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Ritter Pharmaceuticals $RTTR climbed about 23% on Tuesday in response to its announcement that the last patient has been dosed and all monitoring visits have been concluded in its 377-subject Phase 2b/3 study evaluating lead product candidate RP-G28 for the treatment of lactose intolerance. The top-line results are expected in the next quarter.

According to Bernstein, Merck’s $MRK Keytruda may be more widely used than anticipated, with uptake in first-line lung cancer likely being very rapid. The firm cited post-ESMO survey of 130 U.S. /EU oncologists, adding that the treatment should gain market-share in second-line lung cancer due to “halo effect”. It also added that the market perception of Bristol-Myer’s $BMY is “substantially diminished”.  Bernstein’s price target on $MRK is $74, implying upside of 19.4%.

Teva Gets Warning Letter from FDA linked to Hungarian Manufacturing Site-Teva Pharmaceuticals Industries $TEVA got a Warnings Letter from the FDA pointing out deficiencies in manufacturing operations and laboratory controls and in its data integrity program at its Godollo manufacturing site based in Hungary. Earlier in June, the drug-maker voluntarily stopped production of sterile injectable made there after the FDA banned most of the products in the U.S. The plant became operational in 2012. The company said it will take corrective measures and respond to the Warnings Letter on November 4.

The Medicines Company’s PCSk9si Mid-Stage Study Shows Good Results-The Medicines Company $MDCO announced its 90-day interim results from Phase 2 clinical trial, ORION-1, evaluating PCSK9si for the treatment of high cholesterol. The results were positive as the top-line data from 501 subjects at Day 90 showed that when treated with the drug, there was a durable and significant reduction in LDL-C (bad cholesterol). Moreover, no material safety signals were observed.

FDA Agrees to relook at AstraZeneca’s marketing application for hyperkalemia drug-The FDA agreed to review AstraZeneca’s $AZN resubmitted New Drug Application (NDA) seeking approval of ZS-9 for the treatment of hyperkalemia (elevated potassium in the blood). The regulatory authority has categorized the refiling as a Class 2 Resubmission, which means it may include a presentation to an advisory panel and requires a re-inspection of its manufacturing facility.

Galapagos gains on Crohn's med filgotinib's prospects versus Celgene's GED-0301-Galapagos NV $GLPG gained about 5% amid modestly higher volume trading as investors’ optimism increased following release of Celgene’s $CELG early-stage data on its Crohn’s disease candidate, GED-0301. On Monday, Celgene announced Phase 1b data, which demonstrated a 67% clinical response rate and 48% remission rate in patients treated with GED-0301 for 12 weeks.

The FDA approved the use of Roche’s $RHHBY TECENTRIQ (atezolizumab) for the treatment of patients with metastatic non-small cell lung cancer (NSCLC), who have shown progress during or following platinum-based chemotherapy and have progressed on an appropriate FDA-approved targeted therapy if their tumor was EGFR- or ALK-positive. Results from the Phase 3 OAK study demonstrated NSCLC patients treated with atezolizumab lived a median of 4.2 months longer than those treated with docetaxel chemo with 27% less risk of death or cancer progression.

The European Commission approved Shire Plc’s $SHPG Marketing Authorization Application (MAA) seeking approval of ONIVYDE (pegylated liposomal irinotecan hydrochloride trihydrate) in combination with chemotherapy agents 5-fluorouracil (5-FU) and leucovorin (LV) for the treatment of adult patients with metastatic adenocarcinoma of the pancreas who have progressed after gemcitabine-based therapy. The approval comes after a positive CHMP opinion in July.

The European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) and Committee for Advanced Therapies (CAT) designated Atara Biotherpeutics $ATRA EBV-CTL for PRIME status for the treatment of patients with Epstein-Barr Virus (EBV)-associated post-transplant lymphoproliferative disorder (EBV-PTLD) following hematopoietic cell transplant who failed to respond to treatment with rituximab (Roche and Biogen's Rituxan). Just as the FDA’s Fast-Track status, PRIME, also provides for enhanced regulatory support and accelerated review of the Marketing Authorization Application.

No patents to report.

KemPharm $KMPH signed a license agreement with Acura Pharmaceuticals $ACUR for its Aversion Technology which deters drug prescription drug abuse by turning into a gel when dissolved and contains compounds that irritate the nasal passages if the drug is snorted. As per the terms of the treatment, Acura will receive an upfront fee of $3.5 million and will earn low-single digit royalties on net sales. KemPharm will retain development and commercialization rights for up to three immediate-release product candidates and will have an option to use Aversion Technology in more than three products.  Acura will be eligible for additional payments should KemPharm exercise the option.

No secondary offerings to report.

No IPOs to report.

Johnson & Johnson $JNJ reported sales of $17.82 billion for the fiscal Q3 of 2016, an increase of 4.2%, year-over-year, beating analysts’ consensus estimate by $110 million. Operational sales climbed 4.3% and the negative impact of currency was 0.1%. Domestic sales rose 6.7%. International sales increased 1.5%. EPS stood at $1.68, bettering Wall Street’s consensus estimates by $0.03. For the fiscal 2016, revenue is expected between $71.5 billion and $72.2 billion. Non-GAAP EPS was upwardly revised to $6.68-$6.73 from $6.63 and $6.73.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
AbbVie $ABBV Leerink Swann Initiation Market Perform $70 $80
Abeona Therapeutics $ABEO Maxim Group Reiterate Buy $14 N/A
AC Immune $ACIU Jefferies Group Initiation Buy $25 N/A
AC Immune $ACIU Credit Suisse Group Initiation Outperform $18 N/A
AC Immune $ACIU Leerink Swann Initiation Outperform $22 N/A
Celgene $CELG Credit Suisse Group Reiterate Outperform $140 $140
Celgene $CELG Cowen and Company Reiterate Outperform $150 $140
Depomed $DEPO Mizuho Reiterate Hold $27 $30
Gemphire Therapeutics $GEMP Jefferies Group Price Target Raised Buy From $15 to $17 N/A
Gilead Sciences $GILD Robert W. Baird Price Target Cut Outperform From $122 to $100 $130
Galapagos NV $GLPG Goldman Sachs Group Upgrade From Neutral to Buy N/A N/A
Keryx Biopharmaceuticals $KERX FBR & Co. Reiterate Market Perform $7 $15
Kite Pharma $KITE Jefferies Group Reiterate Buy $72 N/A
Lannett Company $LCI Deutsche Bank AG Price Target Cut Hold From $32 to $26 N/A
Lexicon Pharmaceuticals $LXRX HC Wainwright Reiterate Buy $26 $23.21
Mallinckrodt $MNK Deutsche Bank Price Target Cut Buy From $82 to $78 N/A
Neurocrine Biosciences $NBIX Piper Jaffray Cos. Reiterate Overweight $96 N/A
Neurocrine Biosciences $NBIX Needham & Company LLC Initiation Buy $62 N/A
Omeros Corporation $OMER Maxim Group Reiterate Buy $19 N/A
Omeros Corporation $OMER FBR & Co. Reiterate Outperform $38 N/A
Pfizer $PFE BMO Capital Markets Reiterate Outperform $40 N/A
Ritter Pharmaceuticals $RTTR Aegis Reiterate Buy N/A N/A
Sarepta Therapeutics $SRPT Credit Suisse Group Initiation Outperform $68 N/A
Veracyte $VCYT William Blair Reiterate Outperform N/A N/A
Valeant Pharmaceuticals International $VRX Wells Fargo & Co. Reiterate Underperform $19.50 N/A

No insider buys to report.

Arrowhead Pharmaceuticals $ARWR- Douglas B. Given, Director, sold 12,000 shares at $6.72. The total value of the transaction was $80,640. Given still owns 70,000 shares of ARWR.

Alexion Pharmaceuticals $ALXN- Carsten Thiel, EVP, Chief Commercial Officer, sold 4,584 shares at $120.28. The total value of the transaction was $551,364. Thiel still owns 32,741 shares of ALXN.

Dermira $DERM- Christopher M. Griffith, VP Corp. Development & Strategy, sold 1,303 shares at $32.33. The total value of the transaction was $42,126. Griffith still owns 44,878 shares of DERM.

Jazz Pharmaceuticals $JAZZ- Michael Patrick Miller, SVP, U.S. Commercial, sold 200 shares at $118.16. The total value of the transaction was $23,632. Miller still owns 17,125 shares of JAZZ.

Keryx Biopharmaceuticals $KERX- Brian Adams, VP and General Counsel, sold 1,106 shares at $4.86. The total value of the transaction was $5,375. Adams still owns 101,567 shares of KERX.

Sangamo BioSciences $SGMO, EVP, R&D, Geoffrey Nichol, M.B. Ch.B has notified the company that he will resign effective October 25. The company has not provided the succession plan or the reason behind his resignation. Shares nosedived about 25% in afterhours trading.

Edge Therapeutics $EDGE appointed Daniel Brennan as Chief Operating officer effective immediately. Earlier he served as EVP and COO at Insys Therapeutics $INSY.

NYSE- Lannett Company $LCI shares were among the major movers on the NYSE. The stock closed 5.54% higher.

NASDAQ- Eleven Biotherapeutics $EBIO shares were among the major gainers on the NASDAQ. The stock closed 19.61% higher. Voyager Therapeutics $VYGR shares ended the day 11.39% higher. Dimension Therapeutics $DMTX ended the day 10.06% higher. Pernix Therapeutics Holdings $PTX shares were among the major losers on the NASDAQ. The stock ended the day 12.25% lower. XOMA Corp. $XOMA ended the day 11.31% lower. Nektar Therapeutics $NKTR ended the day 10.15% lower.

NYSEMKT- Actinium Pharmaceuticals $ATNM shares were among the major movers on the NYSEMKT. The stock ended the day 4.64% lower.

OTC- Amarantus Bioscience Holdings $AMBS shares were among the major movers on the OTC market. The stock closed 19.33% higher.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Aptevo Therapeutics $APVO 4.9% -28.7% 2
Aptose Biosciences $APTO 0.9% 14.2% 6
Aquinox Pharmaceuticals $AQXP 10.9% 7.6% 4
Aradigm $ARDM 0.4% 138.7% 1
Aralez Pharmaceuticals $ARLZ 9.2% 30.4% 4
Arbutus Biopharma $ABUS 3.6% -5.1% 6
ARCA Biopharma $ABIO 1% -0.5% 5
Arcadia Biosciences $RKDA 1.9% -18.1% 9
Ardelyx $ARDX 4.6% 10.1% 7
Arena Pharmaceuticals $ARNA 5% -2.6% 5