by Kyle Woodley | January 28, 2013 8:35 am
Here’s a look at recent major developments and share moves in biotech stocks:
Arena Pharmaceuticals (NASDAQ:ARNA): Arena Pharmaceuticals dropped almost 10% last Tuesday and slid marginally from there after the company announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) had raised concerns over its obesity drug, Belviq. Per the release: “(CHMP’s) objections relate to previously identified non-clinical and clinical issues, including tumors in rats, valvulopathy and psychiatric events.” Belviq does have FDA approval for use in the U.S.
MAP Pharmaceuticals (NASDAQ:MAPP): MAP stock shot up almost 60% last week after agreeing Tuesday night to a buyout offer from Allergan (NYSE:AGN). AGN’s offer was for $958 million, or $25 per share — a 60% premium over MAP’s stock price on Tuesday. Allergan is interested in Levadex, a migrane treatment being considered for FDA approval. Allergan already held the marketing rights to Levadex prior to the deal.
Impax Laboratories (NASDAQ:IPXL): IPXL shares retreated 7% last Tuesday after the FDA said it would not approve its application for its idiopathic Parkinson’s disease treatment, Rytary, until it got “satisfactory re-inspection of the company’s Hayward (California) facility.” Rytary is an extended-release capsule being co-developed with GlaxoSmithKline (NYSE:GSK).
Keryx Biopharmamaceuticals (NASDAQ:KERX): Despite retreating Thursday and Friday, KERX finished the holiday-shortened week up more than 18% as optimism builds for the results of a Phase 3 trial for Zerenex, a treatment for hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease. In a release a couple weeks ago, Keryx said “top-line data from this Phase 3 study is expected to be announced imminently.” The drug was set to open Monday trading nearly 50% higher, however, after the company announced Zerenex met a trial goal.
Sarepta Therapeutics (NASDAQ:SRPT): Sarepta Therapeutics was sent more than 14% higher Friday after receiving an “outperform” rating from Cowen upon its initial coverage of the company. Cowens analyst Edward Nash is optimistic about the prospects of eteplirsen, the company’s Duchenne muscular dystrophy treatment, as well as Department of Defense interest in other trial-stage drugs.
Kyle Woodley is the Deputy Managing 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/2013/01/biotech-movers-arena-gets-warned-map-gets-an-offer/
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