Weekly Movers: Valeant, Depomed, Intercept Pharma, Insys Therapeutics and more…
pharmafile | April 18, 2016 | Feature | Manufacturing and Production, Research and Development, Sales and Marketing | Depomed, Intercept Pharma, Relypsa, Share price, Stock Movement, Valeant, stock market
Troubles don’t seem to go away for Canada-based Valeant Pharma (NYSE: VRX) with news of a probable sale doing the rounds now. The stock made a turn for the worse, yet again this week as the company was served with a default notice from stakeholders.
Elsewhere it was the whole gamut of drug trial results, talks of acquisitions and sales outlook that moved sentiment and contributed to sharp stock rally.
Here’s a quick look at the movers of the week:
Shares in Valeant took a hit after the company issued a statement detailing plans from some of its bondholders to call a default as the firm delayed filing its annual report for the fiscal year ended December 31 2015.
Centerbridge Partners issued the notice of default of its 5.5% notes due 2023. Valeant fell as much as 8.1% after hours.
Depomed Inc (Nasdaq: DEPO) stock jumped to close up 13% following news investment firm Starboard Value picked a 9.8% stake in the company.
The drugmaker has also been in news for weighing options to sell the company after fending off a hostile bid from Horizon Pharma (Nasdaq: HZNP) last year.
Intercept Pharma (Nasdaq: ICPT) shares dropped 4.6% despite accelerated approval recommendation for its rare liver disease by a US FDA committee as a research firm cut its rating on the stock.
Trading in shares of Intercept Pharma was halted ahead of the advisory committee decision.
The panel unanimously recommended to approve the drug based on the surrogate endpoint used in the Phase III trial.
Relypsa Inc (Nasdaq: RLYP) shares surged 60% last week as news reports suggested the company maybe exploring a potential sale.
A Reuters report said the firm had received a number of overtures from potential buyers.
Insys Therapeutics Inc (Nasdaq: INSY) stock plunged nearly 21% after the company said sales for its pain drug will be impacted by a decline in demand.
The company forecast first-quarter revenue from Subsys (fentanyl sublingual spray) in the range of $61 million to $62 million saying the figures reflect a decline in demand on the back of lower prescription for the therapy.
Shares in Medivation (Nasdaq: MDVN) rose almost 9% following reports the company rejected a takeover bid from Sanofi (EPA: SAN).
Repros Therapeutics (Nasdaq: RPRX) shares surged to close over 18% after the company announced positive mid-stage trial results for its drug candidate to treat uterine fibroids.
The company said the trial showed its Proellex significantly reduced excessive menstrual bleeding in women with uterine fibroids.
Anjali Shukla
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