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Sorrento Therapeutics Inc. ($SRNE) kept up its positive trend as the stock gained another 8 percent in its Friday session. The stock received boost from the company’s recent announcement regarding the lawsuits brought by Wildcat Liquid Alpha, LLC. Sorrento reported that all claims against the company and its Directors contained in the lawsuits have been dismissed. Wildcat has claimed that the company was destroying shareholder value. It sought the ouster of CEO Henry Ji. Wildcat also demanded the appointment of three Wildcat-sponsored directors.
Sorrento is a clinical stage biopharmaceutical company, focusing on developing new treatments for immuno-oncology, inflammation and autoimmune diseases. The company stock has gained over 29 percent in the past one month.

Eli Lilly ($LLY) announced positive results from a Phase 3 clinical trial SPIRIT-P1 assessing its Taltz for the treatment of patients with active psoriatic arthritis. The test results showed no or minimal progression of joint damage through 52 weeks of treatment. The damage was measured by the change from baseline in a scale called van der Heijde modified Total Sharp Score for PsA.. The study also observed in patients who switched from HUMIRA or placebo after the 24-week treatment period. The company has already submitted a  marketing application in the U.S. seeking approval for the use of Taltz in PsA.
The company stock has gained over 11 percent this year so far. It also offers an attractive dividend yield of 2.54%.

 

Edwards Lifesciences ($EW) announced that a Munich district court has ruled in its favor in a case Neovasc related to ownership rights to one of the latter's European patent applications for its Tiara mitral replacement valve. The court ruled that CardiAQ had contributed to the invention of Tiara. CardiAQ was acquired by Edwards in 2015.

Xencor’s reported positive results from  Phase 2 clinical trial assessing XmAb 5871 for the treatment of patients with active IgG4-Related Disease. The test showed 93% (n=14/15) of patients responded, 12 (80%) within two weeks of the first dose. No severe adverse events were observed.

Ipsen ($IPSEY) announced that the FDA has approved the expanded use of its Dysport (abobotulinumtoxinA) for the treatment of lower limb spasticity in adults. The agency had previously approved the use of the neuromuscular blocking toxin to treat upper limb spasticity in adults in July 2015. Its use for treating the lower limb spasticity in pediatric patients was approved in July 2016.

Novo Nordisk ($NVO) reported that the FDA’s Endocrinologic and Metabolic Drugs Advisory Committee is scheduled to meet on Tuesday, June 20 for reviewing the company’s  supplemental New Drug Application (sNDA) seeking approval enhanced indications applicability for its VICTOZA (liraglutide). The company is looking to get approval as an adjunctive treatment to reduce the risk of major adverse cardiac events in high-risk type 2 diabetics.

 

Amedisys ($AMED) announced that it has agreed in principle to settle a securities class action lawsuit, Bach, et al. v. Amedisys, Inc., et al., Case No. 3:10-cv-00395. The case is pending in a Louisiana court since mid-2010. Amedisys has agreed to pay $43.75 million to settle the litigation, of which $15 million will be paid by its insurance carrier. The settlement is payable in the third quarter this year.

Argos Therapeutics ($ARGS) announced that it has inked a new deal with the investor Pharmstandard International S.A. for the direct sale of a $6 million secured convertible promissory note.  The companies expect the deal to be closed by June 21. At Pharmstandard's discretion, the notes may be converted into shares of Argos common stock at $0.50 per share at any time.

Brokerage
Action
Company
Rating
Price Target
Impact on Share Price
HC Wainwright
Set Price Target
Asterias Biotherapeutics (AST)
Buy
$12.00
High
Maxim Group
Reiterates
Milestone Scientific (MLSS)
Buy
$4.00
High
Piper Jaffray Companies
Raises Target
NuVasive (NUVA)
Overweight
$80.00 -> $90.00
Medium
Evercore ISI
Lowers Target
Organovo Holdings (ONVO)
Outperform
$4.00 -> $3.75
N/A
Jefferies Group LLC
Reiterates
Xenon Pharmaceuticals (XENE)
Buy
$8.00
Medium

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