The Daily Biotech Pulse: European Cheer For Merck, Legal Victory For Coherus, Medpace Picks Up On Earnings

Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks hitting 52-week highs on July 29)

• Acasti Pharma Inc ACST
• Array Biopharma Inc ARRY
• GENMAB A/S/S ADR GMAB (IPOed July 18)
• Grifols SA - ADR ADR Class B GRFS
• Hologic, Inc. HOLX
• Novocure Ltd NVCR
• Odonate Therapeutics Inc ODT
• Repligen Corporation RGEN

Down In The Dumps

(Biotech stocks hitting 52-week lows on July 29)

• Acer Therapeutics Inc ACER
• Advaxis, Inc. ADXS
• Cancer Genetics Inc CGIX
• Champions Oncology Inc CSBR
• China SXT Pharmaceuticals Inc SXTC
• Genprex Inc GNPX
• Kiniksa Pharmaceuticals Ltd KNSA
• Lexicon Pharmaceuticals, Inc. LXRXSNY's decision to terminate their collaboration agreement regarding sotagliflozin that is being evaluated for Type 2 diabetes)
• Myovant Sciences Ltd MYOV
• Neovasc Inc NVCN
• Neon Therapeutics Inc NTGN
• Neuralstem, Inc. CUR
• Novavax, Inc. NVAX
• Oncolytics Biotech, Inc. ONCY
• Personalis Inc PSNL( IPOed June 20)
• Cytori Therapeutics PSTV
• Proteostasis Therapeutics Inc PTI
• Tonix Pharmaceuticals Holding Corp TNXP
• TRACON Pharmaceuticals Inc TCON
• Unity Biotechnology Inc UBX
• Vistagen Therapeutics Inc VTGN
• Wave Life Sciences Ltd WVE (reacted to a loss for Q2)
• Xenetic Biosciences Inc XBIO
• Zafgen Inc ZFGN

See Also: The Week Ahead In Biotech: Pending Clinical Readouts, Earnings Dominate

Stocks In Focus

Coherus Wins Neulasta Biosimilar Patent Lawsuit

Coherus Biosciences Inc CHRS said the U.S. Court of Appeals for the Federal Circuit has affirmed the decision of a U.S. district court that Coherus' Udenyca, Neulasta biosimilar, does not infringe Amgen, Inc. AMGN's asserted patent. Coherus launched Udenyca in the U.S. in January.

The stock gained 2.76% to $16.75 in after-hours trading.

Hepa Given Nod To Procced With IND Study Of CRV431 In NASH

Hepion Pharmaceuticals Inc HEPA, previously Contravir, said the FDA has authorized it to proceed with its planned investigational new drug application, or IND, opening study for CRV431 in non-alcoholic steatohepatitis following the review of its IND.

The company noted that the IND for NASH is in addition to the current open IND for hepatitis B virus.

The stock added 9.23% to $3.55 in after-hours trading.

Verastem Appoints Stuglik As CEO

Verastem Inc VSTM announced the appointment of Brian Stuglik, a member of its board, as CEO. Stuglik has over three decades of experience in the pharmaceutical industry.

The stock fell 1.4% to $1.41 in after-hours trading.

Merck Combo Antibiotics Gets Backing Of European Regulatory Panel

Merck & Co., Inc. MRK said the Committee for Medicinal Products for Human Use, or CHMP, of the European Medicines Agency, or EMA, has adopted a positive opinion recommending Zerbaxa 3g dose – a combo drug of ceftolozane and tazobactam - for an additional indication for the treatment of hospital-acquired pneumonia, including ventilator-associated pneumonia, in adults.

The stock edged up 0.25% to $82.70 in after-hours trading.

Earnings

Medpace Holdings Inc )MEDP reported second-quarter GAAP net income of 81 cents per share compared to 61 cents reported for the year-ago period and the consensus estimate of 66 cents per share. Revenues climbed 25.8% to $214.1 million, exceeding the $202.8 million consensus estimate.

The company issued above-consensus guidance for the fiscal year 2019.

The stock rallied 9.93% to $74.40 in after-hours trading.

Neurocrine Biosciences, Inc. NBIX reported second-quarter EPS of 54 cents, higher than the 7 cents reported last year and the 11 cents per share consensus estimate. Revenues nearly doubled to $183.58 million

The stock gained 9.81% to $91.50 in after-hours trading.

On The Radar

Earnings

Eli Lilly And Co LLY (before the market open)
Iradimed Corp IRMD (before the market open)
Blueprint Medicines Corp BPMC (before the market open)
Meridian Bioscience, Inc. VIVO (before the market open)
Merck & Co., Inc. MRK (before the market open)
Incyte Corporation INCY (before the market open)
Infinity Pharmaceuticals Inc. INFI (before the market open)
NeoGenomics, Inc. NEO (before the market open)
Pfizer Inc. PFE (before the market open)
Amgen (after the market close)
AtriCure Inc. ATRC (after the market close)
EXACT Sciences Corporation EXAS (after the market close)
T2 Biosystems Inc TTOO (after the market close)
BioTelemetry Inc BEAT (after the market close)
Gilead Sciences, Inc. GILD (after the market close)
Ironwood Pharmaceuticals, Inc. IRWD (after the market close)
Veracyte Inc. VCYT (after the market close)