Here's a roundup of top developments in the biotech space over the last 24 hours.
Scaling the Peaks
(Stocks hitting 52-week highs on May 2)
Down In The Dumps
(Stocks hitting 52-week lows on May 2)
Stocks In Focus
Exelixis Gains On Q1 Beat, Collaboration Agreement
Exelixis, Inc. (NASDAQ:EXEL) reported Q1 EPS of 37 cents on revenues of $212.3 million, beating expectations.
The company also announced a collaboration with biologics company Invenra to develop multi-specific antibodies for treating cancer, which will provide the former exclusive worldwide rights to one pre-clinical asset.
Exelixis will pay Invenra an upfront payment of $2 million, plus $2 million at the initiation of each of the six additional discovery projects for which it is to collaborate with Invenra, potential developmental milestone payments up to $131.5 million, and global milestone payments up to $325 million on achievement of certain sales targets.
The stock was up 6 percent to $21.90 Thursday morning.
Achaogen's Slumps On Mixed FDA Panel Vote
The PDUFA action date is set for June 25, 2018.
Pacific Biosciences' Q1 Miss
The stock shed 17.5 percent to $2.21 after hours.
See Also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Action Dates
Hologic Lowers FY18 Revenue Guidance
Citing lower-than-expected sales of Cynosure, the medical aesthetic technology company it acquired last year, Hologic lowered its FY18 revenue guidance but reiterated its non-GAAP EPS guidance.
On The Radar
The following companies report earnings on Thursday:
Adcom Schedule
IPO
UNITY Biotech announced it has priced its initial public offering, or IPO, of 5 million shares at $17 per share. The company said shares would begin to trade on the Nasdaq on Thursday under the ticker symbol UBX.
Medical technology company Inspire Medical Systems priced its IPO of 6.75 million shared at $16 per share. Shares are due to be listed on the NYSE under the ticker symbol INSP, and will begin to trade on Thursday.
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