In last week’s BioPharmCatalyst Biotech Stock Watchlist, it was mentioned that among other tickers, catalysts for tickers ANTH, CEMP, INNL and PTN were all just around the corner.
As it turned out, all three delivered, with the fourth, ANTH, set for its binary event next week.
On Wednesday, Palatin Technologies, Inc. (NYSE MKT: PTN) announced that it met the primary endpoints in its Phase 3 trial of bremelanotide for the treatment of hypoactive sexual desire disorder (“HSDD”). Investors initially greeted the news by trading up the shares 56% in after hours trading. However, as concern mounted in regard to its change of primary endpoints, shares were sold off and essentially closed flat on the week.
Thursday brought the release of data from Innocoll Holdings plc (NASDAQ:INNL), which announced that its Phase 3 trials of COGENZIA in patients with moderate to severe diabetic foot infections did not meet their primary endpoint. Shares closed down 17% in Friday’s session, but had already lost significant value prior to the data release. Shares have dropped over 50% over the last two weeks.
The third of the trio, Cempra Inc (NASDAQ:CEMP), should most certainly be at the top of your stock watchlist for the upcoming week. Shares sold off sharply, dropping over 60% on Wednesday following the release of the Advisory Committee briefing documents which noted safety concerns of its pipeline candidate solithromycin. However, the panel voted on Friday 7-6 in favor that the benefits of solithromycin exceed its risks. Trading was halted on Friday so expect significant volume changing hands on Monday as investors weigh up the panel’s vote against manufacturing issues already facing the company.
With Anthera Pharmaceuticals Inc (NASDAQ:ANTH) set to release its Phase 3 lupus data next week, together with Cempra, these two stocks should be at the top of your biotech stock watchlist for the week ahead. Other companies to note are listed below: