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Shares of Aurinia Pharmaceuticals $AUPH soared on Thursday amid heavy volume trading in response to its announcement of positive results from small 10-subject open-label study of  lead product candidate voclosporin in patients with active lupus nephritis (LN). The exploratory study, called AURION, is evaluating short-term predictors of response to a twice daily 23.7 mg dose of voclosporin in combination with mycophenolate mofetil (Roche's CellCept) and oral corticosteroids. The data are being presented at the 10th Annual European Lupus Meeting in Venice, Italy.

Sanofi Gets $37.6mn Federal Contract to supply Leukine-The U.S. Department of Health and Human Services’ Biomedical Research and Development Authority (BARDA) awarded Sanofi $SNY with a $37.6mn contract to supply and manage inventory for Leukine (sargramostim) for the potential treatment of acute radiation syndrome. Earlier in 2013, the drug-maker was awarded a $36.5mn contract to support a late-stage development and procurement of Leukine. The funds will help evaluate use of Leukine in patients acutely exposed to myelosuppressive doses of radiation. It plans to submit a supplemental Biologics License Application (sBLA) to the FDA in 2017.

PTC Therapeutics presents ataluren data in DMD-PTC Therapeutics $PTCT has presented a data from an open-label extension trial (study 019) evaluating the potential of Translarna (ataluren) in preserving lung function in patients with Duchenne muscular dystrophy (DMD). The result of the study is being presented today in a company sponsored symposium. The metric being used to evaluate ataluren effect is forced vital capacity (FVC), a measure of lung function that correlates with disease progression and mortality.

Mylan accused of Overpricing EpiPen-The U.S. government health plans spent more than $1bn on Mylan’s $MYL EpiPen between 2011 and 2015; however, the company is blamed of cheating taxpayers by underpaying rebates by hundreds of millions of dollars. Andy Slavitt, Acting Administrator at the Centers for Medicare and Medicaid, said Mylan wrongly classified the emergency epinephrine product as a generic, when it should have been classified as a brand-name product.

Red Hill Bio Expands Enrollment in Late Trial of Crohn’s Candidate-RedHill Biopharma $RDHL altered the protocol in its Phase 3 study, MAP US, assessing RHB-104, a combination antibiotic, for the treatment of Crohn’s disease. It has also expanded its enrollments from 270 to 410 and updated the sample size calculations to lower the detectable effect from 21% to 15%, which it says will reveal a "more clinically expected" treatment effect.

The FDA has approved Orexo’s AB $ORXOY new low dose, 0.7mg/0.18 mg, tablet of Zubsolv (buprenorphine/naloxone) sublingual tablet (CIII) for the treatment of opioid dependence. The new dosage is likely to be available in pharmacies in the U.S. by early next year. Zubsolv is the only opioid dependence treatment options available in the highest level of child-resistant, unit dose, F1 packaging, which is designed to lower the chance of unintended pediatric exposure.

Teva Pharmaceutical Industries $TEVA and South Korea’s Celltrion signed an agreement on Thursday under which the former will have exclusive rights to commercialize two of Celltrion’s biosimilar candidates in the U.S. and Canada. CT-P10, a biosimilar to Roche and Biogen’s Rituxan (rituximab) and CT-P6, a biosimilar to Roche’s Herceptin (trastuzumab)—are both in Phase 3 Clinical development stage. As per the terms of the agreement, Celltrion will receive an upfront payment of $160M of which $60M is refundable or creditable under certain circumstances. The companies will share the commercial profits, but the split is not disclosed.

Kamada Ltd. $KMDA announced that it has prolonged its GLASSIA {Alpha-1 Proteinase Inhibitor (Human)} agreement with Shire Plc $SHPG for the fourth time since 2010. It will now develop the product for Shire through 2010, after which Shire may make it and pay Kamada a royalty. During the agreement period, Kamada will receive $237mn in revenue with a potential upside of $288mn. Shire’s revenue forecast for 2017 is $100mn.

Arrowhead Pharmaceuticals $ARWR and Spring Bank Pharmaceuticals $SBPH inked an agreement to perform collaborative studies on Arrowhead’s ARC-520 and Spring Bank’s SB 9200 for the treatment of chronic Hepatitis B (HBV). The companies  will conduct initial  preclinical studies with both agents together and then advance to the clinic by adding a cohort to Arrowhead’s ongoing MONARCH Phase 2b study, in which patients will receive a dosing regimen that includes ARC-520, SB 9200, and an oral direct-acting antiviral.

Collegium Pharmaceutical $COLL has filed a Form S-3 with the U.S. Securities and Exchange Commission (SEC). According to the filing, the company may from time to time offer, either individually or in combination, in one or more offerings, up to a total of $250 million of any combination of the securities described in the prospectus.

KemPharm $KMPH also filed a Form S-3. According to the filing, the company may from time to time, offer up to $150 million of any combination of securities described in the prospectus in one or more offerings.

CRISPR Therapeutics has set the terms of its $75 million IPO. The company plans to offer 4.7 million shares at a price range of $15 to $17 per share. Based in Basel, Switzerland, CRISPR Therapeutics is a preclinical biotechnology company focused on the development of gene editing therapies with CRISPR/Cas9 technology.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Abeona Therapeutics $ABEO HC Wainwright Reiterate BVuy

$17

N/A
Alnylam Pharmaceuticals $ALNY Barclays Plc Downgrade/Price Target Cut From Overweight to Equal Weight From $85 to $50 Under Review
Alnylam Pharmaceuticals $ALNY Leerink Swann Downgrade/Price Target Cut From Outperform to Market Perform From $107 to $40 Under Review
Alnylam Pharmaceuticals $ALNY JPMorgan Chase & Co. Downgrade From Overweight to Neutral N/A Under Review
Alnylam Pharmaceuticals $ALNY Goldman Sachs Group Price Target Cut Neutral From $65 to $34 Under Review
Alnylam Pharmaceuticals $ALNY FBR & Co. Price Target Cut Outperform From $180 to $100 Under Review
Alnylam Pharmaceuticals $ALNY Chardan Capital Price Target Raised Buy From $77 to $115 Under Review
Alnylam Pharmaceuticals $ALNY Needham & Company Downgrade/Price Target Cut Buy From $152 to $137 Under Review
Alnylam Pharmaceuticals $ALNY Credit Suisse Group Price Target Raised Outperform From $50 to $145 Under Review
Alnylam Pharmaceuticals $ALNY Jefferies Group Price Target Cut Buy From $86 to $58 Under Review
Alnylam Pharmaceuticals $ALNY Stifel Nicolaus Price Target Cut Hold From $68 to $36 Under Review
Aerie Pharmaceuticals $AERI Brean Capital Reiterate Buy

$63

N/A
Celgene $CELG Jefferies Group Reiterate Buy

$134

$140

Immunomedics $IMMU Jefferies Group Initiation Buy N/A N/A
Ionis Pharmaceuticals $IONS  BMO Capital Markets Upgrade/Price Target Raised From Market Perform to Outperform From $42 to $48 N/A
The Medicines Company $MDCO JPMorgan Chase & Co. Reiterate Buy N/A

$50

NovaBay Pharma $NBY Maxim Group Reiterate Hold N/A N/A
RedHill Biopharma $RDHL FBR & Co. Reiterate Buy N/A N/A
RegeneRx Biopharmaceuticals $RGRX HC Wainwright Reiterate Buy

$2

N/A
StemCells $STEM S&P Equity Research Price Target Raised N/A From $1.07 to $1.20 N/A
Trillium Therapeutics $TRIL BTIG Research Initiation Buy N/A N/A
TG Therapeutics $TGTX Brean Capital Initiation Buy

$28

N/A
Vanda Pharmaceuticals $VNDA Jefferies Group Initiation Buy N/A N/A
Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Caladrius Biosciences $CLBS

0.4%

13.8%

1

Calithera Biosciences $CALA

9.9%

2.8%

13

Capricor Therapeutics $CARA

10.7%

11.4%

4

Carbylan Therapeutics $CBYL

2.4%

24.7%

2

Cascadian Therapeutics $CASC

3.5%

9%

9

CASI Pharmaceuticals $CASI

0.5%

102.8%

2

Catabasis Pharmaceuticals $CATB

6.3%

8.9%

11

Catalyst Biosciences $CBIO

1.1%

-8.8%

1

Catalyst Pharmaceuticals $CPRX

2.8%

-1.9%

2

Celgene $CELG

0.9%

18.7%

2