BrainStorm Cell Therapeutics (BCLI) shares rallied more than 30% on Thursday. The stock is gaining momentum ahead of Monday’s release of top-line data from a Phase 2 clinical trial evaluating lead product candidate NurOwn in patients with amyotrophic lateral sclerosis (ALS). Following the surge, BCLI shares are back to the levels they had been trading almost a year ago. The company though faces near-term dilution risk. It could use the surge in price to announce a secondary offering, especially if the data on Monday is positive.

Kura Oncology (KURA) shares soared more than 41% on Thursday and have gained more than 68% in the last three trading sessions. This move in KURA had been coming though. I had noted in a recent article that the stock was trading below cash despite having multiple shots on goal with its pipeline.

KURA's pipeline includes Tipifarnib, which is being developed for multiple indications. Tipifarnib is currently in Phase II trial for HRAS Mutant Solid Tumors and Peripheral T-Cell Lymphoma. It is currently in Phase 1 trial for Myelodysplastic Syndromes. The company also has two other product candidates, which are currently in pre-clinical stage. Tipifarnib has been studied in more than 5,000 patients and has demonstrated anti-cancer activity in certain patient subsets and a well-established safety profile.

Despite the surge, KURA still looks attractive in terms of valuation. The stock is still trading well below the consensus price target of $16.25.

Teva Considering Bond Offering- Teva Pharmaceutical (TEVA) is looking to raise between $20 billion and $25 billion as early as next week to finance its acquisition of Allergan’s (AGN) generic business. This is according to a report by Globes. The planned bond offering will be aimed at foreign investors, the report noted.

Provectus Biopharma Forms Australian Subsidiary- Provectus Biopharmaceuticals (PVCT) announced that it has formed an Australian subsidiary, Provectus Biopharmaceuticals Australia Pty Ltd. that included opening a Sydney office in New South Wales. Interim CEO Peter Culpepper noted that the creation of an Australian entity is a fundamental part of company's plans for extended global reach in conjunction with planned partnering for commercialization of PV-10. The new unit should make it easier to work with Australian regulatory authorities and having an office in the region may facilitate our work in Asian markets as Sydney is just two hours ahead of Beijing, Hong Kong and Singapore.

Inotek Pharma Commences Mid-Stage Study of Glaucoma Combe Drug- Inotek Pharma (ITEK) announced that it has commenced a Phase 2 dose-ranging study of a fixed-dose combination of trabodenoson and latanoprost in an eye-drop formulation for the treatment of glaucoma. The primary endpoint is mean IOP at month 2. Trabodenoson, Inotek's lead product candidate, is a selective adenosine mimetic that augments the natural function of the eye's trabecular meshwork, the main passageway to transport aqueous humor (fluid) out of the eye.

Revance Completes Meeting with FDA- Revance Therapeutics (RVNC) shares edged lower in after-hours trading on Thursday after the company announced hat it completed its Type B/pre-IND/pre-Phase 3 meeting with the FDA regarding the advancement of RT002 (daxibotulinumtoxinA for injection) for the treatment of glabellar (frown) lines. Clinical trials should commence in H2. The Phase 3 program will include two placebo-controlled pivotal studies in the U.S. and Canada. The primary endpoint will be a composite of the proportion of patients who achieve a score of 0 or 1 (none or mild) and a two-point improvement from baseline in glabellar line severity at maximum contraction at week 4.

Ultragenyx’s rhGUS Succeeds in Late-Stage Study- Ultragenyx Pharmaceuticals (RARE) announced positive results in a Phase 3 clinical trial evaluating enzyme replacement therapy, Fast Track-tagged recombinant human beta-glucuronidase (rhGUS), for the treatment of mucopolysaccharidosis 7 (MPS 7), known as Sly syndrome. The study met its primary endpoint of a statistically valid reduction of 64.8% from baseline in urinary GAG (dermatan sulfate) excretion after 24 weeks of therapy (p<0.0001). The data are being presented at the 14th International Symposium on MPS and Related Diseases in Bonn, Germany.

No approvals to report.

No patents to report.

Amgen (AMGN) announced that it has signed an exclusive deal with Tokyo-based Daiichi Sankyo to commercialize nine biosimilars in Japan, including adalimumab, bevacizumab and trastuzumab. According to the terms of the agreement, Amgen will be responsible for development and manufacturing and Daiichi will manage regulatory submissions and handle distribution and commercialization while Amgen will have a limited rights to co-promote the products. Amgen will retain all distribution and commercialization rights outside of Japan. Financial terms of the deal have not been disclosed.

Juno Therapeutics (JUNO) announced the acquisition of privately held Boston, Massachusetts-based RedoxTherapies. Juno's primary aim of the deal was to secure an exclusive license to vipadenant, a small molecule adenosine A2a receptor antagonist that may disrupt key immunosuppressive pathways in the tumor microenvironment in certain cancers. According to the terms of the agreement, Juno will pay $10M in upfront cash plus undisclosed milestones.

CytRx (CYTR) has announced a proposed equity offering of stock and one-year warrants. Prices, volumes and terms have not been announced yet. However, the potential dilution sparked a sell-off in CYTR shares in pre-market trading. The company plans to use the net proceeds from the offering to fund working capital and general corporate purposes.

No IPOs to report.

Peregrine Pharmaceuticals (PPHM) reported a loss of $0.05 per share in its fourth quarter, missing consensus forecast by 2 cents. The company’s revenue for the quarter was $18.78 million, up 101.7% on a year-over-year basis. Revenue beat consensus forecast by $2.98 million.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Abbott Laboratories (ABT) Jefferies Group Price Target Raised Buy From $45 to $49 N/A
Achillion Pharmaceuticals (ACHN) Chardan Capital Initiation Sell

$4

$7.50

bluebird bio (BLUE) Jefferies Group Reiterate Positive

$80

N/A
Bristol-Myers Squibb (BMY) Jefferies Group Price Target Raised Hold From $77 to $80 N/A
Celgene (CELG) Stifel Nicolaus Initiation Buy

$138

N/A
Horizon Pharma (HZNP) Brean Capital Reiterate Buy N/A N/A
Ionis Pharmaceuticals (IONS) Cowen and Company Reiterate Hold N/A N/A
Ionis Pharmaceuticals (IONS) Needham & Company Reiterate Buy N/A N/A
Johnson & Johnson (JNJ) Jefferies Group Price Target Raised Hold From $109 to $113 N/A
Juno Therapeutics (JUNO) Leerink Swann Reiterate Buy N/A N/A
Eli Lilly (LLY) Jefferies Group Price Target Raised Buy From $100 to $105 N/A
Seres Therapeutics (MCRB) Leerink Swann Reiterate Buy

$43

N/A
Merck & Co. (MRK) Leerink Swann Reiterate Hold

$58

$70

Merck & Co. (MRK) Jefferies Group Price Target Raised Hold From $50 to $53

$70

OncoMed Pharmaceuticals (OMED) Cantor Fitzgerald Reiterate Buy

$16

N/A
Spark Therapeutics (ONCE) Cantor Fitzgerald Reiterate Buy N/A N/A
Spectrum Pharmaceuticals (SPPI) FBR & Co. Reiterate Buy N/A N/A
Teva Pharmaceutical Industries (TEVA) Jefferies Group Price Target Cut Buy From $72 to $69 N/A
Teva Pharmaceutical Industries (TEVA) Oppenheimer Price Target Cut Outperform From $77 to $72 N/A
Voyager Therapeutics (VYGR) Stifel Nicolaus Initiation Buy

$33

N/A

Opko Health (OPK)- Dr. Phillip Frost, CEO & Chairman, bought 15,800 shares at $9.65. The total value of the transaction was $152,453. Dr. Frost now owns 159,912,343 shares of OPK.

FibroGen (FGEN)- Thomas B Neff, CEO, sold 27,000 shares in two separate transactions. Neff sold 13,500 shares at $17.81; and 13,500 shares at $17.18. Neff still owns 3,399,164 shares of FGEN.

No management changes and additions to report.

NYSE- Valeant Pharmaceuticals International (VRX) shares were among the major gainers on the NYSE. The stock closed 6.48% higher. Lannett Company (LCI) shares ended the day 5.69% higher. InVitae (NVTA) shares were among the major losers on the NYSE. The stock closed 5.22% lower.

NASDAQ- Kura Oncology (KURA) shares were among the major gainers on the NASDAQ. The stock ended the day 41.40% higher. Catabasis Pharmaceuticals (CATB) ended the day 11.24% higher. pSivida (PSDV) ended the day 7.36% higher. XBiotech (XBIT) shares were among the major losers on the NASDAQ. The stock closed 15.49% lower. MyoKardia (MYOK) ended the day 8.84% lower. vTv Therapeutics (VTVT) ended the day 7.01% lower.

NYSEMKT- Actinium Pharmaceuticals (ATNM) shares were among the major movers on the NYSEMKT. The stock closed 2.86% lower at $1.70.

OTC- Amarantus Bioscience Holdings (AMBS) shares were among the major movers on the OTC market. The stock closed 3.59% lower.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Celsion (CLSN)

2.5%

-39.5%

8

Cempra (CEMP)

21%

1.3%

11

Cerecor (CERC)

0.7%

209.5%

2

Ceurlean Pharma (CERU)

1.5%

12.3%

4

Cesca Therapeutics (KOOL)

15.8%

8.9%

2

Champions Oncology (CSBR)

0.2%

-73.5%

1

Chiasma (CHMA)

20.2%

-13.7%

8

Chimerix (CMRX)

12.4%

0.5%

5

Cidara Therapeutics (CDTX)

4.4%

86.8%

3

Cipher Pharmaceuticals (CPHR)

0.6%

286.6%

13