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 April 24)
- Eleven Biotherapeutics Inc EBIO
Down In The Dumps
(Biotech Stocks Hitting 52-week lows on April 24)
- Acasti Pharma Inc ACST on announcing pricing of a common stock offering
- BioXcel Therapeutics Inc BTAI
- Conatus Pharmaceuticals Inc CNAT
- Paratek Pharmaceuticals Inc PRTK
- Synergy Pharmaceuticals Inc SGYP
Takeda's Relentless Pursuit For Shire
Shire PLC (ADR) SHPG shares rallied 5.64 percent to $173.18 after hours Tuesday, adding to their 2.41 percent advance in the regular session. Japan's Takeda Pharmaceutical Co Ltd TKPHF sweetened its cash and stock offer for the Irish pharma company for the fifth time, raising the offer this time around from $60 billion to $64.3 billion.
Shire's willingness to consider the proposal, contingent on certain conditions being met, suggest it may be finally coming around.
Edward Lifesciences Plunges On Weak Guidance
Edwards Lifesciences Corp EW shares took a tumble in after hours Tuesday after it reported Q1 adjusted sales of $938 million, up 9.3 percent year-over-year, and adjusted earnings per share of $1.22, up 29.8 percent.
The company raised its 2018 adjusted earnings per share guidance from $4.43-$4.63 to $4.50-$4.70, while issuing downbeat Q2 guidance.
Sangamo Dips On Common Stock Offering
Sangamo Therapeutics Inc SGMO shares were off 6.77 percent at $16.60 after hours Tuesday after the company announced a $200-million common stock offering.
Amgen Shares Trip Despite Beat
Amgen, Inc. AMGN fell by 0.55 percent to $171 in after hours after it reported better-than-expected Q1 results, thanks to strong product sales and a lower tax rate. The company raised the lower-end of its full-year revenue and earnings per share guidance.
More Trouble For Menlo as Japanese Study Halted
Menlo Therapeutics Inc MNLO, which saw its stock plummet 77 percent on April 9 on a failed Phase 2 study of its skin condition treatment seriopitant, came under pressure yet again. The stock was down 9.49 percent to $7.25 after its Japanese partner JT Torii decided to halt the recently initiated Phase 2 study of seriopitant in Japan.
On The Radar
The following companies report earnings on Wednesday:
- Integra Lifesciences Holdings Corp IART - Q1 Adj. EPS $0.58 Beats $0.49 Est., Sales $357.1M Beats $349.1M Est.
- The Medicines Company MDCO - Q1 EPS $(0.76) Beats $(0.78) Est., Sales $7.77M Misses $7.99M Est.
- BioMarin Pharmaceutical Inc. BMRN – Expectations call for EPS of $(0.18), Sales of $348.57M
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