The Daily Biotech Pulse: ContraVir's Volatile Ride Continues, Late-Stage Disappointment For Exelixis, Regeneron-Sanofi Breathe Easy

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 June 20)

• Abbott Laboratories ABT
• ANI Pharmaceuticals Inc Common Stock ANIP
• argenx SE – ADR ARGX
• ArQule, Inc. ARQL
• Celgene Corporation CELG
• Coherus Biosciences Inc CHRS
• DiaMedica Therapeutics Inc DMAC(reported positive interim results from a Phase 1b study of its DM199, which is being evaluated for moderate-to-severe chronic kidney disease)
• Edesa Biotech Inc EDSA(FDA gave the go ahead to start a Phase 2b trial for EB01, its lead candidate being evaluated for chronic allergic contact dermatitis)
• GALAPAGOS NV/S ADR GLPG
• Hologic, Inc. HOLX
• Repligen Corporation RGEN
• ResMed Inc. RMD
• Zynex Inc. ZYXI

Down In The Dumps

(Biotech stocks hitting 52-week lows on June 20)

• Abeona Therapeutics Inc ABEO
• Adial Pharmaceuticals Inc ADIL
• AMAG Pharmaceuticals, Inc. AMAG
• ContraVir Pharmaceuticals Inc CTRV
• Jaguar Health Inc JAGX
• Minerva Neurosciences Inc NERV
• Neos Therapeutics Inc NEOS
• TrovaGene Inc TROV

Stocks In Focus

ContraVir's NASH Candidate Gets Positive FDA Feedback Following Pre-IND Meeting

ContraVir said the FDA has given it positive feedback in response to its pre-IND meeting with regard to its candidate CRV431 in non-alcoholic steatohepatitis, or NASH. The positive feedback was for the pre-clinical data, which supports the study design for the NASH IND opening study.

The stock rallied 33.57% to $5.73 in after-hours trading.

Hologic Agrees To Buy French Ultrasound Products Company For Upto $85M

Hologic, Inc. HOLX agreed to acquire SuperSonic Imagine, a French innovator in cart-based ultrasound products for 1.50 euro per share, corresponding to $39 million for all outstanding shares. With SuperSonic's outstanding debt assumed by Hologic, the maximum enterprise value would be $85 million.

Mustang Bio Rallies On Positive Analyst Action

Mustang Bio Inc MBIO shares advanced strongly after Cantor Fitzgerald initiated coverage of the biotech with an Overweight rating and $7 price target suggesting, over 100% upside, according to Seeking Alpha.

The stock gained 6.82% to $3.60 in after-hours trading.

Exelixis' Skin Cancer Drug In Combo With Roche's Tecentriq Flunks Late-stage Study

Exelixis, Inc. EXEL said in a SEC filing its collaboration partner Roche Holdings AG Basel ADR RHHBY's Genentech unit has informed a Phase 3 trial dubbed IMspire170 that evaluated the combination of cobimetinib, a MEK inhibitor discovered by Exelixis, and Tecentriq, an anti-PDL1 antibody, did not meet the primary endpoint of progression-free survival compared to Merck & Co., Inc. MRK's Keytruda, a current standard of care in patients with previously untreated BRAF V600 wild-type advanced melanoma.

Exelixis' stock fell 7.24% to $19.61 in after-hours trading.

Regeneron-Sanofi's Asthma Treatment Biologics Aces Proof-Of-concept Phase 2 Study

Regeneron Pharmaceuticals Inc REGN and Sanofi SA SNY said a Phase 2 proof-of-concept trial evaluating their IL-33 antibody REGN3500 met the primary end point of an improvement in loss of asthma control compared to placebo. The companies also said the study met the key secondary endpoint of the REGN3500 monotherapy significantly improving the lung function compared to placebo.

Selecta Appoints Biopharma Industry Veteran to Board

Selecta Biosciences Inc SELB announced the appointment of Scott Myers, a biopharma industry veteran, to its board. The company said it hopes to draw on Myers' product development and commercial experience, as it advances its lead program – SEL-212 – for the treatment of chronic refractory gout, and explore its ImmTOR technology in gene therapy.

The stock gained 10.05% to $2.30 in after-hours trading.