Weekly Movers: PTC Therapeutics, Celator Pharmaceuticals, Chiasma, Sarepta and more…
pharmafile | April 25, 2016 | Feature | Research and Development, Sales and Marketing |
With the earnings season in full swing this week investors focussed on the impact on stock moves as companies declared quarterly results. Regulatory views also remained at the helm of big moves with some of the biggest losers reacting to negative observations by the governing bodies.
Here’s a quick look at some of the biggest movers of the week:
Shares in drug maker PTC Therapeutics (Nasdaq: PTCT) jumped after the National Institute for Health and Care Excellence (NICE) backed its Translarna (ataluren) to treat muscle wasting disease in paediatric patients.
The stock jumped over 40% as the UK regulators has called the drug a ‘step change’ in the management of Duchenne muscular dystrophy (DMD), which causes progressive muscle wasting and is usually fatal by age 30.
Sir Andrew Dillon, chief executive of NICE, said: “NICE acknowledges that ataluren represents a significant cost to the NHS at a time of increased pressure on funding and has considered this carefully against the uncertainties of its potential long-term benefits. This is why the committee has recommended the drug be made available for an initial period of five years, under strict conditions to allow more data to be gathered on its efficacy, before the guidance is reviewed and a further decision made on whether funding should be continued.”
Celator Pharmaceuticals Inc (Nasdaq: CPXX) stock rose following positive data for its lead product to treat blood cancer. The company reported positive data for the therapy, Vyxeos Liposome last month and supported it with further strong data last week.
The company said additional study data may help catapult the treatment as the next standard of care to treat acute myeloid leukemia.
Chiasma Inc (Nasdaq: CHMA) shares plunged to more than halve in value after the company reported US regulators have rejected its trial drug to treat a rare growth disorder.
The US Food and Drug Administration (FDA) advised Chiasma that the agency did not believe the company’s application had provided substantial evidence of efficacy to warrant approval and asked for another another clinical trial.
The company was studying the drug, Mycapssa, to treat acromegaly, a growth disorder that can lead to serious illness and premature death.
Shares in Loxo Oncology (Nasdaq: LOXO) jumped nearly 13% on news its trial cancer drug showed positive results in early stage trials. The company said the drug candidate induced 90% tumor regression in a child with a rare form of cancer.
Infantile fibrosarcoma (IF) is a rare cancer that presents either at birth or in the early year of life.
Ignyta (Nasdaq: RXDX) stock rose 3% on news early-stage trials of its entrectinib showed tumor regression in 80% of patients.
Shares in Illumina (Nasdaq: ILMN) plunged 24% after the company cut its revenue estimates for the first quarter based on low sales in Europe.
The company’s shares dropped as it forecast revenues of $572 million, well below the $596 million originally expected on the back of weak device sales.
The maker of gene-sequencing machines said it sees 2016 revenue growth of 12%, the slowest in four years.
Anjali Shukla
