Progenics (PGNX) shares have soared in pre-market trading today following the approval of oral RELISTOR. The FDA approved oral RELISTOR  for the treatment of opioid-induced constipation in adults with chronic non-cancer pain. The drug has been out licensed to Valeant Pharmaceuticals International (VRX). But the approval will trigger a $50 million milestone payment to PGNX. The company is also entitled to royalty payments. Oral RELISTOR is expected to significantly boost RELISTOR sales. The drug’s injectable formulation was first approved in April 2008. Not surprising then that PGNX shares have got a boost. But PGNX still remains well below its 2015 levels. The stock was in 2016 Top Biotech Picks list and I continue to believe in the PGNX story despite the poor performance this year so far. A bigger catalyst for PGNX will come later in the year when the company releases Azedra data. As I have said, the chances of success here are very high. The milestone payment from VRX means that there is no near-term dilution risk for PGNX. The best way to play PGNX now will be to take some profit during today’s rally if your entry point was below $5. PGNX is a long-term story but it is important to keep taking some profit of the table.

Johnson & Johnson (JNJ) has raised its guidance for the full year. The pharma major also reported its second-quarter results on Tuesday. JNJ’s results beat expectations, driven by strong performance of its pharmaceuticals division.

For 2016, the company now expects earnings to be between $6.63 per share and $6.73 per share. The company’s previous earnings guidance range was $6.53 per share and $6.68 per share. JNJ also raised its revenue forecast. It now expects revenue to between $71.5 billion and $72.2 billion, compared to previous guidance range of $71.2 billion to $71.9 billion.

According to CEO Alex Gorsky, the company’s continuing efforts to reshape its medical-device and consumer health business are starting to show results. Both divisions have struggled in recent years. However, the key driver for growth in recent years as well as in the future is going to be the pharmaceuticals business. In the second quarter, the division generated $8.65 billion in revenue, up 8.9% on a year-over-year basis.

Novartis Reports Q2 Results- Swiss drug maker Novartis (NVS) reported its financial results for the second quarter, posting earnings of $1.23 per share. NVS’s earnings beat consensus forecast by 5 cents. Novartis reported revenue of $12.47 billion, down 1.7% on a year-over-year basis. Revenue beat consensus forecast by $140 million. NVS’s Oncology revenue dropped 4.6% on a year-over-year basis to $3.31 billion. Ophthalmology revenue dropped 11.1% on a year-over-year basis to $1.40 billion. For 2016, NVS expects net sales to be flat. The company expects a flat to low single-digit decline in its Core Group Operating Income.

ZIOPHARM Says Patient Death Unrelated to its Drug- ZIOPHARM Oncology (ZIOP) released a statement on Tuesday, saying that the recent patient death from intracranial hemorrhage in its Phase 1 clinical trial assessing Ad-RTS-hIL-12 + orally administered veledimex in progressive glioblastoma or grade III malignant glioma was determined to be unrelated to the study drug. The company said that enrollment remains open and longer-term survival data will be released later this year. Despite the update, ZIOP dropped more than 8% on Tuesday.

SciClone Pharmaceuticals Tumbles as it Plans to Continue as an Independent Company- SciClone Pharmaceuticals (SCLN) shares dropped more than 20% on Tuesday after the company announced that is no longer in active discussions with potential acquirers and it intends, at least for now, to remain an independent company. Based on a strategic review, the firm approached a number of potential suitors about a possible merger but failed to generate any interest in a transaction that would boost shareholder value.

The FDA has approved the use of Synjardy (empagliflozin and metformin hydrochloride) tablets in treatment-naive adults with type 2 diabetes (T2D) as an adjunct to diet and exercise to improve glycemic control. Synjardy has already been approved for adults with T2D who are not adequately controlled on a regimen containing empagliflozin or metformin. The drug has been developed under the diabetes collaboration between Eli Lilly (LLY) and Germany-based Boehringer Ingelheim. It is a combination of Jardiance (empagliflozin) and metformin.

Cerulean Pharma (CERU) announced that the FDA has granted its Phase 1/2-stage CRLX101, a Fast Track status for the treatment of platinum-resistant ovarian, fallopian tube or primary peritoneal cancer.

ProQR Therapeutics (PRQR) announced that the FDA has granted its Phase 1b-stage QR-010 for Fast Track review for the treatment of cystic fibrosis (CF) patients who have the delta F508 mutation.  QR-010 is an inhaled therapy designed to repair the genetic defect in RNA which will result in the synthesis of a normal healthy CFTR protein.

The FDA has approved the expanded use of Allergan’s (AGN) NAMZARIC (memantine hydrochloride and donepezil hydrochloride) extended-release capsules in patients with moderate-to-severe Alzheimer's disease (AD) who are currently stabilized on Aricept (donepezil hydrochloride), allowing them to directly start combination therapy. The drug was approved earlier or moderate-to-severe AD patients who are currently taking memantine HCl and donepezil HCl.

AstraZeneca (AZN) announced that the European Commission (EC) has approved its fixed-dose combination of saxagliptin and dapagliflozin, branded as Qtern, for the treatment of adults with type 2 diabetes (T2D).

No patents to report.

No deals and collaborations to report.

Teva Pharmaceutical Industries (TEVA) announced the pricing of a debt offering worth $15 billion. The company is offering senior notes, maturing between 2018 and 2046. The offering will help fund the acquisition of Allergan’s (AGN) generic drug business. CFO Eyal Desheh said that the strength of the demand, which was multiple times the size of the offering, and the attractive prices, are a testament to Teva's financial strength and strong reputation with investors.

Audentes Therapeutics has announced the pricing of its IPO. The company is offering 5 million shares at $15 per share, which is in its range of $14 per share to $16 per share. Audentes Therapeutics will list its shares on the NASDAQ under the ticker symbol BOLD. The company is focusing on the development of gene therapies for rare diseases.

Sarepta Therapeutics (SRPT) reported a loss of $1.19 per share in its second quarter, in-line with the consensus forecast. The company ended the quarter with $134.7 million in cash, cash equivalents, short-term investments and restricted cash.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
Akorn (AKRX) RBC Capital Markets Reiterate Outperform

$37

N/A
Alder Biopharmaceuticals (ALDR) Jefferies Group Reiterate Buy

$61

N/A
Alnylam Pharmaceuticals (ALNY) Leerink Swann Reiterate Buy N/A

$130

ANI Pharmaceuticals (ANIP) Citigroup Upgrade Outperform

$65

N/A
AstraZeneca (AZN) Beaufort Securities Reiterate Hold N/A N/A
Cynapsus Therapeutics (CYNA) BMO Capital Markets Reiterate Buy

$21

N/A
Depomed (DEPO) Cantor Fitzgerald Reiterate Buy N/A

$30

Evoke Pharma (EVOK) FBR & Co. Price Target Raised Outperform

$9

N/A
Evoke Pharma (EVOK) Noble Financial Downgrade From Buy to Hold N/A N/A
Exelixis (EXEL) Leerink Swann Reiterate Buy

$10

$12.50

Flexion Therapeutics (FLXN) BMO Capital Markets Reiterate Buy N/A N/A
Jazz Pharmaceuticals Plc (JAZZ) Mizuho Price Target Raised Buy From $193 to $195 N/A
Ligand Pharmaceuticals (LGND) Roth Capital Reiterate Buy

$147

N/A
Seres Therapeutics (MCRB) Cowen and Company Reiterate Buy N/A N/A
The Medicines Company (MDCO) Leerink Swann Reiterate Buy N/A

$50

Ophthotech (OPHT) Barclays Plc Reiterate Buy N/A N/A
Pacira Pharmaceuticals (PCRX) BMO Capital Markets Reiterate Sell

$36

N/A
Pluristem Therapeutics (PSTI) HC Wainwright Reiterate Buy

$3.50

N/A
Regeneron Pharmaceuticals (REGN) Leerink Swann Reiterate Buy N/A

$475

Synergy Pharmaceuticals (SGYP) BTIG Research Reiterate Buy

$11

$13.50

Sarepta Therapeutics (SRPT) Cowen and Company Reiterate Market Perform N/A N/A
Sarepta Therapeutics (SRPT) Wedbush Reiterate Outperform

$36

N/A
Vical (VICL) HC Wainwright Reiterate Buy N/A N/A
Valeant Pharmaceuticals International (VRX) RBC Capital Markets Reiterate Sector Perform N/A N/A

No insider buys to report.

Spark Therapeutics (ONCE)- Jeffrey D. Marrazzo, CEO, sold 5,000 shares at $52.53. Marrazzo still owns 230,000 shares of ONCE. Coelho R. Vivaldi, Chief Commercial Officer, sold 7,000 shares at $53.03. Vivaldi still owns 18,716 shares of ONCE.

TapImmune (TPIV) announced the appointment of Dr. John Bonfiglio as President and Chief Operating Officer. Bonfiglio joined the firm in early 2015 as a Strategic Advisor.

Agenus (AGEN) CFO C. Evan Ballantyne will resign effective July 29. VP, Finance and principal accounting officer Christine Klaskin will assume the role of principal financial officer in addition to retaining her current responsibilities.

NYSE- Intrexon (XON) shares were among the major losers on the NYSE. The stock closed 9.31% lower. Puma Biotechnology (PBYI) ended the day 5.72% lower.

NASDAQ- Cerulean Pharma (CERU) shares were among the major gainers on the NASDAQ. The stock closed 29.82% higher. Nabriva Therapeutics (NBRV) ended the day 7.07% higher. Oncobiologics (ONS) ended the day 6.01% higher. SciClone Pharmaceuticals (SCLN) shares were among the major losers on the NASDAQ. The stock closed 20.81% lower. Calithera Biosciences (CALA) ended the day 14.33% lower. Marinus Pharmaceuticals (MRNS) ended the day 12.67% lower.

NYSEMKT- Asterias Biotherapeutics (AST) shares were among the major movers on the NYSEMKT. The stock closed 2.06% lower.

OTC- Soligenix (SNGX) shares were among the major movers on the OTC market. The stock closed 8% higher.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Corbus Pharmaceuticals Holdings (CRBP)

0.5%

121.6%

1

Corcept Therapeutics (CORT)

7.8%

7.6%

11

Corvus Pharmaceuticals (CRVS)

2.3%

68.2%

3

CTI BioPharma (CTIC)

1.2%

-68.8%

1

Cumberland Pharmaceuticals (CPIX)

0.6%

-1.3%

5

Cyanotech (CYAN)

0.5%

93.9%

3

Cyclacel Pharmaceuticals (CYCC)

1.4%

13.4%

1

CymaBay Therapeutics (CBAY)

2.9%

-10.8%

8

Cynapsus Therapeutics (CYNA)

1.8%

-6.6%

2

Cytokinetics (CYTK)

13.5%

10.7%

9