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Axsome Therapeutics ($AXSM) reported that it has received fast track designation from the FDA for its Alzheimer’s disease treament AXS-05. The company said that currently there are no approved treatments for the condition of agitation in patients. Axsome had earlier received  Investigational New Drug Application clearance from the FDA to proceed with a Phase 2/3 trial of AXS-05 in this indication. The news gave a fillip to the company stock, which gained over 15 percent in the pre-market session. The gain trimmed its 12 months loss to 65 percent, while its Year to Date decline is now down to 42 percent. The stock is currently trading close to its 52 weeks low of $3.53.

Immunomedics Inc.(NASDAQ:IMMU) announced that it has raised $125 million in gross proceeds from a private placement of convertible preferred stock. The company now expects to have sufficient operating funds through the third quarter. The company stock reacted positively to the news and gained over 17 percent in its previous trading session. Immunomedics is currently taking a number of steps to revive its business. The company has appointed its CFO Michael Garone as its new CEO. It recently announced the resignation of its President and CEO Cynthia Sullivan. The company founder and Chief  Scientific Officer David Goldenberg is also stepping down.
Immunomedics stock price has gained over 75 percent in the past 12 months while its Year to Date gain stands at 73 percent.


Baxter International ($BAX) disclosed that it is part of Department of Justice probe into saline shortage. The company said that  it learned in April about the DoJ probe and that a federal grand jury in Pennsylvania had subpoenaed documents from the company and an unnamed employee. DoJ is currently carrying out criminal investigation into whether large producers of saline solutions and other injectable medicines colluded to create supply shortages so they could benefit from higher prices.
Seattle Genetics ($SGEN) COO Eric Dobmeier told Bloomberg that the company “will remain opportunistic.” The company recently ended its $2 billion licensing deal with Immunomedics, due to delays in closing the agreement. The COO also said that for Seattle Genetics, IMMU-132 was a “nice to have, not a must have.”

Zafgen ($ZFGN) reported that its MetAP2 inhibitor ZGN-1061 was well tolerated and safe in a Phase 1 trial on obesity. On average, patients treated with ZGN-1061 for four weeks lost weight relative to placebo-treated patients (-4.6 lbs, -2.2 lbs, and -3.8 lbs for 0.2 mg, 0.6 mg, and 1.8 mg, respectively vs. -0.51 lbs for placebo), with trends for improvements observed in waist circumference, food intake, low density lipoprotein-cholesterol, C-reactive protein, adiponectin and leptin. The company said that the trial showed improvements in metabolic parameters for patients.


Care Capital Properties ($CCP) reported that it has agreed to merge wit Sabra Healthcare REIT (NASDAQ:SBRA) in an all stock deal. The merger will create a healthcare REit with a portfolio of 564 investments across 43 U.S. states and Canada. Under the deal terms, Care Capital Properties shareholders will receive 1.123 shares of Sabra Healthcare REIT common stock for each share of CCP common stock they own.

Durect ($DRRX) announced that it has inked a new development and commercialization agreement with Novartis. The new deal is related to the development and marketing of its Posimir in the U.S. Under the terms of the deal, Novartis will make a $20 million upfront payment to Durect, with the potential for up to an additional $43M in development and regulatory milestones. Durect will also be entitled to up to $230 million in sales based milestones, and a tiered double digit royalty on product sales in the U.S.


PetMed Express ($PETS) announced its net revenue  for the quarter ended March 31, 2017 were $63.0 million, compared to $55.4 million for the quarter ended March 31, 2016. The company’s for the quarter ended March 31, 2017 was $7.5 million, or $0.37 diluted per share, compared to net income of $5.4 million, or $0.27 diluted per share, for the same quarter the prior year. Its full year net income stood at $23.8 million, or $1.17 diluted per share.

Kite Pharma Inc. ($KITE) reported its first quarter loss at $90.4 million or $1.74 per share. The company posted revenue of $9.8 million for the period. Its research and development expenses were $65.9 million for the first quarter of 2017, which includes $12.7 million of non-cash stock-based compensation expense. As of March 31, 2017, Kite had $804.0 million in cash, cash equivalents, and marketable securities.

Price Target
Impact on Share Price
Dougherty & Co
Raises Target
Computer Programs & Systems (CPSI)
$32.00 -> $36.00
Cantor Fitzgerald
ImmunoGen (IMGN)
BTIG Research
T2 Biosystems (TTOO)
Sell -> Neutral

BTIG Research
Varian Medical Systems (VAR)
Neutral -> Buy

Varian Medical Systems (VAR)
Neutral -> Buy


Gainers (% price change) Last Trade Change Mkt Cap
Immunomedics, Inc. IMMU 6.36 +0.95 (17.56%) 670.95M
Fluidigm Corporation FLDM 5.90 +0.88 (17.53%) 172.48M
Herbalife Ltd. HLF 69.40 +7.20 (11.58%) 6.44B
AtriCure Inc. ATRC 23.00 +2.31 (11.16%) 768.56M
EXACT Sciences Corp. EXAS 35.43 +3.47 (10.86%) 4.02B
Losers (% price change)
Aceto Corporation ACET 14.28 -1.32 (-8.49%) 428.25M
Progenics Pharmaceuticals PGNX 6.43 -0.38 (-5.58%) 393.23M
Rockwell Medical Inc RMTI 7.50 -0.38 (-4.82%) 393.45M
Cerus Corporation CERS 3.33 -0.16 (-4.58%) 284.49M
OraSure Tech., Inc. OSUR 14.99 -0.65 (-4.16%) 1.04B
Most Actives (dollar volume)
Pfizer Inc. PFE 33.48 +0.03 (0.09%) 199.26B
Merck & Co., Inc. MRK 63.97 +0.60 (0.95%) 174.69B
Biogen Inc BIIB 262.15 -6.45 (-2.40%) 55.04B
Celgene Corporation CELG 122.41 -2.05 (-1.65%) 96.38B
Johnson & Johnson JNJ 123.51 -0.43 (-0.35%) 336.51B