Kura Oncology (KURA) shares have soared almost 48% in pre-market trading today after the company announced that its lead product candidate showed encouraging results in a mid-stage study. The company announced positive results from a Phase 2 clinical trial evaluating lead product candidate tipifarnib for the treatment of patients with HRAS mutation-positive solid tumors.

Heron Therapeutics (HRTX) finally got an approval for its SUSTOL (granisetron) extended-release injection for the treatment of acute and delayed chemotherapy-induced nausea and vomiting. The FDA had delayed its decision by almost 8 months. The news initially sent HRTX sharply higher but the stock finished around 2.4% higher by the end of the day.

While the excitement was understandable, I would remain on the sidelines with HRTX. As I explained in an article last year, the market SUSTOL will be competing in is super-saturated, with a drug available for almost every pocket, none of them very effective. HRTX differentiates its product by claiming that "While other 5-HT3 antagonists are approved for the prevention of CINV, SUSTOL is the first agent in the class to demonstrate efficacy in reducing the incidence of delayed CINV in patients receiving HEC, a major unmet medical need, in a randomized Phase 3 study." Based on that key differentiator, the market is assigning the current high valuation to HRTX.

The problem with this picture is that, of the 4-5 types of CINV distinguished by oncologists, although acute and delayed N&V form a bulk of the problem, each sort of emetic incident is really very drug-specific, and there are already many, many drugs to tackle the indication. Many of these drugs are 5-HT3 inhibitors themselves, some of them are even granisetron compounds. Although Heron's granisetron is injectable and therefore avoids emetic risks of oral dosing, and avoids lower efficiency of transdermals, it is still a moderately-sized ($1.5bn) and very saturated market, to say nothing of NK1 inhibitors that are the newer class of drugs, alternative drugs like synergistic corticosteroids, and even alternative anti-nausea therapies.

Eli Lilly to Continue MONARCH-2 Study as Planned- Eli Lilly (LLY) announced on Wednesday that based on a pre-planned interim analysis by the independent Data Monitoring Committee, its Phase 3 study,  MONARCH-2, evaluating abemaciclib plus fulvestrant in women with HR+, HER2- breast cancer will continue as planned since interim efficacy criteria were not met. Final data are expected in H1 2017. The primary endpoint is progression-free survival (PFS) versus placebo + fulvestrant up to ~31 months. The company has five MONARCH trials in process evaluating abemaciclib in breast cancer, four assessing combination regimens. Phase 2 MONARCH-1 assessed abemaciclib as monotherapy in treatment-resistant breast cancer patients.

AstraZeneca’s Symbicort Succeeds in Late-Stage Studies- AstraZeneca (AZN) announced uccessful results from two clinical trials evaluating the expanded use of Symbicort (budesonide/formoterol fumarate dihydrate) Inhalation Aerosol. Both studies achieved their primary endpoints. Phase 3b RISE assessed the ability of Symbicort to reduce exacerbations in 1,219 adult patients with moderate-to-very severe chronic obstructive pulmonary disease (COPD). Phase 3 CHASE 3 evaluated the safety and efficacy of Symbicort in 273 asthmatic children aged six to less than 12 years of age.

vTv Reports Positive Results for TTP399- vTv Therapeutics (VTVT) shares rallied on Wednesday after the company announced positive top-line results from a Phase 2b study assessing liver-selective glucokinase activator TTP399 for the treatment of type 2 diabetes. The trial achieved its primary endpoint of a statistically valid reduction from baseline in HbA1c at day 168. Patients received a daily oral dose of 800 mg of TTP399. The reduction in HbA1c was dose-dependent and sustained throughout the study period.

Cardiome Pharma (CRME) announced that the European Medicines Agency (EMA) has approved the dosing regimen of a single 30-minute 1500 mg infusion (three 500 mg vials) for its antibiotic XYDALBA (dalbavancin). The original approved dose was 1000 mg (two 500 mg vials) followed a week later by 500 mg (one vial).

Kitov Pharmaceuticals (KTOV) announced that the USPTO has issued U.S. Patent No. 9,408,837 covering its lead product candidate KIT-302. The patent, "Ameliorating Drug-Induced Elevations In Blood Pressure By Adjunctive Use Of Antihypertensive Drugs," was issued on Tuesday and can extend until May 22, 2029.

BioLife Solutions (BLFS) announced that it has entered into a 10-year agreement with Bellicum Pharmaceuticals (BLCM) to supply its CryoStor clinical grade freeze media. The product will be incorporated into the manufacturing of certain Bellicum cellular immunotherapies. Financial terms of the deal have not been disclosed.

Illumina (ILMN) and FlowJo LLC have signed a partnership to develop and co-promote analysis software for single cell next-generation sequencing (NGS) data. The application, to be developed by FlowJo, will provide additional secondary and tertiary analysis and visualization of datasets related to single cell phenotyping.

Mallincrkodt (MNK) announced that it has acquired privately held Stratatech for an undisclosed sum. The Madison, Wisconsin-based regenerative medicine firm develops proprietary skin substitute products. Its lead pipeline candidate is Phase 3-stage StrataGraft, an "off-the-shelf" skin substitute for the treatment of severe burns. The transaction is expected to be completed later in the year.

AstraZeneca has raised its stake in Moderna Therapeutics. The British drug maker will invest $140 million in Moderna’s preferred stock, which will take its stake in the company to 9%. The companies inked their original collaboration agreement in March 2013 with the aim of developing messenger RNA therapeutics for the treatment of cardiovascular, metabolic and renal diseases as well as certain cancers. They inked a new deal in January 2016 focused exclusively in oncology.

Amarin (AMRN) announced that it has commenced a public offering of American Depositary Shares pursuant to a shelf registration. Price, volume and terms of the offering have not yet been released.

Omeros (OMER) announced that it has commenced a $40M equity offering. Net proceeds from the offering will be used for general corporate purposes. Price, volume and terms have yet to be announced.

Protagonist Therapeutics announced the pricing of its IPO. The company is offering 7.5 million shares at $12. The pricing was within the range set by the company. The IPO range was $11 to $13 per share. Protagonist Therapeutics plans to list its shares on the NASDAQ under the ticker symbol PTGX.

Perrigo (PRGO) reported second-quarter earnings of $1.93 per share, missing consensus forecast by 5 cents. The company reported revenue of $1.48 billion, down 3.3% on a year-over-year basis. Revenue beat consensus forecast by $50 million.

KemPharm (KMPH) reported second-quarter net income of $9.8 million. The company ended the quarter with $102.6 million in cash and cash equivalents, restricted cash, marketable securities and long-term investments.

Aldeyra Therapeutics (ALDX) reported a loss of $0.41 per share in its second quarter, beating consensus forecast by 3 cents. The company ended the quarter with $17.6 million in cash and cash equivalents on its balance sheet.

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

Viking Therapeutics (VKTX) reported a loss of $0.22 per share in its first quarter, missing consensus forecast by 2 cents. The company ended the quarter with $5.2 million in cash and cash equivalents on its balance sheet.

Inotek Pharmaceuticals (ITEK) reported a loss of $0.33 per share in its second quarter, beating consensus forecast by 7 cents. The company ended the quarter with $98.2 million in cash and cash equivalents and short-term investments on its balance sheet.

Foamix Pharmaceuticals (FOMX) reported a loss of $0.27 per share in its second quarter, missing consensus forecast by 2 cents. The company reported revenue of $0.75 million, up 581.8% on a year-over-year basis. Revenue missed consensus forecast by $0.35 million.

Aradigm (ARDM) reported a loss of $0.59 per share in its second quarter, in-line with the consensus forecast. The company reported revenue of $0.01 million, down 99.9% on a year-over-year basis. Revenue missed consensus forecast by $0.69 million.

Spark Therapeutics (ONCE) reported a loss of $1.04 per share in its second quarter, missing consensus forecast by 7 cents. The company reported revenue of $1.29 million, flat on a year-over-year basis. Revenue beat consensus forecast by $0.12 million.

Bio-Path (BPTH) reported a loss of $0.02 per share in its second quarter, in-line with the consensus forecast. The company ended the quarter with $4.2 million in cash on its balance sheet.

Affimed (AFMD) reported a loss of euro 0.24 per share in its second quarter, missing consensus forecast by a penny. The company reported revenue of euro 2.07 million, down 5.9% on a year-over-year basis. Revenue missed consensus forecast by euro 0.03 million.

Vermillion (VRML) reported a loss of $0.07 per share in its second quarter, beating consensus forecast by 2 cents. The company reported revenue of $0.71 million, up 31.5% on a year-over-year basis. Revenue beat consensus forecast by $0.11 million.

Cel-Sci (CVM) reported a loss of $0.03 per share in its third quarter. The company reported revenue of $0.13 million, down 67.5% on a year-over-year basis.

CoLucid Pharmaceuticals (CLCD) reported a loss of $1.06 per share in its second quarter, missing consensus forecast by 22 cents. The company ended the quarter with $13.8 million in cash and cash equivalents on its balance sheet.

Eiger BioPharmaceuticals (EIGR) reported a loss of $1.87 per share in its second quarter. The company ended the quarter with $45.4 million in cash and cash equivalents on its balance sheet.

Taro Pharmaceutical (TARO) reported first-quarter earnings of $2.59 per share. The company reported revenue of $233.8 million, up 8.6% on a year-over-year basis.

Pieris Pharmaceuticals (PIRS) reported a loss of $0.14 per share in its second quarter, in-line with the consensus forecast. The company’s revenue for the quarter was $1.07 million, up 568.8% on a year-over-year basis. Revenue beat consensus forecast by $0.77 million.

Eyegate Pharmaceuticals (EYEG) reported a net loss of $3.82 million in its second quarter.

Aimmune Therapeutics (AIMT) reported a loss of $0.43 per share in its second quarter, missing consensus forecast by 2 cents. The company ended the quarter with $171.8 million in cash, cash equivalents and investments on its balance sheet.

BeiGene (BGNE) reported a loss of $0.73 per share in its second quarter. The company reported revenue of $0.39 million, down 71.7% on a year-over-year basis.

Kura Oncology reported a loss of $0.36 per share in its second quarter. The company ended the quarter with $80.1 million in cash, cash equivalents and short-term investments on its balance sheet.

Zosano Pharma (ZSAN) reported a loss of $0.54 per share in its second quarter, missing consensus forecast by 4 cents. The company ended the quarter with $22.9 million in cash, cash equivalents and marketable securities on its balance sheet.

Cynapsus Therapeutics (CYNA) reported a loss of $0.83 per share in its second quarter. The company ended the quarter with $55.1 million in cash on its balance sheet.

Global Blood Therapeutics (GBT) reported a loss of $0.58 per share in its second quarter, beating consensus forecast by a penny. The company ended the quarter with $231.9 million in cash and cash equivalents on its balance sheet.

Windtree Therapeutics (WINT) reported a loss of $1.29 per share in its second quarter, beating consensus forecast by 35 cents. The company reported revenue of $0.11 million, up 37.5% on a year-over-year basis. Revenue beat consensus forecast by $0.07 million.

Cyclacel Pharmaceuticals (CYCC) reported a loss of $1.01 per share in its second quarter. The company reported revenue of $0.22 million, down 26.7% on a year-over-year basis.

TRACON Pharmaceuticals (TCON) reported a loss of $0.68 per share in its second quarter, missing consensus forecast by 7 cents. The company reported revenue of $0.8 million, down 81% on a year-over-year basis. Revenue missed consensus forecast by $0.47 million.

Argos Therapeutics (ARGS) reported a loss of $0.48 per share in its second quarter, missing consensus forecast by 5 cents. The company reported revenue of $0.5 million, up 354.5% on a year-over-year basis. Revenue beat consensus forecast by $0.3 million.

Chiasma (CHMA) reported a loss of $1.10 per share in its second quarter. The company ended the quarter with $115.6 million in cash and cash equivalents on its balance sheet.

Collegium Pharmaceutical (COLL) reported a loss of $1.05 per share in its second quarter, missing consensus forecast by 24 cents. The company ended the quarter with $110.7 million in cash and cash equivalents on its balance sheet.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Abbott Laboratories (ABT) BTIG Research Reiterate Buy

$45

N/A
ACADIA Pharmaceuticals (ACAD) Jefferies Group Reiterate Buy N/A

$94.25

ACADIA Pharmaceuticals (ACAD) JMP Securities Reiterate Buy

$45

$94.25

AcelRx Pharmaceuticals (ACRX) Jefferies Group Reiterate Buy N/A N/A
Avalanche Biotechnologies (ADVM) Jefferies Group Reiterate Buy

$12

N/A
Agios Pharmaceuticals (AGIO) Goldman Sachs Group Reiterate Neutral

$46

N/A
Allergan (AGN) RBC Capital Markets Price Target Cut Outperform From $307 to $300 N/A
Aimmune Therapeutics (AIMT) Wedbush Reiterate Outperform

$42

N/A
Alnylam Pharmaceuticals (ALNY) Goldman Sachs Group Price Target Raised Neutral From $63 to $65

$130

Alliqua (ALQA) HC Wainwright Price Target Cut Buy From $4 to $2.50 N/A
AMAG Pharmaceuticals (AMAG) Jefferies Group Reiterate Buy N/A N/A
Anthera Pharmaceuticals (ANTH) Jefferies Group Reiterate Buy N/A N/A
Arena Pharmaceuticals (ARNA) Jefferies Group Reiterate Buy N/A N/A
Arrowhead Pharmaceuticals (ARWR) Piper Jaffray Cos. Price Target Cut N/A

$8

$14.40

Axsome Therapeutics (AXSM) Brean Capital Reiterate Buy N/A N/A
AstraZeneca (AZN) Citigroup Reiterate Buy N/A N/A
AstraZeneca (AZN) Shore Capital Reiterate Hold N/A N/A
BioDelivery Sciences (BDSI) Piper Jaffray Cos. Reiterate Sell N/A N/A
Biogen (BIIB) Robert W. Baird Reiterate Neutral

$284

$420

Bio-Path Holdings (BPTH) Maxim Group Price Target Cut Buy From $5 to $2 N/A
Celgene (CELG) Cowen and Company Reiterate Buy

$150

$140

Caladrius Biosciences (CLBS) HC Wainwright Reiterate Buy N/A N/A
Exelixis (EXEL) Cowen and Company Reiterate Buy N/A

$12.50

Global Blood Therapeutics (GBT) Wedbush Reiterate Outperform

$66

N/A
GlaxoSmithKline (GSK) Citigroup Reiterate Buy N/A N/A
Horizon Pharma (HZNP) Mizuho Price Target Raised Buy From $24 to $30 N/A
Horizon Pharma (HZNP) Piper Jaffray Cos. Price Target Cut Overweight From $34 to $33 N/A
Horizon Pharma (HZNP) BMO Capital Markets Price Target Raised Outperform From $29 to $30 N/A
Immune Design (IMDZ) Jefferies Group Price Target Cut Buy From $20 to $17 N/A
Incyte (INCY) Barclays Plc Price Target Raised Overweight From $85 to $100 N/A
Incyte (INCY) Jefferies Group Reiterate Buy

$98

N/A
Incyte (INCY) Leerink Swann Price Target Raised Outperform From $85 to $95 N/A
Ionis Pharmaceuticals (IONS) Piper Jaffray Cos. Price Target Raised Overweight From $36 to $46 N/A
Impax Laboratories (IPXL) Deutsche Bank Price Target Cut Hold From $31 to $24 N/A
Impax Laboratories (IPXL) Leerink Swann Price Target Cut Market Perform From $33 to $24 N/A
Impax Laboratories (IPXL) WallachBeth Capital Price Target Cut Buy From $40 to $30 N/A
Impax Laboratories (IPXL) Royal Bank of Canada Price Target Cut Sector Perform From $35 to $30 N/A
Jazz Pharmaceuticals (JAZZ) Mizuho Price Target Cut Buy From $195 to $185 N/A
Jazz Pharmaceuticals (JAZZ) Barclays Plc Reiterate Buy

$200

N/A
Jazz Pharmaceuticals (JAZZ) Piper Jaffray Cos. Price Target Cut N/A

$178

N/A
Lipocine (LPCN) Canaccord Genuity Reiterate Buy

$6

N/A
Merrimack Pharmaceuticals (MACK) Robert W. Baird Price Target Cut Neutral From $8 to $7

$14

Medivation (MDVN) Credit Suisse Group Price Target Raised Outperform From $63 to $72 N/A
Medivation (MDVN) Jefferies Group Price Target Raised Hold From $56 to $60 N/A
Medivation (MDVN) JMP Securities Downgrade From Outperform to Market Perform N/A N/A
Merck & Co. (MRK) Citigroup Reiterate Neutral

$65

$70

Marinus Pharmaceuticals (MRNS) Jefferies Group Price Target Raised Buy From $2.5o to $3 N/A
Ohr Pharmaceuticals (OHRP) Brean Capital Downgrade From Buy to Hold N/A N/A
OncoMed Pharmaceuticals (OMED) Jefferies Group Price Target Raised Buy From $15 to $16 N/A
Omeros (OMER) Maxim Group Price Target Cut Buy From $30 to $19 N/A
Omeros (OMER) Cantor Fitzgerald Reiterate Buy

$21

N/A
Spark Therapeutics (ONCE) Wedbush Price Target Raised Underperform From $28 to $29 N/A
Ophthotech (OPHT) Goldman Sachs Group Reiterate Sell

$45

N/A
pSivida (PSDV) FBR & Co. Reiterate Buy N/A N/A
Portola Pharmaceuticals (PTLA) Citigroup Price Target Raised Buy From $38 to $40

$75

Ignyta (RXDX) Piper Jaffray Cos. Price Target Cut Overweight From $32 to $20 N/A
Sangamo Biosciences (SGMO) Cowen and Company Reiterate Buy N/A N/A
Sophiris Bio (SPHS) Maxim Group Price Target Raised Buy From $4 to $6 N/A
Spectrum Pharmaceuticals (SPPI) FBR & Co. Reiterate Buy N/A N/A
Tobira Therapeutics (TBRA) Cowen and Company Reiterate Buy

$11

N/A
TG Therapeutics (TGTX) Roth Capital Reiterate Buy

$33

N/A
Tokai Pharmaceuticals (TKAI) William Blair Reiterate Neutral N/A N/A
Valeant Pharmaceuticals International (VRX) Piper Jaffray Cos. Price Target Raised Underweight From $19 to $22 N/A
Valeant Pharmaceuticals International (VRX) Royal Bank of Canada Price Target Raised Sector Perform From $31 to $36 N/A
Valeant Pharmaceuticals International (VRX) Jefferies Group Reiterate Buy

$40

N/A
Valeant Pharmaceuticals International (VRX) BTIG Research Reiterate Neutral N/A N/A
Valeant Pharmaceuticals International (VRX) Canaccord Genuity Reiterate Hold

$28

N/A
Valeant Pharmaceuticals International (VRX) Wells Fargo & Co. Reiterate Hold

$28

N/A
Valeant Pharmaceuticals International (VRX) Wells Fargo & Co. Reiterate Underperform

$19.50

N/A
Ziopharm Oncology (ZIOP) Wells Fargo & Co. Upgrade From Underperform to Market Perform N/A N/A

Opko Health (OPK)- Dr. Phillip Frost, CEO & Chairman, bought 10,000 shares at $9.98. The total value of the transaction was $99,763. Dr. Frost now owns 159,952,343 shares of OPK.

Illumina (ILMN)- Jay T. Flatley, Director, sold 10,000 shares at $165.97. The total value of the transaction was approximately $1.66 million. ILMN still owns 488,061 shares of ILMN.

Seattle Genetics (SGEN)- Clay B. Siegall, President & CEO, sold 11,660 shares at $47.19. The total value of the transaction was $550,212. Siegall still owns 556,115 shares of SGEN.

Advaxis (ADXS)- Richard J. Berman, Director, sold 33,761 shares in two separate transactions. Berman sold 18,000 shares at $15.21 and 15,761 shares at $15.67. Berman still owns 50,669 shares of ADXS.  David Sidransky, Director, sold 22,808 shares in two separate transactions. Sidransky sold 11,404 shares at $15.17; and 11,404 shares at $14.85. Sidransky still owns 80,355 shares of ADXS.

Spark Therapeutics (ONCE)- Anand Mehra, Director, sold 100 shares at $60.47. The total value of the transaction was $6,048. Mehra still owns 1,407,137 shares of ONCE.

Alexion Pharmaceuticals (ALXN)- Heidi L. Wagner, SVP, Global Government Affairs, sold 222 shares at $137.14. Wagner still owns 32,115 shares of ALXN. Vikas Sinha, EVP & CFO, sold 277 shares at $137.14. Sinha still owns 178,463 shares of ALXN. John B. Moriarty, EVP & General Counsel, sold 135 shares at $137.14. Moriarty still owns 51,225 shares of ALXN. Clare Carmichael, EVP, Chief HR Officer, sold 165 shares at $137.14. Carmichael still owns 39,577 shares of ALXN. David Hallal, CEO, sold 332 shares at $137.14. Hallal still owns 189,266 shares of ALXN. Leonard Bell, Director, sold 1,010 shares at $137.14. Bell still owns 405,289 shares of ALXN.

Benitec Biopharma (BNTC) announced that it has appointed interim CEO Greg West on a permanent basis, Dr. Cliff Holloway as Chief Business Officer and Chief Operating Officer and Bryan Dulhunty as Chief Financial Officer.

NYSE- Intrexon (XON) shares were among the major gainers on the NYSE. The stock closed 3.60% higher. Perrigo (PRGO) shares were among the major losers on the NYSE. The stock closed 9.56% lower. InVitae (NVTA) ended the day 7.54% lower.

NASDAQ- Aurinia Pharmaceuticals (AUPH) shares were among the major gainers on the NASDAQ. The stock closed 12.57% higher. Catabasis Pharmaceuticals (CATB) ended the day 7.45% higher. Oncobiologics (ONS) ended the day 6.86% higher. Spectrum Pharmaceuticals (SPPI) shares were among the major losers on the NASDAQ. The stock closed 19.09% lower. Arcadia Biosciences (RKDA) ended the day 18.99% lower. AMAG Pharmaceuticals (AMAG) ended the day 12.54% lower.

NYSEMKT- Asterias Biotherapeutics (AST) shares were among the major movers on the NYSEMKT. The stock closed 1.36% lower.

OTC- Amarantus Bioscience Holdings (AMBS) shares were among the major movers on the OTC market. The stock closed 2.27% higher.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Merrimack Pharmaceuticals (MACK)

22.6%

10.8%

13

Minerva Neurosciences (NERV)

12.3%

-2.8%

9

Mirati Therapeutics (MRTX)

8.7%

3.4%

8

Mirna Therapeutics (MIRN)

0.7%

2.9%

8

Momenta Pharmaceuticals (MNTA)

7%

-3.9%

14

Mylan (MYL)

7%

1.8%

8

MyoKardia (MYOK)

7.7%

5.4%

12

Nabriva Therapeutics (NBRV)

1.3%

1.3%

35

NantKWest (NK)

18%

-2.2%

22

Nektar Therapeutics (NKTR)

7.6%

-4.5%

9