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Mylan Launches Generic Version of Fenoglide- Mylan (MYL) announced the U.S. launch of Fenofibrate Tablets USP, 40 mg and 120 mg, a generic version of Fenoglide. The product is indicated as adjunctive therapy to diet to reduce elevated low-density lipoprotein cholesterol, total cholesterol, triglycerides, and apolipoprotein B to increase high-density lipoprotein in adult patients with primary hypercholesterolemia or mixed dyslipidemia. Total U.S. sales for Fenoglide for the year ended April 30th, 2016 were $28.6 million, according to data from IMS Health.

Pfizer and Merck KGaA Initiate Phase 3 JAVELIN Ovarian 100 Study- Pfizer (PFE) and Merck KGaA announced that patient recruitment has begun in their Phase 3 clinical study called JAVELIN Ovarian 100. The study will evaluate avelumab for the treatment, in combination with platinum-based chemo, of previously untreated patients with locally advanced or metastatic epithelial ovarian cancer. This is the first late-stage study assessing the addition of an immune checkpoint inhibitor to standard-of-care treatment for this aggressive cancer. The primary endpoint of the study is progression-free survival (PFS) from baseline to month 36.

Sanofi Genzyme Initiates Phase 2/3 Study of OIipudase Alfa- Sanofi’s (SNY) Genzyme unit has started recruiting patients or a Phase 2/3 study, ASCEND, evaluating its enzyme replacement therapy, Breakthrough Therapy-tagged olipudase alfa, for the treatment of patients with non-neurological types of a rare enzyme disorder called acid sphingomyelinase deficiency (ASMD), also known as Niemann-Pick disease type B.The co-primary endpoints are the percent change in spleen volume and the percent change in diffusing capacity of the lung for carbon monoxide from baseline to week 52.

Merrimack Pharmaceuticals (MACK) announced that the FDA has granted its MM-121 (seribantumab) Fast Track review for the treatment of patients with heregulin-positive, locally advanced or metastatic non-small cell lung cancer (NSCLC). Seribantumab is a fully human monoclonal antibody that binds to a receptor on tumor cells called ErbB3, which is activated by heregulin.

No patents to report.

French drugmaker Sanofi (SNY) announced that it has formed a partnership with the U.S. Army to expand R&D of an experimental Zika vaccine that has shown promise in early laboratory studies and is among a few candidates expected to be tested on humans in the coming months.

Innovus Pharmaceuticals (INNV) announced that it has closed $1.5 million onvertible promissory note investment from institutional investors. The notes have a $0.25 fixed conversion price and bear an interest rate of 10% and mature in 13 months. The company believes that the new capital raised will boost its current sales growth and will fast track its goal of being cash flow positive by year end and potentially profitable exiting 2017.

Vertex Pharmaceuticals (VRTX) and Moderna Therapeutics announced that they have signed a research collaboration and licensing agreement. The partnership seeks to discover and develop  messenger Ribonucleic Acid (mRNA) Therapeutics for the treatment of cystic fibrosis (CF). The partnership will focus on the use of mRNA therapies to treat the underlying cause of CF by enabling cells in the lungs to produce functional copies of the cystic fibrosis transmembrane conductance regulator (CFTR) protein which is defective in CF sufferers. The companies will explore the potential for pulmonary delivery of the therapy. According to the terms of the agreement, Moderna will receive $20M in cash upfront, up to $275M in milestones and tiered royalties on net sales. In addition, Vertex will make a $20M investment in Moderna in the form of convertible debt.

Apricus Biosciences (APRI) announced that it has entered into a common stock purchase agreement with Aspire Capital Fund. Aspire will complete an initial purchase of ~2.5M shares of common stock for proceeds of $1M (~$0.40/share) and has committed to purchase up to $6M in additional shares over the next 24 months. According to the terms of the agreement, Apricus will control the timing and amount of any sale of shares of common stock to Aspire Capital. Aspire Capital has no right to require any sales by Apricus but is obligated to make purchases as Apricus directs.  Apricus may terminate the purchase agreement at any time, at its discretion, without any additional cost or penalty.

Syndax Pharmaceuticals (SNDX) announced that it has secured an exclusive global license to Brussels, Belgium-based UCB's UCB6352, a high affinity antibody that binds to the colony stimulating factor 1 receptor (CSF-1R). According to the terms of the agreement, UCB will receive an upfront payment, milestones and tiered royalties on net sales. Syndax will be responsible for development, manufacturing and worldwide commercialization. Specific financial terms are not disclosed

Capnia (CAPN) announced that it has signed an agreement with a private investor for the direct placement of up to $13.8M of Series B Convertible Preferred Stock. The transaction will occur in two phases. The first phase of the transaction closed yesterday. Gross proceeds from this phase totaled $3.2 million. Gross proceeds from the second phase of the transaction are expected to be $10.6 million.

Bio-Techne (TECH) announced the acquisition of Advanced Cell Diagnostics, a maker of consumables for genomic analysis, including manual and automated assays and target probes. According to the terms of the agreement, Bio-Techne will pay $250M in cash plus contingent consideration of $75M related to the achievement of certain milestones. The deal is expected to close no later than August 1.

No secondary offerings to report.

No IPOs to report.

No earnings to report.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Allergan (AGN) Goldman Sachs Group Reiterate Buy N/A N/A
Aurinia Pharmaceuticals (AUPH) Leerink Swann Reiterate Outperform

$7

N/A
BIND Therapeutics (BIND) Stifel Nicolaus Reiterate Hold N/A N/A
BioCryst Pharmaceuticals (BCRX) FBR & Co. Reiterate Buy N/A N/A
Bristol-Myers Squibb (BMY) Goldman Sachs Group Reiterate Buy N/A N/A
Celsius Therapeutics (AKTX) Canaccord Genuity Reiterate Buy

$33

N/A
Eli Lilly (LLY) Credit Suisse Group Reiterate Buy

$91

N/A
Esperion Therapeutics (ESPR) Credit Suisse Group Reiterate Sell

$10

N/A
Fibrocell Science (FCSC) Griffin Securities Reiterate Buy

$12

N/A
Galnded Pharmaceuticals (GLMD) Roth Capital Reiterate Buy

$6

$20

Horizon Pharma (HZNP) Stifel Nicolaus Reiterate Buy

$45

N/A
Impax Laboratories (IPXL) Leerink Swann Price Target Raised Market Perform From $31 to $33 N/A
Insys Therapeutics (INSY) Piper Jaffray Reiterate Overweight

$28

N/A
Intercept Pharmaceuticals (ICPT) Cantor Fitzgerald Initiation Sell

$58

N/A
Juno Therapeutics (JUNO) Barclays Plc Initiation Equal Weight

$48

N/A
Kite Pharma (KITE) Barclays Plc Initiation Equal Weight

$58

N/A
Medivation (MDVN) Credit Suisse Group Reiterate Buy

$63

N/A
Merck & Co. (MRK) Credit Suisse Group Reiterate Hold

$59

$70

Mesoblast (MESO) Maxim Group Reiterate Buy

$14

N/A
Myriad Genetics (MYGN) Barclays Plc Reiterate Overweight

$50

N/A
Myriad Genetics (MYGN) Mizuho Reiterate Neutral

$34

N/A
Tobira Therapeutics (TBRA) Cantor Fitzgerald Initiation Buy

$27

N/A
Trovagene (TROV) Maxim Group Initiation Buy

$12

N/A
Valeant Pharmaceuticals International (VRX) Rodman & Renshaw Reiterate Buy

$90

N/A
Valeant Pharmaceuticals International (VRX) Stifel Nicolaus Reiterate Buy

$55

N/A

No insider buys to report.

MacroGenics (MGNX)- Jon Marc Wigginton, Sr. VP Clinical Development & CMO, sold 5,000 shares at $27.22. Wigginton does not own any shares of MGNX. Lynn Cilinski, VP, Controller and Treasurer, sold 8,922 shares at $27.22. Cilinski still owns 1,923 shares of MGNX.

Egalet (EGLT)- Robert S. Radie, President & CEO, sold 15,000 shares in three separate transactions. Radie sold 5,000 shares at $5.07; 5,000 shares at $4.94; and 5,000 shares at $5.02. Radie still owns 249,900 shares of EGLT. Stan Musial, CFO, sold 13,480 shares in two separate transactions. Musial sold 10,000 shares at $5.06; and 3,480 shares at $5.05. Musial still owns 81,460 shares of EGLT.

Acceleron Pharma (XLRN)- Matthew L. Sherman, EVP & Chief Medical Officer, sold 26,000 shares at $34.74. Sherman still owns 73,604 shares of XLRN. Steven D. Ertel, EVP & Chief Operating Officer, sold 32,270 shares in two separate transactions. Ertel sold 28,304 shares at $34.77; and 3,966 shares at $33.05. Ertel still owns 127,156 shares of XLRN. Kevin F. McLaughlin, SVP, CFO and Treasurer, sold 25,300 shares at $34.66. McLaughlin still owns 57,600 shares of XLRN. John L. Knopf, CEO and President, sold 100,000 shares in three separate transactions. Knopf still owns 119,084 shares of XLRN.

Alkermes (ALKS)- Paul J. Mitchell, Director, sold 2,000 shares at $45.81. The total value of the transaction was $91,620. Mitchell still owns 8,000 shares of ALKS.

Ophthotech (OPHT)- David R. Guyer, CEO, sold 24,060 shares at $52.12. The total value of the transaction was approximately $1.25 million. Guyer still owns 32,391 shares of OPHT.

NOVADAQ Technologies (NVDQ) announced the appointment of Rick Mangat, Ph.D. as President and CEO replacing Arun Menawat who resigned. Additionally, Bill MacKinnon, former CEO of KPMG Canada and head of the audit committee, has been appointed Chairman of the Board.

NYSE- Valeant Pharmaceuticals International (VRX) shares were among the major gainers on the NYSE. The stock closed 15.59% higher. Puma Biotechnology (PBYI) shares ended the day 6.73% higher.

NASDAQ- TRACON Pharmaceuticals (TCON) shares were among the major gainers on the NASDAQ. The stock closed 19.33% higher. Aurinia Pharmaceuticals (AUPH) ended the day 11.60% higher. Progenics Pharmaceuticals (PGNX) ended the day 9.29% higher. XBiotech (XBIT) shares were among the major losers on the NASDAQ. The stock closed 13.69% lower. Novadaq Technologies (NVDQ) ended the day 8.81% lower. Eleven Biotherapeutics (EBIO) ended the day 8.56% lower.

NYSEMKT- Asterias Biotherapeutics (AST) shares were among the major movers on the NYSEMKT. The stock closed 7.28% higher.

OTC- Amarantus Bioscience Holdings (AMBS) shares were among the major movers on the OTC market. The stock closed 3.29% lower.

Company (Ticker) Short Interest as % of Float % Change Days to Cover
Arena Pharmaceuticals (ARNA)

5.7%

-4.1%

9

Argos Therapeutics (ARGS)

14%

-2.7%

4

ARIAD Pharmaceuticals (ARIA)

18.5%

6.7%

7

Array Biopharma (ARRY)

13.9%

9.4%

6

Arrowhead Pharmaceuticals (ARWR)

17.7%

-3.8%

24

Assembly Biosciences (ASMB)

5.3%

-7.1%

23

Atara Biotherapeutics (ATRA)

15.4%

1.7%

16

Athersys (ATHX)

7.4%

-5.8%

12

Afossa Genetics (ATOS)

1.6%

15.3%

2

aTyr Pharma (LIFE)

6.5%

-6.4%

5