Argos Therapeutics (ARGS) shares surged on Friday, tracking gains in the broader market. ARGS closed more than 8% higher on Friday. It has been interesting year for ARGS. The stock is still up more than 155% for the year. But it is currently trading well below its high of $13.97 for the year. My fair value for ARGS still implies an upside of almost 50% from current levels.

FibroGen (FGEN) shares rose sharply on Friday after the company announced the receipt of $62 million in milestone payment from AstraZeneca (AZN). The milestone payment is part of the 2013 collaboration agreement to develop roxadustat (FG-4592) in the U.S. and certain other territories for the treatment of anemia in chronic kidney disease (CKD) patients on or not on dialysis.

FGEN has been in my Conviction Buy list for a while, mainly because of its valuation. My risk-adjusted fair value for FGEN is around $37. The stock currently trades at just under $18. I believe the risk/reward profile for FGEN is favorable. Remember that the worth of the company’s collaboration agreements is way more than its current market capitalization. With roxadustat progressing well in clinical trials, FGEN is certainly worth a look.

Kite Pharma Completes Enrollment in ZUMA-1- Kite Pharma (KITE) announced that that it has completed enrollment in the mid-stage portion of its Phase 1/2 clinical trial, ZUMA-1. The trial is evaluating lead product candidate, Breakthrough Therapy-tagged KTE-C19, in patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL). The primary endpoint of the Phase 2 is overall response rate at month 12. The study is expected to be completed in March 2017.

TherapeuticsMD Submits NDA for Yuvvexy- TherapeuticsMD (TXMD) announced that it has submitted a New Drug Application (NDA) to the FDA seeking approval for its Yuvvexy (vaginal estradiol) for the treatment of dyspareunia, moderate-to-severe vaginal pain during sexual intercourse, a symptom of vulvar and vaginal atrophy due to menopause.

Pfizer’s Sutent Succeeds in Late-Stage Study- Pfizer (PFE) announced top-line data from a Phase 3 study, S-TRAC, evaluating its SUTENT (sunitinib malate) capsules for the adjuvant treatment of renal cell carcinoma (RCC) patients at high risk for recurrence after surgery showed treatment with SUTENT statistically significantly improved disease-free survival (DFS) compared to placebo at month 36. S-TRAC is the first RCC study of a tyrosine kinase inhibitor (TKI) to prolong DFS in the adjuvant (administered after initial therapy) setting. The aim of adjuvant treatment is to help lower the risk of cancer recurrence in patients with early-stage cancer.

T2 Biosystems Tumbles on Preliminary Q2 Commercial Results- T2 Biosystems (TTOO) shares  slumped more than 30% after the company announced preliminary second-quarter commercial results after the close yesterday. The company reported that its T2Candida cartridge is experiencing a higher-than-normal rate of "invalid" test results as the cartridge ages. According to T2, the problem does not impact the accuracy of the test or the quality of the core T2MR technology. Nevertheless, it stopped shipments of the product the last week of June and will replace customers' inventories with product made with a prior manufacturing process. The new cartridges will start shipping in two to five business days. The total cost of the action should be less than $750,000. The company will release full results after market close on August 2nd.

Orexigen Announces Reverse Stock Split- Orexigen Therapeutics (OREX) announced that at its annual meeting, its Board and shareholders approved a 1:10 reverse split of its common stock. The reverse stock split will be effective after market close today.

No approvals to report.

No patents to report.

Galena Biopharma (GALE) announced that it has entered into agreements with certain institutional investors for the direct placement of 28M shares of common stock at $0.45 a share plus five-year warrants to purchase up to 14M shares at $0.65. Gross proceeds will be $12.6M. Closing date is July 13.

No secondary offerings to report.

No IPOs to report.

No earnings to report.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
ACADIA Pharmaceuticals (ACAD) Piper Jaffray Reiterate Overweight

$44

$100.40

Agile Therapeutics (AGRX) Noble Financial Reiterate Buy

$15

N/A
Alexion Pharmaceuticals (ALXN) Leerink Swann Reiterate Buy

$200

N/A
ANI Pharmaceuticals (ANIP) Citigroup Downgrade From Outperform to Market Perform

$49

N/A
Anthera Pharmaceuticals (ANTH) HC Wainwright Initiation Buy

$10

N/A
Arbutus Biopharma (ABUS) Chardan Capital Downgrade/Price Target Cut From Neutral to Sell From $3.25 to $2.75 N/A
Depomed (DEPO) Janney Montgomery Scott Reiterate Buy

$28

$30

Endo International Plc (ENDP) Piper Jaffray Price Target Cut Neutral From $25 to $18 N/A
Evoke Pharma (EVOK) Brean Capital Reiterate Buy N/A

$10.30

Evoke Pharma (EVOK) FBR & Co. Reiterate Buy N/A

$10.30

Ionis Pharmaceuticals (IONS) BMO Capital Markets Reiterate Market Perform

$26

N/A
Ionis Pharmaceuticals (IONS) Needham & Company Reiterate Buy

$55

N/A
Juno Therapeutics (JUNO) FBR & Co. Price Target Cut Outperform From $73 to $61 N/A
Juno Therapeutics (JUNO) JPMorgan Chase & Co. Downgrade/Price Target Cut From Overweight to Neutral From $63 to $39 N/A
Juno Therapeutics (JUNO) Leerink Swann Reiterate Outperform

$60

N/A
Keryx Biopharmaceuticals (KERX) Maxim Group Price Target Raised Buy From $7 to $9

$25

Kite Pharma (KITE) Mizuho Reiterate Hold

$80

N/A
NeoGenomics (NEO) BTIG Research Reiterate Buy

$10

N/A
Seres Therapeutics (MCRB) FBR & Co. Reiterate Buy N/A N/A
T2 Biosystems (TTOO) BTIG Research Downgrade/Price Target Cut From Buy to Sell From $12 to $4 N/A
T2 Biosystems (TTOO) WBB Securities Reiterate Buy

$11

N/A

No insider buys to report.

TG Therapeutics (TGTX)- Sean A. Power, CFO, Secretary and Treasurer, sold 50,426 shares at $5.99. The total value of the transaction was $302,052. Power still owns 416,256 shares of TGTX.

United Therapeutics (UTHR)- Martine A. Rothblatt, Chairman & CEO, sold 1,293 shares at $109.87. The total value of the transaction was $142,064. Rothblatt still owns 140 shares of UTHR.

Eli Lilly (LLY)- Lilly Endowment Inc., a 10% owner, sold 225,000 shares at $79.14. The total value of the transaction was approximately $17.80 million. Lilly Endowment still owns 126,430,804 shares of LLY.

Vertex Pharmaceuticals (VRTX)- Joshua S. Boger, Director, sold 5,140 shares at $88.99. The total value of the transaction was $457,429. Boger still owns 268,225 shares of VRTX.

NeuroDerm (NDRM) announced the appointment of Tami Yardeni as Chief Operating Officer. Yardeni comes to NDRM from Teva Pharmaceutical Industries (TEVA) where she served as VP, Head of Global Clinical Operation, Global R&D. The company has also hired Eran Shor as VP Devices. He joins the company from PerfAction Technologies where he was CEO.

Lion Biotechnologies (LBIO) announced that its CFO Molly Henderson will resign effective August 16. The company plans to relocate certain executive positions to California from New York, including the CFO job, and she will be unable to make the move.

NYSE- Puma Biotechnology (PBYI) shares were among the major gainers on the NYSE. The stock closed 8.49% higher. InVitae (NVTA) shares ended the day 5.85% higher.

NASDAQ- Anthera Pharmaceuticals (ANTH) shares were among the major gainers on the NASDAQ. The stock closed 12.72% higher. Ocular Therapeutix (OCUL) ended the day 11.24% higher. Akebia Therapeutics (AKBA) ended the day 8.64% higher. Juno Therapeutics (JUNO) shares were among the major losers on the NASDAQ. The stock closed 31.87% lower. T2 Biosystems (TTOO) ended the day 30.09% lower. Syros Pharmaceuticals (SYRS) ended the day 8.56% lower.

NYSEMKT- Palatin Tehcnologies (PTN) shares were among the major movers on the NYSEMKT. The stock closed 3.76% lower.

OTC- Amarantus Bioscience Holdings (AMBS) shares were among the major movers on the NYSEMKT. The stock closed 5.53% lower.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Asterias Biotherapeutics (AST)

5%

0.5%

7

BioPharmX (BPMX)

0.6%

16.6%

3

Biotime (BTX)

8.2%

-2.4%

46

Bellerophon Therapeutics (BLPH)

0.7%

185.1%

0

Bellicum Pharmaceuticals (BLCM)

9.9%

-0.5%

6

Benitec Biopharma (BNTC) -

12.7%

1

BIND Therapeutics (BIND)

1.7%

5.3%

2

Bio Blast Pharma (ORPN)

0.8%

5.8%

1

Biocept (BIOC)

10.8%

-0.2%

5

BioCryst Pharmaceuticals (BCRX)

8%

-12%

6