7 Biotech Movers To Watch Today: Prothena, Proteostasis, Global Blood Therapeutics And More

A number of biotech stocks are poised to make big moves Wednesday. Here's the news behind these moves.

Prothena Strikes It Rich With Celgene

Prothena Corporation PLC PRTA was up 19 percent after the late-stage clinical biotech company announced a partnership with Celgene Corporation CELG to develop therapies for a broad range of neurodegenerative diseases. The global collaboration agreement provides for Celgene paying a $100 million upfront payment and a $50 million equity investment by Celgene, plus future potential exercise and milestone payments.

Proteostasis On Rebound Mode On Withdrawal of Equity Offering

Proteostasis Therapeutics Inc PTI, which fell more 26 percent Tuesday in reaction to an announcement of a common stock offering and a short report, was up more than 10 percent Wednesday after the company said it's not proceeding with its proposed 9 million public offering.

Vascepa Approval In Lebanon

Amarin Corporation plc (ADR) AMRN, which focuses on developing therapies for improving cardiovascular health, announced the Ministry of Public Health in Lebanon has approved Vascepa capsules as a prescription medication for use in Lebanon as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia. The company sees this as a first of a series of anticipated approvals for the therapy in the MENA region.

The stock was up about 5 percent in pre-market trading, was in the red by 2 percent shortly after the opening bell.

Positive Trial Results

Cidara Therapeutics Inc CDTX, a developer of anti-infectives, said additional data and analyses from STRIVE Phase 2 clinical trial confirm positive efficacy results in both rezafungin arms. The company had released top-line STRIVE clinical data earlier this week. The company also presented definitive Phase 1 QT clinical trial data of rezafungin, showing no cardiac abnormalities.

The stock was up about 2.7 percent.

Teligent Basks On FDA Approval

Teligent Inc TLGT traded up more than 3 percent after it announced FDA approval for Halobetasol Propionate Ointment.

Xencor Drops On Pricing Common Stock Offering

Xencor Inc XNCR shares were down close to 5 percent after it announced it has priced its common stock offering of 7.3 million shares at $31 a share. Shares closed Tuesday's session at $32.27.

Global Blood Bleeds On Downgrade

Global Blood Therapeutics Inc GBT shares were down about 4.5 percent after Morgan Stanley downgraded shares from Overweight to Equal-weight, with a $61 price target. The firm premised its downgrade on its belief that consensus expectations are already discounting positive Part A data for GBT-440, its therapy for sickle cell disease, which is due in the first half of 2018.

Related Links:

The Week Ahead In Biotech: Earnings, PDUFA Dates And More

7 Biotech Stocks With Clinical Trial Outcomes In March