The Daily Biotech Pulse: Nuvectra Explores Strategic Options, J&J To Contend Opioid Ruling, Sesen Bio Gets New CFO

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 Aug. 26)

• DURECT Corporation DRRX
• Stoke Therapeutics Inc STOK

Down In The Dumps

(Biotech stocks hitting 52-week lows on Aug. 26)

• Advaxis, Inc. ADXS
• Arbutus Biopharma Corp ABUS
• ASLAN PHARMACEU/ADR ASLN
• Avanos Medical Inc AVNS
• Cancer Genetics Inc CGIX
• Clearside Biomedical Inc CLSD
• Elanco Animal Health Inc ELAN(Bank of America downgraded the shares to Neutral)
• Neurometrix Inc NURO
• Regeneron Pharmaceuticals Inc REGN
• Stealth BioTherapeutics Corp MITO
• Tetraphase Pharmaceuticals Inc TTPH
• Tocagen Inc TOCA
• Unity Biotechnology Inc UBX
• Zafgen Inc ZFGN

Stocks In Focus

Nuvectra To Explore Strategic Options

Nuvectra Corp NVTR announced its decision to explore strategic alternatives to enhance shareholder value, including a sale or merger of the company. The company said the step has been necessitated by the need of financing for the expected growth of its business.

"As we go through this process, we remain committed to providing physicians with world-class neurostimulation technology that improves the lives of patients and to assisting them in supporting their patients," the company said in a release.

The stock jumped 41.96% to $2.03 in after-hours trading.

Alcon Announces Commercial Launch Of First FDA-Approved Trifocal Lens

Alcon AG ALC said the FDA approved its AcrySof IQ PanOptix trifocal intraocular lens, or IOL, the first and only trifocal lens for U.S. patients undergoing cataract surgery.

The company noted that PanOptix delivers an exceptional combination of near, intermediate and distance vision, while significantly reducing the need for glasses after surgery.

The company intends to begin training U.S. ophthalmologists and making inventory of both PanOptix and PanOptix Tonic IOLs available through the rest of 2019 into early 2020.

The stock rose 1.57% to $59.48 in after-hours trading.

J&J To Contend Cleveland's $572M Opioid Lawsuit Ruling

Johnson & Johnson JNJ and its Janssen unit said they will appeal the $572 million civil judgment entered in Cleveland County District Court in the State of Oklahoma's lawsuit against opioid manufacturers.

The company sees strong grounds to appeal the decision, as it has complied with the federal and state laws, its medicines play an unique role in the lives of people in need of them and its responsible marketing practices.

Also, the company noted that since launch, its opioid medications Duragesic, Nucynta and Nucynta ET accounted for less than 1% of total opioid prescriptions in Oklahoma as well as the U.S.

The stock rose 2.31% to $130.75 in after-hours trading.

Sesen Bio Appoints Company Veteran Monica Forbes As CFO

Sesen Bio Inc SESN announced the appointment of company veteran Monica Forbes as CFO, effective immediately, as she succeeds Richard Fitzgerald, who is leaving the company, effective Aug. 30. The company also announced the appointment of Kristin Anderson as Principal Accounting Officer.

The stock gained 2.65% to $1.16 in after-hours trading.