Our entire editorial team was in San Francisco this week for the annual confluence of biotech conferences – JP Morgan Healthcare, Biotech Showcase, and OneMedForum – although we spent more time dashing around the Union Square neighborhood than in presentations.
We also hosted a cocktail reception.
Couldn’t make it? We’d love to meet up on the East Coast.
These events are about idea-generation and dialog. Although the sector remains frothy, we came away with some new ideas that we’re excited to vet, and share, with PropThink Premium members in 2014.
So, what did you miss this week? Not much at PropThink.com, but below are a few stories and trades that we continue to follow.
Buying Sarepta Therapeutics (SRPT) at $18.00 last week couldn’t have been more timely as the stock climbed to $28.50 this Thursday with the release of 120-week data on eteplirsen and a brief update from Prosensa (RNA) – that’s a 60% return in just over a week. Better yet, our Options strategy lowered this cost-basis significantly, making the move that much sweeter. We’re still holding though, and expect to for the long-haul.
Cempra (CEMP), which we’ve called one of our top fundamental picks for 2014, touched a new 52-week high of $15.09 just this week. In November, we outlined why we’re long the stock. In the same antibiotic vein, you should check out our latest update on Cubist Pharmaceuticals (CBST).
Keryx Biopharmaceuticals (KERX) ended this week on a high note, announcing that Zerenex, its phosphate binder, is approved in Japan for both dialysis and non-dialysis Chronic Kidney Disease. The non-dialysis setting was the unknown coming into this event – although we’ve been saying it’s coming for some time – which sent KERX up a point on Friday (and nearly 500% since we first said “buy!”). Next up: Zerenex’s June 7 PDUFA date.
Retrophin (RTRX) has performed well since a $40 million secondary offering and uplisting to the NASDAQ on the 9th prompted us to suggest buying the stock. Even a late-day entrance was up 14% into Friday’s close, a nice cushion despite our long-term horizon.
Shares of Progenics (PGNX) made new highs this week (a repeat theme in biotech) as we approach the phase 2 readout for the PSMA ADC at the end of this month. PGNX has proven a nice trade for PropThink Premium subscribers, although we’ll admit we sold most of our position a bit early when the stock broke through $6.00. Regardless, we’re interested in taking some through the January ASCO event – here’s why.
Next week, Mr. Deryugin will provide some pertinent updates on a small name that he’s been following for some time. Want the scoop? Sign up.
