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Akorn Inc. ($AKRX) stock jumped over 8% in the previous trading session, ultimately closing at $20.21, showing 8.66% gain. The stock reacted to the news of the USFDA conducting a reinspection of the company’s facility in Decatur. The agency had conducted another survey earlier this year in June. Akorn reported that the agency did not find any Form 483 observations. This positive news is likely to provide solid cushion to the company.
Akorn had earlier announced the launch of Ibuprofen oral suspension in 118mL and 473mL bottles as well as 5mL unit dose cups. The company is also posting strong quarterly results consistently. It met or beat consensus estimates for all the past four quarters.

Express Scripts ($ESRX) announced that it will cover Gilead Sciences' (GILD) Harvoni (ledipasvir/sofosbuvir) in its Hepatitis Cure Value Program, with effect from January 1, 2017. The company already has AbbVie's Viekira Pak in its portfolio. Express stated that the company is now in position to offer better pricing for Harvoni, due to the success of the program. The cost of treatment is now expected to decline by roughly 50%.
Express’s National Preferred Formulary offers its services to over 25 million customers across the United States. The company also intends to extend the scope of its Express Scripts Oncology Core Value Program to cover medications in the areas of multiple myeloma, non-small cell lung cancer, prostate cancer and renal cell carcinoma.

 

• Exact Sciences ($EXAS) reported that Humana has agreed to cover Cologuard as an in-network service for its members effective January 1, 2017. According to the agreement, Cologuard will be available to most Humana beneficiaries with no co-pay.
• Cytokinetics ($CYTK) announced its decision to restate its financial reports for the three- and nine-month periods ended September 30, 2016. The step has been taken to rectify an error related to the non-cash accounting of clinical trial expenses, specifically an overstatement of approximately $1.475M.

• Novocure ($NVCR) reported positive results from a Phase 2 pilot study, PANOVA, which showed TTFields plus first-line chemotherapies nab-paclitaxel and gemcitabine may be tolerable and safe in patients with advance pancreatic cancer.
• Ophthotech ($OPHT) reported negative results for the Phase 3 clinical trials assessing the combination of Fovista (pegleranib) and Roche's ($RHHBY) Lucentis (ranibizumab) in patients suffering from wet age-related macular degeneration. The treatment failed to establish benefits compared to Lucentis alone as measured by the average change in visual acuity at month 12.

 

• Lonza Group ($LZAGY) is rumored to be nearing a deal to buy Capsugel from private equity firm KKR. The deal may be announced later this week. KKR had bought Capsugel from Pfizer for $2.4 billion in 2011.

• Bayer AG ($BAYRY) announced its collaboration with Versant Ventures to launch BlueRock Therapeutics, a next-generation regenerative medicine company. The new startup will focus on developing induced pluripotent stem cell therapies. The partners have committed $225M in start-up capital.

 

• Peregrine Pharmaceuticals ($PPHM) reported its second quarter loss at $0.02 per share, beating the consensus estimates by $0.01. Its quarterly revenue stood at $23.4 million, up 145.8% on year over year basis.
• LifeVantage ($LFVN) announced its first quarter earnings at $0.13 per share. The company reported its revenue at $54.9 million.

• Amgen Inc. ($AMGN) receives initial rating of Buy from Oppenheimer. The price target for the stock has been set at $166.
• Stemline ($STML) receives Buy rating from H.C. Wainwright.

Gainers (% price change) Last Trade Change Mkt Cap
GTx, Inc.
GTXI (NASDAQ)
7.33 +0.82 (12.60%) 110.10M
Akorn, Inc.
AKRX (NASDAQ)
20.21 +1.61 (8.66%) 2.56B
BioDelivery Sciences Intl
BDSI (NASDAQ)
2.00 +0.15 (8.11%) 125.15M
Immunomedics, Inc.
IMMU (NASDAQ)
3.90 +0.21 (5.69%) 420.01M
United Therapeutics Corp.
UTHR (NASDAQ)
138.95 +7.26 (5.51%) 5.89B
Losers (% price change)
Alexion Pharmaceuticals
ALXN (NASDAQ)
115.08 -16.99 (-12.86%) 27.05B
Depomed Inc
DEPO (NASDAQ)
18.12 -2.08 (-10.27%) 1.12B
AcelRx Pharmaceuticals
ACRX (NASDAQ)
2.95 -0.30 (-9.23%) 137.98M
PDL BioPharma Inc
PDLI (NASDAQ)
2.06 -0.18 (-8.04%) 347.21M
Osiris Therapeutics, Inc.
OSIR (NASDAQ)
5.04 -0.36 (-6.67%) 182.42M
Most Actives (dollar volume)
Alexion Pharmaceuticals
ALXN (NASDAQ)
115.08 -16.99 (-12.86%) 27.05B
Johnson & Johnson
JNJ (NYSE)
115.36 +3.10 (2.76%) 317.43B
Pfizer Inc.
PFE (NYSE)
32.40 +0.70 (2.21%) 201.44B
Gilead Sciences, Inc.
GILD (NYSE)
73.47 +0.77 (1.06%) 97.71B
Regeneron Pharmaceuticals
REGN (NASDAQ)
387.10 +14.27 (3.83%) 41.23B