Evoke Pharma (EVOK) shares have risen sharply over the past month, gaining more than 18%. With a major catalyst coming up, EVOK could see interest from investors over the coming days. Based on my risk-adjusted fair value, EVOK still looks undervalued.

Medivation (MDVN) shares will remain in focus today after the company announced that it has entered into confidentiality agreements with several parties, including French drug maker Sanofi (SNY). MDVN was offered to be acquired by SNY earlier this year at $52.50 per share, however, the offer has been rejected by MDVN. The initial offer price from SNY was well below MDVN’s 52-week high and this was the reason MDVN rejected it.

SNY’s new takeover offer of $58 per share has also been rejected by Medivation. The latest offer also includes a contingent value right valued at a maximum $3/share. However, this offer is also below MDVN’s 52-week high. It is unlikely that MDVN will accept any offer that values at below last year’s highs.

Medivation has also seen interest from other companies, including Pfizer (PFE).

Can-Fite Tumbles as Lead Product Fails in Mid-Stage Study- Can-Fite Biopharma (CANF) shares dropped almost 20% after the company announced that its lead product candidate CF101 (Piclidenoson) failed to beat placebo in a Phase 2 clinical trial investigating CF101's ability to lower intraocular pressure in glaucoma patients. CF101 is also under development for the treatment of rheumatoid arthritis and plaque psoriasis.

BioCryst Pharmaceuticals Receives Additional NIAID Funding- BioCryst Pharmaceuticals (BCRX) announced that the  National Institute of Allergy and Infectious Diseases (NIAID) has provided additional funding of $5.5M for efficacy studies of BCX4430 as a treatment for hemorrhagic fever viruses to further assess effective dose regimens. The new total NIAID contract amount to advance the program through the completion of the Phase 1 clinical program could be up to $39.5M. To date, ~$35.4M has been awarded under the contract.

XBiotech Reports Results From Late-Stage Study of Xilonix- XBiotech (XBIT) announced results from a Phase 3 trial evaluating its Xilonix in patients with advanced colorectal cancer (CRC. The resultsClinical response was associated with a 2.7x increase in overall survival (11.5 months vs. 4.2 months for non-responders). Overall survival was not compared between the treatment arms because all patients were eligible to receive Xilonix after eight weeks. Clinical response was associated with a 2.7x increase in overall survival (11.5 months vs. 4.2 months for non-responders). Overall survival was not compared between the treatment arms because all patients were eligible to receive Xilonix after eight weeks.

pSivida Reports Positive Preclinical Data- pSivida (PSDV) announced positive results from preclinical animal studies assessing the effectiveness of a sustained-release insert based on its Durasert technology to deliver a tyrosine kinase inhibitor (TKI) for the treatment of wet age-related macular degeneration (wet AMD). The data showed the TKI insert was similar in efficacy to an injection of an FDA-approved AMD biologic in preventing choroidal neovascularization (formation of new blood vessels) and reducing vascular leakage.

GlobeImmune to Delist- GlobeImmune (GBIM) announced that it will voluntarily delist and deregister its common stock from the Nasdaq. The company cited its inability to find a suitable strategic transaction after a year-long process, a non-compliance letter from Nasdaq for continued listing requirements, and the listing and administrative costs associated with being a publicly listed company.

Regeneron (REGN) and Sanofi’s (SNY) Praluent has been approved by the apanese Ministry of Health, Labor and Welfare for the treatment of uncontrolled low-density lipoprotein (LDL) cholesterol in certain adult patients with hypercholesterolemia at high cardiovascular risk.

Cempra (CEMP) announced that the FDA has accepted for review its New Drug Applications (NDAs) seeking approval of intravenous and oral capsule formulations of Solithera (solithromycin) for the treatment of community-acquired bacterial pneumonia (CABP). The FDA has designated it a Qualified Infectious Disease Product (QIDP) for Fast Track review.

Juniper Pharmaceuticals (JNP) announced that Merck KGaA has been granted approval by the Japanese Ministry of Health, Labour and Welfare (MHLW) for OneCrinone 90 mg (progesterone) for the indication of luteal phase supplementation in assisted reproductive treatment. The market launch should commence later this year. Merck KGaA has global rights (ex-U.S.) to Crinone and OneCrinone.

Insys Therapeutics (INSY) announced that the FDA has approved its dronabinol oral solution, Syndros, for the treatment of anorexia-associated weight loss in patients with AIDS and the treatment of chemotherapy-induced nausea and vomiting (CINV) in patients who have not responded to conventional antiemetic treatments. It is the first dronabinol solution approved in the U.S.

Biogen (BIIB) and AbbVie’s (ABBV)  ZINBRYTA (daclizumab) for the treatment of adult patients with relapsing forms of multiple sclerosis (RMS) has been approved by the European Commission (EC). The EC approval of ZINBRYTA is supported by results from two studies, Phase 3 DECIDE and Phase 2b SELECT involving 2,400 subjects. ZINBRYTA is a once-monthly, self-administered, subcutaneous injection.

Five Prime Therapeutics (FPRX) announced that the FDA has granted its FPA144 an Orphan Drug for the treatment of gastric cancer, including cancer of the gastroesophageal junction, in patients with tumors that overexpress a protein called FGFR2b, an oncogene that is present in up to 35% of gastric cancer cases that is associated with aggressive disease.

No patents to report.

Bristol-Myers Squibb (BMY) has acquired Sweden-based Cormorant Pharmaceuticals, a developer of therapies for cancer and rare diseases. Cormorant Pharmaceuticals’ lead product candidate is Phase 1/2-stage HuMax-IL8, a monoclonal antibody that binds to interleukin-8 (IL-8), a potentially complementary immuno-oncology mechanism of action to T-cell-directed antibodies and co-stimulatory molecules. IL-8 is expressed by many solid tumors withing the tumor microenvironment which suppresses the immune system and enhances their ability to metastasize. According to the terms of the deal, Cormorant will receive upfront and near-term milestone payments of up to $95M and additional milestones up to $425M.

Northwest Biotherapeutics (NWBO) has entered into agreements with two institutional investors for the direct placement of 7.4M shares of common stock at $0.50 a share plus five-year warrants to purchase up to 3.7M shares of common at $0.60.

Catabasis Pharmaceuticals (CATB) has filed a Form S-3 with the U.S. Securities and Exchange Commission (SEC). According to the filing, the company may offer and sell from time to time in one or more offerings of up to $100 million in aggregate offering price.

No IPOs to report.

No earnings to report.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Aeterna Zentaris (AEZS) Maxim Group Reiterate Buy

$11

N/A
Alnylam Pharmaceuticals (ALNY) Cowen and Company Reiterate Buy

$150

$130

Alnylam Pharmaceuticals (ALNY) FBR & Co. Reiterate Outperform

$180

$130

Celgene (CELG) Canaacord Genuity Reiterate Buy

$156

N/A
Celgene (CELG) Leerink Swann Reiterate Hold

$125

N/A
Cempra (CEMP) WBB Securities Reiterate Buy

$40

N/A
Eiger Biopharmaceuticals (EIGR) Oppenheimer Holdings Initiation Outperform

$34

N/A
Esperion Therapeutics (ESPR) WallachBeth Capital Downgrade From Buy to Hold

$35

N/A
Gilead Sciences (GILD) Cowen and Company Reiterate Outperform

$125

$130

Illumina (ILMN) Morgan Stanley Downgrade/Price Target Cut From Equal Weight to Underweight From $130 to $110 N/A
Intellipharmaceutics International (IPCI) Brean Capital Reiterate Buy

$8

N/A
Juniper Pharmaceuticals (JNP) HC Wainwright Reiterate Buy

$15

N/A
OraSure Technologies (OSUR) BTIG Research Reiterate Buy

$8

N/A
OraSure Technologies (OSUR) Mizuho Reiterate Outperform

$8

N/A
Prothena (PRTA) Wedbush Reiterate Outperform

$77

N/A
Regenxbio (RGNX) Piper Jaffray Cos. Reiterate Buy

$33

N/A
TESARO (TSRO) Mizuho Price Target Raised Buy From $67 to $94 N/A

No insider buys to report.

Kite Pharma (KITE)- Jeffrey Wiezorek, SVP Clinical Development, sold 1,500 shares at $50. The total value of the transaction was $75,007. Wiezorek still owns 14,867 shares of KITE.

Nektar Therapeutics (NKTR)- Robert Chess, Director, sold 5,000 shares at $14.10. The total value of the transaction was $70,500. Chess still owns 260,623 shares of NKTR.

Recro Pharma (REPH) announced the appointment of Michael Celano as Chief Financial Officer effective immediately. Previously, he was Principal and Founder of Lafayette Hill Consulting.

NYSE- InVitae (NVTA) shares were among the major gainers on the NYSE. The stock closed 5.13% higher.

NASDAQ- Inotek Pharmaceuticals (NTEK) shares were among the major gainers on the NASDAQ. The stock closed 7.97% higher. Insys Therapeutics (INSY) ended the day 6.90% higher. Cipher Pharmaceuticals (CPHR) ended the day 5.62% higher. XBiotech (XBIT) shares were among the major losers on the NASDAQ. The stock closed 32.53% lower. Reata Pharmaceuticals (RETA) ended the day 11.01% lower. Novocure (NVCR) ended the day 9.75% lower.

NYSEMKT- Can-Fite Biopharma (CANF) shares were among the major movers on the NYSEMKT. The stock closed 19.77% lower.

OTC- Amarantus Bioscience Holdings (AMBS) shares were among the major movers on the OTC market. The stock closed 5.14% lower.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Applied DNA Sciences (APDN)

5.7%

0.3%

19

Apricus Biosciences (APRI)

4.5%

-5.8%

16

Aptose Bioscience (APTO)

0.7%

13.4%

1

Aquinox Pharmaceuticals (AQXP)

8.3%

-13.1%

8

Aradigm Corporation (ARDM)

0.1%

15.8%

1

Aralez Pharmaceuticals (ARLZ)

9%

-1%

11

Arbutus Biopharma (ABUS)

2.6%

-8.2%

6

ARCA Biopharma (ABIO)

1.8%

0.9%

3

Arcadia Biosciences (RKDA)

4%

-4.4%

4

Ardelyx (ARDX)

5.3%

-10.9%

12