Here’s a look at recent major developments and share moves in biotech stocks:
Ziopharm Oncology (NASDAQ:ZIOP): Ziopharm finished last week up 13% thanks to positive news about its soft tissue sarcoma treatment, palifosfamide. The DNA alkylating agent’s Phase 3 trial reached its target number of progression-free survival events, which means the trial’s data may now be analyzed by an independent committee. Soft tissue sarcoma is a rare, cancerous tumor that affects connective tissue.
Incyte (NASDAQ:INCY): Incyte — maker of myelofibrosis treatment Jakafi — gained 18% between Thursday and Friday of last week after announcing that it had turned around a 44-cent-per-share loss in Q4 2011 to a 14-cent gain this year, beating analyst expectations for a breakeven quarter. Jakafi brought in $43.3 million in sales, helping to boost total revenues to $113.8 million from the year-ago period’s $28.9 million.
Discovery Labs (NASDAQ:DSCO): Discovery Labs’ stock gained 23% last Thursday after announcing that it would receive up to $30 million in financing from Deerfield Management. The money will be used to commercialize Surfaxin, which treats Respiratory Distress Syndrome in premature infants, as well as the Afectair airway connector for infants receiving aerosolized medication in neonatal or pediatric intensive care units.
StemCells (NASDAQ:STEM): StemCells gained 16% last week after its HuCNS-SC product for chronic spinal cord injury showed a favorable safety profile after 12 months; that patient will now enter long-term observation. According to CEO Martin McGlynn, “… to our knowledge, this is the first time a patient with a complete spinal cord injury has been converted to a patient with an incomplete injury following transplantation of neural stem cells.” The study also showed that gains in sensory function two of the three patients have persisted at the 12-month point.
Amicus Therapeutics (NASDAQ:FOLD): Amicus Therapeutics shares fell almost 26% last Friday after migalastat, the company’s experimental treatment for Fabry disease, failed to meet secondary goals in its phase 3 trial. The news comes just a couple months after Amicus announced that migalastat also didn’t reach its primary goal. Fabry disease is a rare genetic disorder that can cause a number of symptoms including renal failure and strokes.