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According to a report published in the Wall Street Journal, Valeant Pharmaceuticals $VRX is considering the sale of its eye-surgery equipment business. The report, citing sources, noted that the business could fetch around $2.5 billion. As I have noted earlier, the value of VRX’s business segments is higher than its market capitalization. I continue to see VRX as a good speculative play, especially if it continues to offload some of its businesses and create value.

Cempra hammered after release of FDA briefing material-Cempra $CEMO nosedived more than 35% amid heavy trading volume in response to the FDA briefing document for Friday’s AD Comm. review of SOLITHROMYCIN. On page 34, it has been stated that these clinical findings comprise a “genuine liver injury signal, adding “the likelihood of serious idiosyncratic hepatic liver injury in a larger population and the impact of prior sensitization to macrolides on solithromycin-induced liver injury are unknown,” – an observation which implicitly states that there is a need of additional clinical trials.

 Flexion’s lead product candidate for adult type 2 diabetes shows good results-Results from a Phase 2 clinical study evaluating the effects on blood glucose levels of Flexion Therapeutics’ $FLXN lead product candidate, Fast-Track categorized Zilretta (FX006), in adult type 2 diabetics with osteoarthritis (OA) of the knee demonstrated a statistically significant and clinically relevant reduction in the rise of blood glucose compared to immediate-release (IR) triamcinolone acetonide (TCA) (synthetic corticosteroid).

 Baxter Commences late-stage study on acute kidney injury-Baxter International $BAX started a Phase 3 study evaluating an investigational drug, Prismocitrate 18, that combines a citrate anticoagulant and renal replacement solution to determine if it extends the extracorporeal (outside the body) circuit life in acute kidney injury patients treated with continuous renal replacement therapy (CRRT). Currently, there is no citrate anticoagulant commercially available in the U.S. for use in CRRT.

Female Viagra developer Palatin Tech looking for potential buyer-Palatin Technologies $PTN soared on Wednesday in response to its announcement that it is exploring selling business. It has asked Greenhill & Co. to advice after receiving several offers from interested suitors.

 AveXis receives positive feedback for its lead-product candidate meant to cure SMA-AveXis $AVXS soared amid more than double normal trading volume in response to its announcement of positive feedback from the FDA regarding lead product candidate AVXS-101, in development, for the treatment of spinal atrophy(SMA).

The regulators in China approved Pfizer’s $PFE blockbuster vaccine Prevenar 13, a big relief for the firm after it was forced to close its vaccine business in the country last year. Prevenar, one of the top selling products for Pfizer, is administered mainly for infants to help prevent pneumococcal disease, a bacterial infection that can lead to illness such as pneumonia, meningitis and sepsis.

Aurinia Pharmaceuticals $AUPH soared in afterhours amid heavy trading volume in response to its announcement that the FDA has agreed  that only single Phase 3 clinical trial will be necessary to support a New Drug Application (NDA) seeking approval of lead product candidate, Fast-tracked categorized voclosporin, for the treatment of lupus nephritis.

No patents to report.

No deals and collaborations to report.

Arrowhead Pharmaceuticals $ARWR filed for a Form S-3 with the U.S. Securities and Exchange Commission (SEC). According to the filing, the company from time to time may offer securities described in the prospectus in any combination, with an aggregate initial offering price not to exceed $200 million.

No IPOs to report.

NovoCure $NVCR reported EPS of -$0.39, beating the guidance by $0.03. Revenue was $21.7 million, a jump of 141.1%, Y-o-Y, and beating the guidance by $0.6 million. For the nine months ended September 30, 2016, cost of revenue rose to $28.9 million compared to $14.3 million in the corresponding period of last year, representing a 102% growth. Research, development and clinical trials expenses for the nine months ended September 30, 2016 were $33 million, which was nearly flat compared to the same period of 2015.

Gemphire Therapeutics $GEMP, a clinical stage biopharmaceutical company focused on developing and commercializing therapies for the treatment of dyslipidemia and NAFLD/NASH, reported financial results for the three-month period ended September 30, 2016. EPS was -$0.56, missing the guidance by $0.1.

Allergan $AGN posted Q3 EPS of $3.32, missing the guidance by $0.26. Revenue was $3.62 billion, a 4.3% growth, Y-o-Y, missing the forecast by $70 million. For the quarter, GAAP Q3 operating loss from continuing operations was $266 million. Non-GAAP adjusted operating income from continuing operations was $1.78 billion.

Loxo Oncology $LOXO announced Q3 results. For the three-month period ended September 2016, EPS was -$0.82, missing the guidance by $0.08. As of September 2016, Loxo Oncology has aggregate cash, cash equivalents and investments of $156.5 million, compared to $153.9 million as of December 31, 2015.It expects cash burn of $48 to $52 million in 2016. Research and development expenses were $14.2 million for the third quarter of 2016, compared to $6.3 million for the third quarter of 2015.

Alkermes $ALKS posted Q3 EPS of -$0.09, missing the guidance by $0.03. Revenue was $182.24 million, a 19.4% growth Y-o-Y but missing the forecast by $4.15 million. For the quarter, VIVITROL Net Sales increased 47% Year-Over-Year to $55.8 Million. The company said that ARISTADA launch is progressing and revenues grew in-line with expectations.

Eyegate Pharmaceuticals $EYEG reported Q3 results. Revenue was $0.274 million. Net loss was $3.37 million. The rise in net loss was attributable to expenses relating to the Company’s confirmatory Phase 3 trial of EGP-437 in anterior uveitis, its Phase 1b/2a trial for post-cataract surgery inflammation and pain and the continued development of the EyeGate OBG, in addition to higher R&D, general and administrative and other expenses in support of these activities.

Bluebird bio $BLUE reported Q3 EPS of -$2.07, missing the guidance by $0.55. Revenue was $1.55 million, a 17.4% growth, Y-o-Y, but missing the forecast by $0.23.

China Biologic Products $CBPO reported Q3 EPS of $1.22, beating the guidance by $0.17. Revenue was $86.53 million, a 9.9% growth, Y-o-Y, but missing the guidance by $1.93 million.

PTC Therapeutics $PTCT reported Q3 EPS of -$1.03, beating guidance by $0.19. Revenue was $22.99 million, a 135.1% growth Y-o-Y, and beating estimate by $3.23 million.

Vanda Pharmaceuticals $VNDA reported Q3 EPS of $0.11, beating guidance by $0.22. Revenue was $38.48 million, a growth of 35.8% Y-o-Y, and beating the forecast by $0.43 million.

Alimera Sciences $ALIM reported Q3 EPS of -$0.16, missing guidance by $0.05. Revenue was $8.3 million, a growth of 20.3% Y-o-Y, but missing the forecast by $2.23 million.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
AcelRx Pharmaceuticals $ACRX HC Wainwright Reiterate Buy N/A N/A
AcelRx Pharmaceuticals $ACRX Roth Capital Price Target Set Buy $15 N/A
Alcobra $ADHD WBB Securities Upgrade/Price Target Cut From Sell to Hold From $4 to $1.90 N/A
Achaogen $AKAO Aegis Initiation Buy $10 $23
Alkermes Plc $ALKS Cowen and Company Reiterate Buy N/A N/A
Aurinia Pharmaceuticals $AUPH Mackie Reiterate Buy $8 $4.30
AveXis $AVXS BMO Capital Markets Price Target Raised Outperform From $52 to $80 N/A
AveXis $AVXS Jefferies Group Price Target Raised Buy From $58 to $71 N/A
AveXis $AVXS Chardan Capital Price Target Set Buy $85 N/A
AstraZeneca $AZN JPMorgan Chase & Co. Reiterate Neutral N/A N/A
Cempra $CEMP Raymond James Financial Downgrade From Outperform to Market Perform N/A Under Review
Cempra $CEMP Robert W. Baird Downgrade/Price Target Cut From Outperform to Underperform From $33 to $6 Under Review
Celldex Therapeutics $CLDX Roth Capital Price Target Set Buy $7 N/A
Corcept Therapeutics $CORT FBR & Co. Buy $12 N/A N/A
Eagle Pharmaceuticals $EGRX William Blair Price Target Raised Outperform From $83 to $97 N/A
Flex Pharma $FLKS Piper Jaffray Cos. Price Target Set Buy $15 N/A
Flex Pharma $FLKS Cantor Fitzgerald Price Target Set Hold $10 N/A
Flexion Therapeutics $FLXN Cantor Fitzgerald Reiterate Buy $40 N/A
Gilead Sciences $GILD BMO Capital Markets Upgrade/Price Target Cut From Market Perform to Outperform From $98 to $84 $130
Gilead Sciences $GILD Royal Bank of Canada Price Target Cut Outperform From $95 to $90 $130
Intercept Pharmaceuticals $ICPT Cowen and Company Reiterate Buy $225 N/A
Illumina $ILMN First Analysis Downgrade/Price Target Cut From Equal Weight to Underweight From $130 to $116 N/A
Illumina $ILMN Canaccord Genuity Price Target Set Hold $135 N/A
Incyte $INCY Leerink Swann Price Target Raised Outperform From $99 to $101 N/A
Lexicon Pharmaceuticals $LXRX HC Wainwright Reiterate Buy N/A N/A
OncoMed Pharmaceuticals $OMED Cantor Fitzgerald Price Target Set Buy $16 N/A
OncoMed Pharmaceuticals $OMED HC Wainwright Reiterate Buy N/A N/A
Omeros $OMER Maxim Group Price Target Set Buy $19 N/A
Pfizer $PFE BMO Capital Markets Downgrade/Price Target Cut From Outperform to Market Perform From $40 to $33 N/A
Pfizer $PFE Argus Downgrade From Buy to Hold N/A N/A
Paratek Pharmaceuticals $PRTK Cantor Fitzgerald Price Target Set Buy $28 $28
Palatin Technologies $PTN Canaccord Genuity Price Target Set Buy $6 N/A
Pluristem Therapeutics $PSTI Maxim Group Price Target Set Buy $3 N/A

Opko Health $OPK- Dr. Phillip Frost, CEO & Chairman, bought 10,000 shares at $9.48. The total value of the transaction was $94,845. Dr. Frost now owns 160,302,943 shares of OPK.

Alexion Pharmaceuticals $ALXN- Leonard Bell, Director, sold 1,634 shares in two separate transactions. Bell sold 1,300 shares at $135.28; and 334 shares at $135.37. Bell still owns 404,955 shares of ALXN.

Mirna Therapeutics $MIRN- Jon Irvin, Vice President, Finance, sold 280 shares at $1.28. The total value of the transaction was $359. Irvin still owns 8,055 shares of MIRN.  

 

Oncolytics Biotech $ONCYF announced that President & CEO Brad Thompson, Ph.D has resigned effective immediately. COO Matt Coffey, Ph.D., MBA will replace Mr. Thompson on an interim basis until a successor is appointed.

Momenta Pharmaceuticals $MNTA appointed Scott Storer as SVP and CFO effective November 28, succeeding Rick Shea, who is retiring. Mr. Storer was SVP, Finance at Baxalta prior to joining MNTA.

NYSE- Valeant Pharmaceuticals $VRX shares were among the major movers on the NYSE. The stock closed 11.48% lower.

NASDAQ- AveXis $AVXS shares were among the major gainers on the NASDAQ. The stock closed 22.18% higher. NovoCure $NVCR ended the day 21.85% higher. Eagle Pharmaceuticals $EGRX ended the day 18.97% higher. Cempra $CEMP shares were among the major losers on the NASDAQ. The stock closed 60.86% lower. Myriad Genetics $MYGN ended the day 15.85% lower. CRISPR Therapeutics $CRSP ended the day 14.46% lower.

NYSEMKT- Actinium Pharmaceuticals $ATNM shares were among the major movers on the NYSEMKT. The stock closed 5.20% lower.

OTC- Amarantus Biosciences $AMBS shares were among the major movers on the OTC market. The stock closed 5.85% lower.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Edge Therapeutics $EDGE 4.7% -8% 28
Editas Medicine $EDIT 8.2% 0.3% 4
Egalet $EGLT 51% 20.2% 8
Eiger BioPharmaceuticals $EIGR 3.4% 14.6% 4
Enanta Pharmaceuticals $ENTA 16.2% 5.3% 14
Endocyte $ECYT 7.8% -3.4% 13
Epizyme $EPZM 13.8% 2.6% 20
Esperion Therapeutics $ESPR 18.6% -1.4% 6
ESSA Pharma $EPIX - -49.4% 2
Evoke Pharma $EVOK 14.2% 2.6% 6