Partnerships, reverse mergers and three calls by the FDA dominated biotech stocks over the past week.
The FDA released made three key announcements which saw shares of the respective companies move sharply to the upside. On Friday the agency announced that it accepted the New Drug Application (NDA) filed by Portola Pharmaceuticals Inc (NASDAQ:PTLA) for betrixaban and awarded a priority review which sent shares up 34%. It also issued two early approval decisions for Clovis Oncology, Inc. (NASDAQ:CLVS) for Rubraca (rucaparib) and Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) for SPINRAZATM (nusinersen).
On the partnership front, Conatus Pharmaceuticals Inc. (NASDAQ:CNAT) shares soared over 140% on Tuesday following its license agreement for emricasan with Novartis (NYSE:NVS) and Merus NV (NASDAQ:MRUS) surged over 40% on Wednesday after its collaboration with Incyte Corporation (NASDAQ:INCY).
At the other end of the spectrum, two companies at the end of their tether took the reverse merger route which resulted in much price volatility. Dipexium Pharmaceuticals, Inc. (NASDAQ: DPRX) shares rose 25% following news of its reverse merger with PLx Pharma Inc, while Tokai Pharmaceuticals Inc (NASDAQ:TKAI) saw an intra day spike of over 60% before closing the week more or less flat.
Looking ahead on the catalyst calendar, there are still about half a dozen data releases scheduled for the remaining four trading days of 2016. Whether the companies concerned stick to their guidance is another matter however. Three such companies are noted below (OPK, AVIR and ANTH) together with two PDUFA decisions from CEMP and EGLT, although the latter is less clear. Egalet noted in its mid-November investor presentation that regulatory action was expected by the FDA regarding its NDA for ARYMO ER during 4Q 2016. No updates have been provided since.
To round the list off, three other binary events scheduled within the next three weeks are noted below (OTIC, AGRX and ITEK).
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Weekly Watch List in detail below: