- PropThink published its latest report on Keryx Biopharmaceuticals last week, and on Monday we followed up with some technical discussion. We also included QCOR in the analysis, a story that we’ve been following for some time. QCOR broke its first resistance around $22.75 and bounced against its next resistance at $26.35 before retreating and ending the week at $25. With earnings expected soon, QCOR could still break through resistance, and the next target is between $29 and $30. Similarly, KERX has been meeting resistance around $3.05, and if it can break through with momentum, the next target is $3.75.
- Exelixis’ PDUFA date for cabozantinib is quickly approaching – just over a month away – and following the cancellation of an advisory panel meeting for the drug, available data point to a likely approval. Also, take a look at Sangamo’s early Huntington’s Disease candidate – we think it looks quite promising.
- After the restructuring of a major deal with Humana, we see no reason to own AMED any time soon unless it dips into the single-digits. Shares declined through Friday, and we expect pressure to continue.
- It would seem that the already-crowded HCV space couldn’t get much bigger, but a merger between BioCryst and Presidio created yet another early-stage contender and bolstered BCRX to a 9% gain for the week.
- The Gastrointestinal Drugs Advisory Committee recommended Gattex for approval. NPSP declined regardless, as positive FDA briefing documents released last week prompted an early rally and traders sold on the vote. The stock still has upside however, and shares should see another run-up into Gattex’s December 30 PDUFA date.
- By the end of the year, Chelsea Therapeutics will release data from the Phase III ‘306b study re-evaluating Northera as a treatment for patients with neurodegenerative diseases. Hope for the previously-rejected drug may rejuvenate the beleaguered shares, but playing the data release is a binary, high-risk/high-reward event. CHTP closed the week 10% higher.
- The evidence is building against rumors that Biogen Idec is interested in purchasing Elan. With BG-12 expected to hit the market next year (the FDA delayed its review), BIIB buying out the Irish drug-maker in order to acquire full Tysabri rights makes little sense.
- Illumina hired a new head of investor relations, which investors took as a sign that the company will not be bought out by Roche, an ongoing speculation but one that makes sense given Roche’s interest in the past.
- After a gap up early in the week, ArQule receded on Friday and finished the week ahead 5%. The company has a number of near-term catalysts.
- ISIS got a tough break when briefing documents released ahead of Kynamro’s advisory panel demonstrated noteworthy safety concerns for the lipid-lowering therapy. Regardless, the FDA panel recommended the drug, but shares continued falling and ended down 18% since our story.
- PPHM’s strength on Wednesday made for a great exit opportunity for those still holding shares; as we expected, the stock then declined 22% into the end of the week.
- ITMN popped on institutional interest and finished the week ahead 16%. Swing trades can be structured around Esbriet’s international launches through 1Q13.
- Investors are still clambering for news on Vascepa’s NCE status, so when a medical publication claimed just that, shares of Amarin spiked briefly. A link is included in PropThink’s coverage.
- The same executives who sold Cougar Biotechnology for $1B in 2009 have created a new company, PBYI, which was uplisted to the NYSE on Friday and climbed 35% by the end of the day. That said, we’re not overly optimistic that the Phase II company can maintain its current valuation.
- NVO set an all-time high on Friday when a European advisory panel recommended its long-acting insulin, Tresiba, for approval. An FDA advisory panel is set to make a similar decision in early November, which should continue to generate interest in the stock.
