5 Top Gainers In Healthcare Sector (ARDX, CDTX, EBS…)September 10, 2019
The following are some of today’s top gainers in the healthcare sector.
1. Abeona Therapeutics Inc. (ABEO)
Abeona is a gene and cell therapy company.
Gained 90.91% to close Tuesday’s (Sep.3) trading at $2.94.
News: The Company announced it has initiated a process to explore a broad range of strategic alternatives, including, but not limited to the partnering of its various clinical and pre-clinical programs, or a sale or merger.
Jefferies LLC has been retained as the Company’s financial advisor to assist with the review of strategic options.
2. Ardelyx Inc. (ARDX)
Ardelyx is a specialized biopharmaceutical company focused on developing first-in-class medicines to improve treatment choices for people with cardiorenal diseases.
Gained 71.18% to close Tuesday’s trading at $5.82.
News: The Company announced that its pivotal phase III study of investigational drug Tenapanor in combination with phosphate binders in patients with chronic kidney disease (CKD) on dialysis whose hyperphosphatemia was not previously controlled with binders alone has met the primary and all key secondary endpoints.
In the study, dubbed AMPLIFY, Tenapanor in combination with binders demonstrated a statistically significant reduction of serum phosphorus compared to binders alone.
— The FDA decision on Tenapanor for the proposed treatment of patients with irritable bowel syndrome with constipation is expected on September 12, 2019.
— Results from the Company’s second phase III clinical trial evaluating Tenapanor as a monotherapy treatment for hyperphosphatemia in patients with end-stage renal disease (ESRD) who are on dialysis, dubbed PHREEDOM, are anticipated in the fourth quarter of this year.
3. Cidara Therapeutics Inc. (CDTX)
Cidara Therapeutics is a clinical-stage biotechnology company developing novel anti-infectives, including immunotherapies. The Company’s lead antifungal candidate is Rezafungin.
Gained 39.88% to close Wednesday’s trading at $2.35.
News: The Company has entered into a strategic partnership with Mundipharma to develop and commercialize Rezafungin for the treatment and prevention of invasive fungal infection.
Under the terms of the agreement, Mundipharma gets exclusive commercialization rights to Rezafungin outside the U.S. and Japan. Cidara, in turn, will receive a $30 million upfront payment, an additional $42 million in near-term funding, $9 million in equity investment and development, regulatory and commercial milestone payments from Mundipharma. The deal represents a total potential transaction value of $568 million plus double-digit royalties.
Clinical Trials & Near-term Catalysts:
— In July of this year, Cidara announced positive topline results from its phase II trial of Rezafungin in the treatment of patients with candidemia and/or invasive candidiasis, dubbed STRIVE B.
— A global phase III clinical trial of Rezafungin for the first-line treatment of candidemia and/or invasive candidiasis, dubbed ReSTORE, is ongoing.
4. Quorum Health Corporation (QHC)
Quorum Health is a provider of hospital and outpatient healthcare services in its markets across the United States.
Gained 30.69% to close Tuesday’s trading at $1.32.
News: No news
On August 8, 2019, the Company reported financial and operating results for the second quarter ended June 30, 2019.
The net loss attributable to Quorum Health in the second quarter of 2019 was $16.87 million, or $0.56 per share on revenue of $442 million. This compared with a net loss attributable to the Company of $25.94 million or $0.92 per share and revenue of $472 million in the second quarter of 2018.
The Company is scheduled to make a presentation at the 17th Annual Morgan Stanley Global Healthcare Conference in New York on September 9, 2019.
5. Emergent BioSolutions Inc. (EBS)
Emergent BioSolutions is a global life sciences company focusing on providing specialty products for civilian and military populations that address accidental, deliberate, and naturally occurring public health threats.
Gained 14.47% to close Tuesday’s trading at $50.14.
News: The Company has been awarded a 10-year contract by the U.S. Department of Health and Human Services valued at roughly $535 million to deliver Vaccinia Immune Globulin Intravenous, or VIGIV, in support of Smallpox preparedness.
VIGIV is the only product licensed by the U.S. FDA for the treatment of complications due to smallpox vaccination.
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