Benzinga's Daily Biotech Pulse: Verastem Uprooted On Stock Offering, Titan Pharma Earnings

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 15)

• Inspire Medical Systems Inc INSP
• Aptevo Therapeutics Inc APVO
• BioLife Solutions Inc BLFS
• Ligand Pharmaceuticals Inc. LGND
• MEI Pharma Inc MEIP
• OptiNose Inc OPTN
• ProPhase Labs Inc PRPH
• Regenxbio Inc RGNX
• Sophiris Bio Inc SPHS (reported Q1 results after Monday's close)
• Vericel Corp VCEL
• Xenon Pharmaceuticals Inc XENE (positive Phase 1 interim data for its epilepsy treatment XEN1101)

Down In The Dumps

(Stocks hitting 52-week lows on May 15)

• aTyr Pharma Inc LIFE
• BIOLASE Inc BIOL
• Cesca Therapeutics Inc KOOL (reported Q1 results after Monday's close)
• Immune Pharmaceuticals Inc IMNP (presented updated data from the Phase 2 study of its bertilimumab in patients with moderate-to-extensive bullous pemphigoid; filed an 8-K for selling up to $2.225 million of original discount convertible debentures)

Stocks In Focus

Verastem Announces $35 Million Stock Offering

Verastem Inc VSTM said it would offer $35 million worth of shares in a common stock offering. All shares offered are sold by the company.

The stock fell 11.07 percent to $4.66 in after-hours trading Tuesday.

Celyad Announces Global Offering

CELYAD SA/ADR CYAD announced its intention to offer up to 1.8 million ordinary shares in a global offering in the form of ADRs in the U.S., Canada and certain countries outside of Europe.

The stock slid 3.32 percent to $29.70 after hours.

See Also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Action Dates

Titan Posts Better-Than-Expected Q1

Titan Pharmaceuticals, Inc. TTNP reported Q1 revenues of $1.1 million, sharply higher than the $40,000 reported for the year-ago period. The company's net loss narrowed from 14 cents per share to 12 cents per share.

Analysts, on average, estimated a loss of 13 cents per share on revenues of $70,000.

The micro-cap stock jumped 25 percent after hours.

Zomedica Reports A Flat Loss For Q1

Zomedica Pharmaceuticals Corp ZOM announced a Q1 loss of 2 cents per share, flat with last year.

The stock rallied 6.25 percent to $2.04 after hours.

Biocept Q1 Misses Estimates

Biocept Inc BIOC said its Q1 loss per share narrowed from 21 cents to 11 cents, while revenues came in at $1.68 million. The year-ago revenues included a one-time revenue of $874,000 related to the conversion from cash-based to accrual-based revenue recognition.

The consensus estimates had called for a loss of 9 cents per share on revenues of $1.1 million.

The stock slumped 18.18 percent to $0.18 after hours.

Altimmune Q1 Loss Narrows, Revenues Surge

Altimmune Inc ALT reported a net loss of 25 cents per share, excluding non-cash goodwill impairment charges, compared to a loss of 68 cents in the year-ago period.

Revenues climbed from the year-ago's $0.3 million to $2.7 million.

The micro-cap stock gained 16.19 percent.

Other Stocks That Reacted to Earnings

(Tuesday's after-hours quote)

• Ritter Pharmaceuticals Inc RTTR – Up 1.38 percent to $2.94
• Imprimis Pharmaceuticals Inc IMMY – Up 5.44 percent to $2.52
• CorMedix Inc. CRMD – Down 2.35 percent to $0.1953
• Eleven Biotherapeutics Inc EBIO – Up 1.89 percent to $2.70
• Zosano Pharma Corp ZSAN – Up 2.97 percent to $4.86

On The Radar

The following companies report earnings on Wednesday:

• Bio-Path Holdings Inc BPTH
• Obseva SA OBSV

Other Events

Voyager Therapeutics Inc VYGR will release final Phase 1b data for its advanced Parkinson's disease treatment VY-AADC01 at the American Society of Gene & Cell Therapy, or ASGCT, 2018 Annual Meeting at 6 p.m. ET.

Audentes Therapeutics Inc BOLD is due to release final Phase 1/2 data for its X-linked Myotubular myopathy treatment AT132 at the ASGCT meeting at 11:30 a.m. ET.