 12:55

The following is a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks that hit 52-week highs Dec. 24.)

  • Aimmune Therapeutics Inc (NASDAQ: AIMT)
  • Applied Genetic Technologies Corp (NASDAQ: AGTC)
  • Cassava Sciences Inc (NASDAQ: SAVA)
  • ChemoCentryx Inc (NASDAQ: CCXI)
  • Clearside Biomedical Inc (NASDAQ: CLSD)
  • DURECT Corporation (NASDAQ: DRRX)
  • Eiger Biopharmaceuticals Inc (NASDAQ: EIGR)
  • Esperion Therapeutics Inc (NASDAQ: ESPR)
  • Exagen Inc (NASDAQ: XGN)
  • Forty Seven Inc (NASDAQ: FTSV)
  • Fulcrum Therapeutics Inc (NASDAQ: FULC)
  • Global Blood Therapeutics Inc (NASDAQ: GBT)
  • Harpoon Therapeutics Inc (NASDAQ: HARP)
  • Horizon Therapeutics PLC (NASDAQ: HZNP)
  • HEALTH SCIENCES/SH (NASDAQ: IMVT)
  • Intuitive Surgical, Inc. (NASDAQ: ISRG)
  • Jazz Pharmaceuticals PLC (NASDAQ: JAZZ)
  • Karyopharm Therapeutics Inc (NASDAQ: KPTI)
  • Kodiak Sciences Inc (NASDAQ: KOD) (JPMorgan initiated coverage with an Outperform rating)
  • Microbot Medical Inc (NASDAQ: MBOT)
  • Mirati Therapeutics Inc (NASDAQ: MRTX)
  • Momenta Pharmaceuticals, Inc. (NASDAQ: MNTA)
  • Myokardia Inc (NASDAQ: MYOK)
  • NeoGenomics, Inc. (NASDAQ: NEO)
  • NewLink Genetics Corp (NASDAQ: NLNK) (reacted to announcement concerning licensing of ovarian cancer drug)
  • Nevro Corp (NYSE: NVRO)
  • NuVasive, Inc. (NASDAQ: NUVA)
  • Ovid Therapeutics Inc (NASDAQ: OVID)
  • Oyster Point Pharma Inc (NASDAQ: OYST)
  • SpringWorks Therapeutics Inc (NASDAQ: SWTX)
  • Synthorx Inc (NASDAQ: THOR)
  • TG Therapeutics Inc (NASDAQ: TGTX)
  • XOMA Corp (NASDAQ: XOMA)
  • Zimmer Biomet Holdings Inc (NYSE: ZBH)

Down In The Dumps

(Biotech stocks that hit 52-week lows Dec. 24.)

  • Akorn, Inc. (NASDAQ: AKRX)
  • KemPharm Inc (NASDAQ: KMPH)
  • MediciNova, Inc. (NASDAQ: MNOV)
  • MEREO BIOPHARMA/ADR (NASDAQ: MREO)
  • Stealth BioTherapeutics Corp (NASDAQ: MITO) (reacted to a downgrade by H.C. Wainwright to Neutral)
  • Therapix Biosciences Ltd – ADR (NASDAQ: TRPX)

Stocks In Focus

Qiagen To Pursue Standalone Business Plan 

Following the conclusion of a strategic review, Qiagen NV (NYSE: QGEN) said the execution of its current business plan is the best opportunity to drive future value creation.

The company's supervisory board determined the various offers received weren't compelling and therefore terminated all discussions in a bid to execute on the company's standalone plan.

The German molecular and genetic testing company announced a third-quarter shortfall in early October, the resignation of its CEO, the shelving of its development plan of its next-gen genome sequencing machines and restructuring initiatives.

In mid-November, the company confirmed the receipt of several non-binding offers.

The stock was down 27.9% at $29.90 in Thursday's premarket session. 

Microbot Medical Announces $9.59M Registered Direct Offering 

Microbot Medical Inc (NASDAQ: MBOT), which recently unveiled a fully disposable robotic system for endovascular procedures, said it has entered into definitive agreements with certain institutional investors for the sale of 912,858 shares in a registered direct offering at a purchase price of $10.50, priced at-the-market under Nasdaq rules.

The company expects gross proceeds of $9.58 million from the offering, with the offering expected to close on or about Dec. 27.

The stock was dropping by 20.82% to $12.89 in the premarket session. 

Spectrum Pharma Lung Cancer Fails To Meet Primary Endpoint In Midstage Trial

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) said a Phase 2 trial that is evaluating its poziotinib for previously untreated non-small cell lung cancer with EGFR exon 20 insertion mutations did not meet the pre-specified primary endpoint in Cohort 1.

Notwithstanding the lower response rate, the company said it looks ahead to provide readout from Cohorts 2 and 3 in 2020. It also said it will provide an update on overall program strategy in the first quarter of 2020 after the completion of a full evaluation of data from the Cohort 1.

The company said its BLA for Rolontis, its pipeline for chemotherapy-induced neutropenia, was accepted for review by the FDA, with a PDUFA date of Oct. 24, 2020.

The stock was down 42.86% at $5 at the time of publication. 

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