A few biopharma companies made massive runs this past week. The health care sector was in trouble over the past year, under fire from congressional hearings and politicians on the campaign trail. However things look like they could be different in 2017, with a new administration in the White House and potentially deregulation on the way. This new perspective could lead to more positive trials, U.S. Food and Drug Administration (FDA) approvals and mergers and acquisitions.
The companies 24/7 Wall St. has picked stood out from the rest making a significant move this week. We have included information about each company, as well as recent trading activity and the consensus price target.
Eyegate Pharmaceuticals Inc. (NASDAQ: EYEG) shares had an incredible gain on Tuesday after the company announced a licensing agreement with Valeant Pharmaceuticals International Inc. (NYSE: VRX). At one point in the day shares were up over 100%. According to the deal, Eyegate has granted a subsidiary of Valeant exclusive, worldwide commercial and manufacturing rights to the Eyegate II Delivery System and EGP-437 combination product candidate for the treatment of post-operative pain and inflammation in ocular surgery patients.
Under the license agreement, Eyegate received an upfront cash payment and has the potential to receive certain development-based milestone payments, as well as additional milestone payments based on the achievement of certain cumulative and annual sales milestones. Additionally, Eyegate will receive royalties on Valeant’s net sales of the product.
Shares of Eyegate closed Friday at $2.85, with a consensus analyst price target of $10.00 and a 52-week trading range of $1.11 to $5.10. Over the course of the week the stock was up over 60%.
Valeant shares closed Friday at $16.18. The 52-week trading range is $13.00 to $86.50, and the consensus price target is $22.39.
Trevena Inc. (NASDAQ: TRVN) reported positive results from two late-stage clinical trials that work to treat post-surgical pain. The company intends to submit these results to the FDA for a marketing approval agreement in the fourth quarter. Previously, oliceridine was approved for a breakthrough designation by the agency.
Although the results from the study were positive against the placebo, they actually underperformed morphine, which it expects to compete with.
Shares of Trevena closed the week at $3.99, with a consensus price target of $12.04 and a 52-week range of $3.70 to $9.73. Over the course of the week the stock retreated over 40%.
Shares of Cempra Inc. (NASDAQ: CEMP) saw an incredible gain on Friday after the company announced the results from its late-stage trial for the treatment of patients with acute bacterial skin and skin structure infections. Overall, fusidic acid was well tolerated in the study and achieved both primary and secondary endpoints.
The Phase 3 trial results demonstrated non-inferiority (NI) (10% NI margin) of oral fusidic acid compared to oral linezolid for early clinical response (ECR) in the intent to treat (ITT) patient population.
The primary endpoint, ECR in the ITT population, was defined in the study as the proportion of patients alive and achieving over 20% reduction from baseline in lesion size at 48 to 72 hours after the start of study drug, without receiving rescue antibiotics.
In the study, 87.2% of ITT patients receiving fusidic acid demonstrated ECR, compared to 86.6% of ITT patients receiving linezolid, demonstrating non-inferiority to linezolid.
Shares of Cempra closed Friday at $4.05, with a consensus price target of $10.58 and a 52-week range of $2.55 to $26.95. Over the course of the week the stock rose 28%.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
