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.
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.
