The iShares NASDAQ Biotechnology Index (ETF) (IBB) is now close to $300. If IBB hits $300, it would be the first time since January this year that the fund has reached this key psychological level. IBB has had an excellent run over the last one month, gaining more than 13%. While there are concerns that the sector is now overvalued, there are still some opportunities. Geron Corporation (GERN) is one such stock. Despite the rally in the broader sector, GERN remains undervalued.

Exelixis (EXEL) shares have surged another 11% in trading today and are now up more than 141% in the last three months. The latest rally has been sparked by strong Q2 results. Revenue for the quarter rose to $36.3 million. Given the excellent run in EXEL over the last three months, I believe it is time now to take some profit. However, I would not recommend exiting entire position as there is further upside in EXEL.

Teva Looking For More Deals- Despite closing a major deal with the acquisition of Allergan’s (AGN) generic business, Teva Pharmaceutical Industries (TEVA) is open to doing more deals. CEO Erex Vigodman told Bloomberg on Wednesday that the company will target “attractive specialty assets, or branded drug assets or pipeline assets” that fit with medicines for pain, migraines, neuro-degenerative and movement disorders, as well as respiratory diseases.

Sarepta Rallies on Phase 3 Update- Sarepta Therapeutics (SRPT) shares rose sharply on Wednesday and have extended their gains in pre-market trading as the company has started recruiting patients for a Phase 3 trial to treat Duchenne muscular dystrophy with its lead product candidate, Eteplirsen. Meanwhile, analysts are bullish about the prospects of eteplirsen.

Biogen Not Looking for a Sale- According to Reuters, Biogen (BIIB) has not received any formal expressions of interest from potential acquirers and is not looking for takeover offers. Reuters, citing a person with the knowledge of the situation, reported that some of BIIB’s peers have approached individual board directors of the company, however, nothing has been presented to the Board formally.

Novartis (NVS) announced that its breast cancer pill LEE011 has won breakthrough therapy designation from U.S. regulators as a first-line treatment for an advanced form of breast cancer. The FDA granted the designation in combination with letrozole for treating hormone receptor positive, human epidermal growth factor receptor 2-negative (HR+/HER2-) advanced or metastatic breast cancer.

Merck & Co.’s (MRK) announced that the European Commission (EC) has approved KEYTRUDA® (pembrolizumab), the company’s anti-PD-1 therapy, at a dose of 2 mg/kg every three weeks, for patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) in patients whose tumors express PD-L1 and who have received at least one prior chemotherapy regimen. Patients with EGFR or ALK positive tumor mutations should also have received approved therapy for these mutations prior to receiving KEYTRUDA.

No patents to report.

No deals and collaborations to report.

No secondary offerings to report.

No IPOs to report.

Sucampo (SCMP) reported earnings of $0.23 per share in its second quarter, beating consensus forecast by a penny. The company’s revenue for the quarter was $51.95 million, up 48.9% on a year-over-year basis. Revenue beat consensus forecast by $3.34 million.

Edge Therapeutics (EDGE) reported a loss of $0.33 per share in its second quarter. The company ended the quarter with $111 million in cash and cash equivalents on its balance sheet.

Loxo Oncology (LOXO) reported a loss of $0.77 per share in its second quarter, missing consensus forecast by 14 cents. The company ended the quarter with $52.9 million in cash and cash equivalents on its balance sheet.

Insys Therapeutics (INSY) reported earnings of $0.13 per share in its second quarter, beating consensus forecast by 6 cents. The company’s revenue for the quarter was $67.12 million, down 13.5% on a year-over-year basis. Revenue beat consensus forecast by $0.22 million.
ArQule (ARQL) reported a loss of $0.07 per share in its second quarter, beating consensus forecast by a penny. The company’s revenue for the quarter was $1.07 million, down 64.3% on a year-over-year basis. Revenue missed consensus forecast by $0.06 million.

Flex Pharma (FLKS) reported a loss of $0.71 per share in its second quarter, missing consensus forecast by 4 cents. The company reported revenue of $0.11 million for the second quarter.

Ophthotech (OPHT) reported a loss of $0.85 per share in its second quarter, beating consensus forecast by 20 cents. The company’s revenue for the quarter was $28.2 million, beating consensus forecast by $9.56 million.

Galmed Pharmaceuticals (GLMD) reported a loss of $0.39 per share in its second quarter, missing consensus forecast by 4 cents. The company’s cash balance at the end of the quarter stood at $2.9 million.

Mateon Therapeutics (MATN) reported a loss of $0.14 per share in its second quarter, beating consensus forecast by 5 cents.

Cipher (CPHR) reported a loss of $0.13 per share in its second quarter. The company’s revenue for the quarter was $11.7 million, up 33% on a year-over-year basis.

Neurocrine Biosciences (NBIX) reported a loss of $0.46 per share in its second quarter, beating consensus forecast by 3 cents. The company ended the quarter with cash, cash equivalents, investments and receivables of $416.5 million.

Geron (GERN) reported a loss of $0.05 per share in its second quarter, 2 cents below consensus forecast. The company’s revenue for the quarter was $0.21 million, down 16% on a year-over-year basis. Revenue missed consensus forecast by $0.09 million.

Sangamo BioSciences (SGMO) reported a loss of $0.38 per share in its second quarter, missing consensus forecast by 14 cents. The company reported revenue of $3.7 million, down 55.7% on a year-over-year basis. Revenue missed consensus forecast by $1.68 million.

Flexion Therapeutics (FLXN) reported a loss of $0.63 per share in its second quarter, beating consensus forecast by 4 cents. The company ended the quarter with $163.3 million in cash, cash equivalents and marketable securities on its balance sheet.

Depomed (DEPO) reported earnings of $0.27 per share in its second quarter, beating consensus forecast by a penny. The company reported revenue of $116.68 million, up 11.2% on a year-over-year basis.

Conatus Pharmaceuticals (CNAT) reported a loss of $0.30 per share in its second quarter, beating consensus forecast by 8 cents. The company ended the quarter with $30.2 million in cash and cash equivalents on its balance sheet.

CombiMatrix (CBMX) reported a loss of $0.89 per share in its second quarter. The company reported revenue of $3.11 million for the quarter, up 22% on a year-over-year basis.

Aerie Pharmaceuticals (AERI) reported a loss of $0.72 per share in its second quarter, beating consensus forecast by 2 cents. The company ended the quarter with $58.5 million in cash and cash equivalents on its balance sheet.

Veracyte (VCYT) reported a loss of $0.40 per share in its second quarter, missing consensus forecast by 7 cents. The company reported revenue of $14.68 million, up 23.3% on a year-over-year basis. Revenue rose 23.3% on a year-over-year basis. Revenue missed consensus forecast by $0.13 million.

Nektar Therapeutics (NKTR) reported a loss of $0.36 per share in its second quarter, missing consensus forecast by 3 cents. The company reported revenue of $32.77 million, up 44.6% on a year-over-year basis. Revenue beat consensus forecast by $2.3 million.

MacroGenics (MGNX) reported second-quarter earnings of $1.12 per share in its second quarter, beating consensus forecast by $1.14. The company reported revenue of $80.67 million for the quarter, beating consensus forecast by $53.45 million.

PAREXEL (PRXL) reported earnings of $0.94 per share in its fourth quarter, beating consensus forecast by a penny. The company’s revenue for the quarter was $538.6 million, up 3% on a year-over-year basis. Revenue beat consensus forecast by $6.02 million.

AxoGen (AXGN) reported a loss of $0.09 per share in its second quarter, beating consensus forecast by 3 cents. The company reported revenue of $10.4 million, up 62% on a year-over-year basis. Revenue beat consensus forecast by $1.38 million.

Xenon Pharma (XENE) reported a loss of $0.42 per share in its second quarter, beating consensus forecast by 6 cents. The company reported revenue of $0.41 million, down 89.9% on a year-over-year basis. Revenue missed consensus forecast by $1.84 million.

Vitae Pharmaceuticals (VTAE) reported a loss of $0.36 per share in its second quarter, beating consensus forecast by 5 cents. The company ended the quarter with $77.4 million in cash, cash equivalents and marketable securities on its balance sheet.

bluebird bio (BLUE) reported a loss of $1.59 per share in its second quarter, missing consensus forecast by 15 cents. The company reported revenue of $1.55 million, down 68.6% on a year-over-year basis. Revenue missed consensus forecast by $0.65 million.
XOMA (XOMA) reported a loss of $0.13 per share in its second quarter, missing consensus forecast by a penny. The company reported revenue of $0.44 million, down 82.7% on a year-over-year basis. Revenue missed consensus forecast by $0.46 million.

Aduro Biotech (ADRO) reported earnings of $0.03 per share in its second quarter, beating consensus forecast by 9 cents. The company’s revenue for the quarter was $38.98 million, beating consensus forecast by $13.74 million. Revenue rose 294.5% on a year-over-year basis.

Alimera Sciences (ALIM) reported a loss of $0.17 per share in its second quarter, beating consensus forecast by 2 cents. The company reported revenue of $9.56 million, up 65.4% on a year-over-year basis. Revenue beat consensus forecast by $1.14 million.

Ocera Therapeutics (OCRX) reported a loss of $0.33 per share in its second quarter, beating consensus forecast by 2 cents. The company’s revenue for the quarter was $0.03 million, down 25% on a year-over-year basis. Revenue beat consensus forecast by $0.01 million.

CytomX (CTMX) reported a loss of $0.39 per share in its second quarter. Revenue for the quarter was $3.1 million, up 52% on a year-over-year basis.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Advaxis (ADXS) Barclays PLC Price Target Raised Overweight From $15 to $20 N/A
Allergan (AGN) Credit Suisse Price Target Set Hold

$322

N/A
Amgen (AMGN) Jefferies Group Reiterate Buy N/A

$250

Biogen (BIIB) Morgan Stanley Reiterate Buy

$385

$420

Biogen (BIIB) Credit Suisse Reiterate Hold

$322

$420

Biogen (BIIB) Piper Jaffray Reiterate Neutral N/A N/A
Biocept (BIOC) Feltl & Co. Downgrade From Buy to Hold N/A N/A
bluebird bio (BLUE) Wedbush Reiterate Outperform

$117

N/A
Bristol-Myers Squibb (BMY) Citigroup Reiterate Buy N/A N/A
Celgene (CELG) Morgan Stanley Reiterate Hold

$120

$140

Celgene (CELG) BTIG Research Upgrade From Neutral to Buy

$138

$140

Cempra (CEMP) Needham & Company Reiterate Buy

$48

N/A
Heron Therapeutics (HRTX) Cantor Fitzgerald Reiterate Buy

$41

N/A
Horizon Pharma (HZNP) BMO Capital Markets Reiterate Outperform

$29

N/A
Horizon Pharma (HZNP) Mizuho Reiterate Outperform

$24

N/A
Idexx Laboratories (IDXX) Northcoast Research Upgrade From Sell to Neutral N/A N/A
Idexx Laboratories (IDXX) Stifel Nicolaus Price Target Raised Buy From $92 to $120 N/A
Ionis Pharmaceuticals (IONS) Cowen and Company Reiterate Buy N/A N/A
Keryx Biopharmaceuticals (KERX) Cowen and Company Reiterate Neutral N/A

$25

Eli Lilly (LLY) Citigroup Reiterate Buy N/A N/A
Mallinckrodt (MNK) Mizuho Price Target Raised Buy From $83 to $91 N/A
Mallinckrodt (MNK) Leerink Swann Price Target Set Buy From $84 to $91 N/A
Mallinckrodt (MNK) Guggenheim Reiterate Buy

$98

N/A
Mallinckrodt (MNK) JPMorgan Chase & Co. Price Target Set Hold

$85

N/A
Mallinckrodt (MNK) Barclays PLC Price Target Raised Overweight From $75 to $88 N/A
Mallinckrodt (MNK) Piper Jaffray Price Target Set Buy

$103

N/A
Pacira Pharmaceuticals (PCRX) Piper Jaffray Reiterate Overweight

$81

N/A
Pfizer (PFE) Citigroup Reiterate Neutral

$37

N/A
Pfizer (PFE) JPMorgan Chase & Co. Price Target Set Buy

$40

N/A
Regulus Therapeutics (RGLS) Wedbush Reiterate Outperform

$15

N/A
Rigel Pharmaceuticals (RIGL) JPMorgan Chase & Co. Reiterate Buy

$5

N/A
Shire PLC (SHPG) Leerink Swann Price Target Raised Outperform From $213 to $231 N/A
Shire PLC (SHPG) RBC Capital Markets Reiterate Outperform N/A N/A
Shire PLC (SHPG) Guggenheim Reiterate Neutral N/A N/A
Theravance Biopharma (TBPH) Bank of America Downgrade From Neutral to Underperform N/A N/A
Teva Pharmaceutical Industries (TEVA) Jefferies Group Reiterate Buy N/A N/A
Trillium Therapeutics (TRIL) Ladenburg Thalmann Initiation Buy

$18

N/A
Valeant Pharmaceuticals International (VRX) Morgan Stanley Price Target Set Hold

$33

N/A
Vitae Pharmaceuticals (VTAE) Wedbush Reiterate Outperform

$23

N/A

No insider buys to report.

Amgen (AMGN)- Annette Louise Such, VP, Finance and CAO, sold 3,000 shares at $174.59. The total value of the transaction was $523,758. Such still owns 7,183 shares of AMGN.

Nektar Therapeutics (NKTR)- Robert Chess, Director, sold 5,000 shares at $17.26. The total value of the transaction was $86,300. Chess still owns 260,623 shares of NKTR.

Alder Biopharmaceuticals (ALDR)- Randall C. Schatzman, President & CEO, sold 10,000 shares at $31.15. The total value of the transaction was $311,513. Schatzman still owns 114,768 shares of ALDR. John A. Latham, Chief Scientific Officer, sold 6,426 shares at $30.88. The total value of the transaction was $198,464. Latham still owns 242,200 shares of ALDR.

Spark Therapeutics (ONCE)- Anand Mehra, Director, sold 22,665 shares at $60.03. The total value of the transaction was approximately $1.36 million. Mehra still owns 1,412,301 shares of ONCE. Jeffrey D. Marrazzo, CEO, sold 16,530 shares in two separate transactions. Marrazzo sold 12,348 shares at $60.03; and 4,182 shares at $60. Marrazzo still owns 230,000 shares of ONCE.

No management changes and additions to report.

NYSE- Intrexon (XON) shares were among the major gainers on the NYSE. The stock closed 8.20% higher. Pfizer (PFE) shares were among the major losers on the NYSE. The stock ended the day 2.22% lower.

NASDAQ- Avalanche Biotechnologies (ADVM) shares were among the major gainers on the NASDAQ. The stock closed 22.32% higher. Insys Therapeutics (INSY) ended the day 17.43% higher. Alcobra (ADHD) ended the day 14.42% higher. Theravance Biopharma (TBPH) shares were among the major losers on the NASDAQ. The stock closed 9.68% lower. CoLucid Pharmaceuticals (CLCD) ended the day 6.73% lower. AveXis (AVXS) ended the day 6.62% lower.

NYSEMKT- Palatin Technologies (PTN) shares were among the major movers on the NYSEMKT. The stock closed 1.91% higher.

OTC- Amarantus Bioscience Holdings (AMBS) shares were among the major movers on the OTC market. The stock closed 4.21% higher.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
ImmunoGen (IMGN)

17.6%

7.8%

10

Immunomedics (IMMU)

25.5%

1%

17

Impax Laboratories (IPXL)

9%

12.8%

11

Imprimis Pharmaceuticals (IMMY)

1.6%

-12.6%

6

Incyte (INCY)

2.4%

-8.3%

6

Infinity Pharmaceuticals (INFI)

5.8%

-16.2%

2

Innocoll Holdings (INNL)

0.2%

160.2%

0

Inogen (INGN)

15.8%

5.1%

10

Inotek Pharmaceuticals (ITEK)

6.6%

-9.3%

8

Inovio Pharmaceuticals (INO)

18.8%

3%

12