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The sharp pullback in ACADIA Pharmaceuticals (ACAD) has created a good buying opportunity. I believe at current levels, the approval of Nuplazid in PDP is not priced in. Remember that the company has a major catalyst coming up later this year. If Nuplazid succeeds in ADP, we are looking at significant upside in ACAD from current levels. I believe that the stock currently offers a very favorable risk/reward profile.

Teva to commercialize generic version of oral contraceptive Beyaz in US-Teva Pharmaceuticals $TEVA announced that it will commercially launch an oral contraceptive RAJANI (drospirenone, ethinyl estradiol and levomefolate calcium tablets, 3 mg/0.02 mg/0.451 mg and levomefolate calcium tablets, 0.451 mg), in the U.S. It’s a generic version of Bayer’s $BAYRY, Beyaz. IMS estimates that the U.S. market for oral contraceptive is about $133mn.

The FDA designated Viamet Pharmaceuticals’ $VMET lead product candidate, VT-1161, a Qualified Infectious Disease Product (QIDP) for fast track review. The lead product candidate is for the treatment of recurrent vulvovaginal candidiasis (RVVC) or recurrent vulvovaginal candidiasis (RVVC) or recurrent vaginal yeast infection, a difficult-to-cure ailment found among 5-8% of American women of child-bearing age. Under QIDP status, a drug is awarded an additional five years of market exclusivity, if approved. Fast Track status facilitates far more frequent interactions with the FDA review team and a rolling review team of the New Drug Application (NDA).

Aeterna Zentaris $AEZS signed an exclusive license agreement with Specialised Therapeutics Asia (STA) for the commercialization rights to Zoptrex (zoptarelin doxorubicin) in Australia and New Zealand. As per the terms of the agreement, Aeterna will get an upfront payment, milestones and double-digit royalties on net sales. STA will be responsible for the development, registration, reimbursement and commercialization of Zoptrex in those markets. Aeterna will supply the product for the duration of the contract.   Zoptrex is currently in Phase 3 development for endometrial cancer. If all goes well, a New Drug Application (NDA) will be filed in the U.S. in H1 2017. It is in Phase 2 development for ovarian cancer and prostate cancer.

Celgene $CELG and Agios Pharmaceuticals $AGIO signed a partnership deal with Abbott $ABT to develop and commercialize companion diagnostic tests to identify isocitrate dehydrogenase (IDH) mutations in patients with acute myeloid leukemia (AML). The tests will be conducted on Abbott’s m2000 RealTime System, an automated polymerase chain reaction (PCR) instrument. Celgene is focusing on the development of IDH2 inhibitor, enasidenib, for the treatment of IDH2-positive AML. Agios is developing an IDH1 inhibitor, AG-120 for AML patients positive for that mutation.

RXi Pharmaceuticals $RXII signed an exclusive option agreement to acquire all outstanding capital stock of privately held Mirlmmune. As per the terms of the agreement, RXi would issue stock equal to 19.99% of its outstanding shares along with additional consideration tied to milestones. It can exercise the option until April 5, 2017. Mirlmmune is developing next-generation therapeutics in immune-oncology based in adoptive cell transfer. Both companies have existing relationship. Earlier in 2015, both signed an exclusive deal related to RXs’s self-delivering RNAi technology.

Biostar Pharmaceuticals $BSPM entered into a securities purchase agreement with certain institutional investors  for the direct placement of 425K shares of common stock at $4.50 and 3.5-year warrants to purchase 212.5K shares of common at $5.55. The closing date is October 17. The proceeds will be utilized for working capital requirements and other corporate purposes.

GTx $GTXI started its secondary offering of about 17.3 million shares of common stock at $0.81. The offering will generate proceeds of $14mn. The closing date of the offering is October 14. Funds will be utilized for R&D related expenses, clinical development, working capital and general corporate purposes. The stock closed on $0.8193.

Accelerated Pharma has filed for a $17 million IPO. The company plans to offer 1.9 million shares at a price range of $8 per share to $10 per share. Based in Westport, Connecticut, Accelerated Pharma is focused on the development of a platinum-based chemotherapy optimized by genomic screening.

AzurRX Biopharma has downsized its IPO. The company raised $5 million by offering 0.96 million shares at $5.50 per share. AzurRX will list its shares on the NASDAQ under the ticker symbol AZRX. The company is focusing on the development of non-systemic biologics for gastrointestinal disorders.

No earnings to report.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Abeona Therapeutics (ABEO) Maxim Group Reiterate Buy $14 N/A
ACADIA Pharmaceuticals (ACAD) Piper Jaffray Cos. Reiterate Overweight $44 $94.25
Ariad Pharmaceuticals (ARIA) Leerink Swann Reiterate Outperform $20 N/A
Aralez Pharmaceuticals (ARLZ) Chardan Capital Reiterate Buy $10 N/A
Aurinia Pharmaceuticals (AUPH) FBR & Co. Reiterate Outperform N/A $4.30
AveXis (AVXS) Jefferies Group Price Target Raised Buy From $50 to $58 N/A
Biogen (BIIB) HC Wainwright Reiterate Buy $360 $420
Bristol-Myers Squibb (BMY) Goldman Sachs Group Reiterate Buy $75 N/A
Bristol-Myers Squibb (BMY) Barclays Plc Reiterate Equal Weight N/A N/A
Clovis Oncology (CLVS) Piper Jaffray Cos. Reiterate Neutral $42 N/A
Concordia Healthcare (CXRX) Scotiabank Price Target Cut Sector Perform From $8 to $4.50 N/A
Concordia Healthcare (CXRX) RBC Capital Markets Reiterate Outperform $18.50 N/A
Exelixis (EXEL) Cowen and Company Reiterate Outperform N/A $12.50
Illumina (ILMN) BTIG Research Reiterate Neutral N/A N/A
Illumina (ILMN) Wells Fargo & Co. Price Target Cut Market Perform From $150 to $137.50 N/A
Illumina (ILMN) Cowen and Company Reiterate Outperform $160 N/A
Incyte (INCY) Leerink Swann Reiterate Outperform $98 N/A
Incyte (INCY) Royal Bank of Canada Price Target Raised Outperform From $106 to $113 N/A
Incyte (INCY) Cowen and Company Reiterate Outperform N/A N/A
Merck & Co. (MRK) Barclays Plc Reiterate Overweight N/A $70
Merck & Co. Leerink Swann Reiterate Market Perform $65 $70
Neurocrine Biosciences (NBIX) Leerink Swann Reiterate Outperform $70 N/A
RedHill Biopharma (RDHL) FBR & Co. Reiterate Outperform $36 N/A
Regeneron Pharmaceuticals (REGN) Roth Capital Reiterate Buy $520 $475
Theravance Biopharma (TBPH) Robert W. Baird Downgrade/Price Target Raised From Neutral to Underperform From $19 to $24 N/A
TESARO (TSRO) Citigroup Price Target Raised Buy From $120 to $125 N/A
Vertex Pharmaceuticals (VRTX) RBC Capital Markets Reiterate Buy $104 N/A
Valeant Pharmaceuticals International (VRX) Royal Bank of Canada Price Target Raised Sector Perform From $36 to $47.50 N/A

Opko Health (OPK)- Dr. Phillip Frost, CEO & Chairman, bought 7,200 shares at $9.78. The total value of the transaction was $70,432. Dr. Frost now owns 160,208,343 shares of OPK.

Intercept Pharmaceuticals (ICPT)- David Shapiro, CMO and EVP, Development, sold 411 shares at $153.34. The total value of the transaction was $63,023. Shapiro still owns 44,272 shares of ICPT.

Epizyme (EPZM)- Andrew E. Singer, EVP & CFO, sold 1,013 shares at $9.72. The total value of the transaction was $9,848. Singer still owns 28,931 shares of EPZM.

NYSE- Puma Biotechnology (PBYI) shares were among the major movers on the NYSE. The stock closed 3.21% lower. Axovant Sciences (AXON) ended the day 2.31% lower.

NASDAQ- Roka Bioscience (ROKA) shares were among the major gainers on the NASDAQ. The stock closed 4.42% higher. Collegium Pharmaceutical (COLL) ended the day 3% higher. Alnylam Pharmaceuticals (ALNY) ended the day 2.67% higher. Thervance Biopharma (TBPH) shares were among the major losers on the NASDAQ. The stock closed 15.84% lower. Atara Biotherapeutics (ATRA) ended the day 9.67% lower. Omeros (OMER) ended the day 9.41% lower.

NYSEMKT- Actinium Pharmaceuticals (ATNM) shares were among the major movers on the NYSEMKT. The stock closed 0.86% lower.

OTC- Amarantus Bioscience Holdings (AMBS) shares were among the major movers on the OTC market. The stock closed 0.40% higher.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Acura Pharmaceuticals (ACUR) 1.1% 29.8% 1
Adamas Pharmaceuticals (ADMS) 22.7% 4.9% 14
Adamis Pharmaceuticals (ADMP) 10.5% -0.7% 3
ADTRAN (ADTN) 2.4% 5.6% 4
Aduro Biotech (ADRO) 32.9% 16.4% 18
Advaxis (ADXS) 27.2% 0.3% 14
Adverum Biotechnologies (ADVM) 2.8% -0.3% 5
Aegerion Pharmaceuticals (AEGR) 11.1% -5.5% 2
Aeglea BioTherapeutics (AGLE) 0.3% -39.7% 1
Aerei Pharmaceuticals (AERI) 18.1% -8.7% 2