Benzinga's Daily Biotech Pulse: Galmed Rips Higher On Positive NASH Data, Enzo Biochem Falls On Earnings, Pfenex Licenses Osteoporosis Candidate

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 June 11)

ABIOMED, Inc. ABMD
AngioDynamics, Inc. ANGO
Aptose Biosciences Inc APTO
Bio-Rad Laboratories, Inc. BIO
BIO-TECHNE Corp TECH
CAS Medical Systems Inc CASM
Edwards Lifesciences Corp EW
Eloxx Pharmaceuticals Inc ELOX
Enanta Pharmaceuticals Inc ENTA
Insulet Corporation PODD
Krystal Biotech Inc KRYS
Laboratory Corp. of America Holdings LH
MORPHOSYS AG/S ADR MOR
NeoGenomics, Inc. NEO
PTC Therapeutics, Inc. PTCT
Qiagen NV QGEN
SurModics, Inc. SRDX

Down In The Dumps

(Stocks hitting 52-week lows on June 11)
Achieve Life Sciences Inc (NASDAQ: ACHV
Agenus Inc AGEN
Atossa Genetics Inc ATOS
Evelo Biosciences Inc EVLO
Mabvax Therapeutics Holdings Inc MBVX
Obalon Therapeutics Inc OBLN
Yield10 Bioscience Inc YTEN

Stocks In Focus

Galmed Presents Positive Data for NASH Candidate

Galmed Pharmaceuticals Ltd GLMD released Phase 2b data for Aramchol that is evaluated in a study called ARREST for treating non-alcoholic steatohepatitis, or NASH, which showed statistically significant reduction in liver fat, as demonstrated by Magnetic Resonance Spectroscopy in patients completing 52 weeks of treatment with a 400mg dose compared to placebo.

The company also said significantly more patients treated with Aramchol 600 mg vs. placebo showed NASH resolution, without worsening fibrosis in the 52-week biopsy. This is a regulatory approvable endpoint, the company said.

The stock up over 166 percent to $18.77 in pre-market trading.

Immunomedics To Offer Shares

Immunomedics, Inc. IMMU said it has commenced an underwritten public offering of $275 million worth of shares. The company intends to use the net proceeds for the acceleration of the clinical development program of sacituzumab govitecan, manufacturing process improvement, working capital needs and general corporate purpose.

The stock fell 4.32 percent to $22.80 after hours.

Enzo Biochem Q3 Results Miss Estimates

Enzo Biochem, Inc. ENZ reported a wider-than-expected loss and below-consensus revenues for its Q3, with revenues declining year-over-year. The top-line drop reflected primarily a loss of a medical practice and storm in the Northeast, which impacted operations for 5 days.

The stock slipped 9.25 percent to $6.05 after hours.

Pfenex Licenses Osteoporosis Treatment Candidate

Pfenex Inc PFNX announced that it has granted Alvogen rights to commercialize its lead candidate PF708, a teriparatide therapeutic, which references Eli Lilly And Co LLY's osteoporosis treatment Forteo. Forteo achieved sales of $1.7 billion, globally, in 2017, the company noted.

Pfenex will be responsible for development and registration, and Alvogen will provide additional regulatory and development expertise, while also meeting development and marketing expenses.

The licensing deal provides for Pfenex receiving $2.5 million in upfront payment and an additional $25 million in support and regulatory milestone payments. The company also stands to receive a 50 percent gross profit split on sales, if the product is rated as Therapeutic Equivalent, and up to 40 percent, if rated differently.

Deciphera Announces Closing of Offering

Deciphera Pharmaceuticals Inc DCPH announced it has closed its previously announced public offering of 4.3 million shares at $40 per share, for aggregate gross proceeds of $172 million.

Aimmune Names New CEO

Following the planned retirement of CEO Stephen Dilly, which was announced late last year, Aimmune Therapeutics Inc AIMT said Jayson Dallas will join the company as its President and CEO, effective June 19.