Price and Volume Movers
Biotech stocks which enforced recent reverse splits continued to garner attention from traders today while Sarepta Therapeutics Inc (NASDAQ:SRPT) and Illumina Inc. (NASDAQ: ILMN) were two companies to attract positive investor reaction following updates at the J.P. Morgan Health Conference.
Shares of Illumina, Inc. (NASDAQ:ILMN) closed up 17% to $165.04 on 4x average volume. The company announced sales revenue slightly above consensus and also unveiled its new NovaSeq sequencing technology, which is hoped to enable a $100 genome in the future. Leerink Partners increased their price target from $114 to $132.
Sarepta Therapeutics Inc (NASDAQ:SRPT) provided an update of its Exondys 51 launch for the treatment of Duchenne muscular dystrophy (DMD). The company noted that more than 250 start forms have been verified since the launch. Shares immediately spiked on the news before closing the session up 21% to $37.89 on 7x average volume. Shares of Summit Therapeutics PLC (ADR) (NASDAQ:SMMT) also reacted positively to the news, closing up 20% to $10.70 on 3x average volume. The company is also developing a candidate for DMD, with data from its proof of concept trial due in 2Q or 3Q 2017.
EnteroMedics Inc (NASDAQ:ETRM), which was noted yesterday for its 740%+ gain over three trading days, surged a further 57% today to close at $27.70. The stock closed last Wednesday’s session at $2.09 for a four-day gain of 1225%. Volume was relatively heavy, at 9x relative volume but down on sessions earlier in the week.
Neuralstem, Inc. (NASDAQ:CUR), which in its second trading day since it announced a 1:13 reverse split, saw its shares surge by 59% to $6.06 on 55x average volume. News of a patent filing appears to have provided the catalyst for the move.
GenVec Inc (NASDAQ:GNVC), which enforced a 1:10 reverse split last month saw its shares surge 77% to $8.79 on 170x average volume, while ImmunoCellular Therapeutics (NYSEMKT:IMUC) shares soared late in the session to close up 93% to $4.20 on 18x average volume. Diffusion Pharmaceuticals Inc. (NASDAQ: DFFN), a recent entrant to NASDAQ was another reverse split runner, closing up 46% to $8.35 after spiking over 100% during intra-day trading.
Egalet Corporation (Nasdaq: EGLT) shares dropped 22% to $6.52 on 5x average volume following a disappointing label for ARYMO ER (morphine sulfate), which was approved by the FDA yesterday. As noted in Monday’s newsletter, shares of the company were under pressure following news that there would not be an oral abuse deterrence on the label.
Other major price movers (+20%):
CEL-SCI Corporation (NYSEMKT:CVM): $0.16; +39%; 16x average volume.
Onconova Therapeutics Inc (NASDAQ:ONTX): $3.18; +32%; 10x average volume.
Moleculin Biotech Inc (NASDAQ:MBRX): $2.67; +27%
ContraVir Pharmaceuticals Inc (NASDAQ:CTRV): $1.63; +22%; 2x average volume.
Apricus Biosciences Inc (NASDAQ:APRI): $1.57; +20%; 2x average volume.
Aradigm Corporation (NASDAQ:ARDM): $2.05; +17%; 4x average volume.
Similar to Monday’s pipeline updates, given the large number of presentations at J.P. Morgan and at the Biotech Showcase, only companies with notable changes to their pipelines are listed below.