by Kyle Woodley | November 19, 2012 8:30 am
Here’s a look at recent major developments and share moves in biotech stocks:
Regeneron Pharmaceuticals (NASDAQ:REGN): Regeneron — the company behind macular degeneration treatment Eylea — popped 11% on a pair of positive headlines last Friday. The company and partner Sanofi (NYSE:SNY) got the support of EU regulators for Zaltrap, a drug meant to be used alongside chemotherapy for patients with colorectal cancer. Regeneron also announced a $70 million expansion of its East Greenbush, N.Y., facilities that would include 65,000 square feet of new space and the addition of 300 new jobs.
Dynavax Technologies (NASDAQ:DVAX): Dynavax shares were sliced nearly in half Friday after a huge setback concerning its adult hepatitis B vaccine, Heplisav. An FDA advisory committee on Wednesday said two doses of Heplisav were as effective as three doses of GlaxoSmothKline’s (NYSE:GSK) Engerix-B vaccine. However, on Friday the panel voted 8-5 against the vaccine, saying, “the ability to reliably evaluate uncommon specific autoimmune events is limited due to the size of the study”; the vote sends DVAX back to the drawing board. DVAX finished Friday down 47.3%.
Navidea Biopharmaceuticals (AMEX:NAVB): NAVD slid lower this week after the FDA accepted its New Drug Application resubmission for Lymphoseek but set a six-month target for possible approval instead of an expected two-month approval. The FDA still needs to inspect the facilities of the third-party manufacturer of Lypmphoseek, a radiopharmaceutical agent used for lymph node imaging. NAVB shares fell 16% by the end of last week.
AspenBio Pharma (NASDAQ:APPY): AspenBio — the developer of appendicitis test AppyScore — watched its stock fall Thursday after the company announced a secondary offering. AspenBio will offer 1,476,000 shares at a price of $2.10 for an expected $3.1 million in proceeds, in a deal expected to close Nov. 20. The company currently has 7.72 million outstanding shares. The underwriters also will have a 45-day option to buy up to an additional 221,400 shares to cover over-allotments. APPY finished the week down 16%.
Clovis Oncology (NASDAQ:CLVS): Clovis Oncology dropped to all-time lows last week after its pancreatic cancer treatment proved no more effective than gemcitabine, branded by Eli Lilly’s (NYSE:LLY) as Gemzar. Clovis said Monday it was suspending the development of its drug, CO-101, designed to treat cancer resistant to gemcitabine. CLVS shares finished the week down nearly 46%.
Kyle Woodley is the Assistant Editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Follow him on Twitter at @IPKyleWoodley.
Source URL: http://investorplace.com/2012/11/biotech-movers-regeneron-pops-3-flop/
Short URL: http://invstplc.com/1nAN2EO
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.