Headline EventAnalyzer: Weekly Market Movers (to 24 Jul 2009)
Source EP Vantage
Company Human Genome Sciences 
Related: ACADIA Pharmaceuticals, BioCryst Pharmaceuticals, Celera, Clinical Data, Discovery Laboratories, Genzyme, Hisamitsu Pharmaceutical, Idenix Pharmaceuticals, Immunomedics, Incyte, Medarex, Merck KGaA, NeurogesX, Onyx Pharmaceuticals, Orexigen Therapeutics, Repros Therapeutics, Rigel Pharmaceuticals, Sepracor, Somaxon Pharmaceuticals, STADA Arzneimittel 
Date July 27, 2009
 

EvaluatePharma’s EventAnalyzer delivers a weekly global round up of key events driving company valuations. Detailing the previous week’s top 15 market gains and losses, aligned with significant news flow driving share prices, the EventAnalyzer keeps you in touch with the latest market moves.

Top 15 Gains (%) - ranked on change in share price

      Performance: Fri 24 Jul vs. Fri 17 Jul   
Rank  Company  Listed Currency  Share Price Change  Market Cap (US$m)  Market Cap Change  Notes on Change 
1  Human Genome Sciences   USD  +341%  1988  +1537  20 Jul: Company and partner GlaxoSmithKline announce that their lupus drug,  Benlysta, meets its primary endpoint in the first of two phase III trials, achieving a clinically and statistically significant improvement in patient response rate compared to standard treatment, surprising many analysts who were skeptical about the outcome of the trial. Results from the second phase III trial are due in Nov, with US & EU filings expected in the first half of 2010.  
2  Somaxon Pharmaceuticals   USD  +156%  54  +33  23 Jul: Shares rise on 26.5x average daily trading volume. 
3  Medarex   USD  +97%  2050  +1010  22 Jul [post market]: Company announces that it is to be acquired by Bristol-Myers Squibb for $2.4bn, or $16 per share, a 90% premium to the company's closing share price on 22 Jul.  
4  BioCryst Pharmaceuticals   USD  +59%  364  +136  21 Jul: Shares in companies involved in development and manufacturing of influenza treatments rise ahead of a meeting of the Vaccines and Related Biological Products Advisory Committee on 23 Jul to discuss the use of vaccines in relation to the 2009 outbreak of the H1N1 virus; the company reported positive phase III data from Japanese trials of its seasonal flu treatment, peramivir, showing non-inferiority to Tamiflu on 17 Jul, whilst the FDA continues to review  peramivir for pre-emergency use authorisation.
  24 Jul: Shares rise in companies involved in development and manufacturing of influenza treatments amid speculation that health officials may push for approval of swine flu vaccines before trial data on safety and efficacy are in, following a meeting of the Vaccines and Related Biological Advisory Committee on 23 Jul regarding the proper course of action for the minimization of an H1N1 outbreak. Source: tickerspy.com.  
5  Discovery Laboratories   USD  +56%  70  +25  23 Jul: Shares rise on news of Bristol-Myers' acquisition of Medarex for $2.4bn, as analysts speculate that other companies also involved in the development of antibody technologies, such as  Discovery Laboratories, could be possible takeover targets.  
6  Orexigen Therapeutics   USD  +50%  380  +183  20 Jul: Company announces that its lead pipeline candidate, obesity drug, Contrave, meets its primary endpoint in three phase III trials, demonstrating significant weight loss in patients taking the drug compared to those taking placebo, and also surpassed the FDA's requirement for effectiveness. US filing is expected in early 2010.
  22 Jul: Company announces its plans to offer 9m shares of its common stock in an underwritten public offering.
  24 Jul: Company announces that underwriters have exercised an option to buy an additional 1.5m shares of common stock to cover over allotments as part of the company's stock offering announced on 23 Jul, in which the company priced an offer of 10m shares at $7.50 each, bringing the net proceeds to $81.6m. 
7  ACADIA Pharmaceuticals   USD  +49%  127  +42  24 Jul: Shares rise on 9.5x average daily trading volume ahead of the release of phase III data for pimavanserin, for the treatment of for psychosis brought on by Parkinson's disease, which is due this quarter. 
8  Incyte   USD  +47%  551  +177  21 Jul: Company announces that it has come to an agreement with the FDA, through a special protocol assessment, on the design of a phase III trial for INCB18424 for the treatment of myelofibrosis, making it more likely that the drug will meet its primary goals and raising analyst hopes that the company will now be able to secure a partner for the drug. Trial initiation is expected in Aug with filing due in late 2010/early 2011.
  23 Jul: Shares rise on 6x average daily trading volume.
  24 Jul: Shares rise on 3x average daily trading volume. 
9  Antigenics   USD  +42%  165  +49   
10  Clinical Data   USD  +40%  313  +90  24 Jul: Shares rise on 4x average daily trading volume. 
11  Immunomedics   USD  +31%  300  +71  20 Jul: Human Genome Sciences announces positive phase III results for its lupus drug,  Benlysta, benefiting Immunomedics, whose treatment for lupus Epratuzumab (IMMU-103) is currently in phase II, by validating the drug's mechanism of action.
  23 Jul: Shares rise on 3x average daily trading volume.  
12  Array BioPharma   USD  +29%  199  +45   
13  NeurogesX   USD  +28%  156  +34  24 Jul: Company announces preliminary results for a short-term clinical study of Qutenza requested by FDA; the drug is currently under review by FDA for the treatment of postherpetic neuralgia, with a PDUFA date of 16 Aug 2009.  
14  QLT   USD  +28%  164  +35   
15  Onyx Pharmaceuticals   USD  +27%  2023  +425  22 Jul: Company and partner, Bayer, announce phase II trial results for Nexavar in combination with the oral chemotherapeutic,  capecitabine, in advanced metastatic breast cancer, in which the drug meets its primary endpoint of progression-free survival.  

Excludes companies with a market cap. movement of less than US$25m.

Top 15 Losses (%) - ranked on change in share price

      Performance: Fri 24 Jul vs. Fri 17 Jul    
Rank  Company  Listed Currency  Share Price Change  Market Cap (US$m)  Market Cap Change  Notes on Change 
1  Repros Therapeutics   USD  -44%  39  -30  23 Jul: Company announces that it has yet to resolve the adverse effect caused by elevated levels of liver enzymes in four patients being treated with the company's lead drug, Proellex, for uterine fibroids and associated anaemia, raising analyst fears that the persistence of these elevations could become a regulatory and commercial liability and that the company's plan to lower the doses in ongoing studies of the drug could delay its development; the company discontinued the use of the higher 50mg dose on 1 Jul. 
2  Rigel Pharmaceuticals   USD  -25%  383  -129  23 Jul [post market]: Company announces that its lead pipeline candidate, R788, fails to meet its efficacy endpoints in phase IIb trials for rheumatoid arthritis patients who had previously failed biologic therapies, raising analyst fears that the results will hurt Rigel's efforts to negotiate a marketing partnership for the product and that the company can expect a royalty rate of no more than 20%, down from previous expectations of 25%. 
3  Celera   USD  -22%  489  -142  22 Jul [post market]: Company reports preliminary Q2 revenue which is below analysts' expectations and withdraws its 2009 guidance. The company also announces that it is eliminating about 80 full-time positions, or 13% of its workforce, in an attempt to cut costs.
  23 Jul: Leerink Swann downgrades rating to "market perform" from "outperform", stating that high unemployment and bad-debt expenses could impact the company's lab-services division, and also raises concerns about sales of the company's m2000 system, for DNA and RNA testing, due to a decrease in hospital capital expenditure spending. 
4  Idenix Pharmaceuticals   USD  -17%  216  -46  20 Jul [post market]: Company reports wider-than-expected Q2 losses and revenues below analyst estimates. JMP Securities downgrades rating to "market perform" from "market overweight", claiming that the company's current financial position could weaken its position in partnership discussions. Company also announces results from a proof-of-concept study of Hepatitis C treatment, IDX184, which fail to impress analysts who were hoping that the drug would show more efficacy. 
5  Merck KGaA   EUR  -12%  18837  -1920  23 Jul [post market]: The CHMP issues a negative opinion on the use of the company's drug, Erbitux, in non-small cell lung cancer, stating that the benefits of using the drug do not outweigh its risks, surprising analysts who now expect a significant delay in the drug's approval; multiple analysts downgrade ratings.
  24 Jul: Company reports a 48% drop in Q2 net profits, with earnings missing market expectations, partly due to higher R&D costs and one-time effects from the acquisition of Serono. 
6  STADA Arzneimittel   EUR  -8%  1367  -67  22 Jul: Credit Suisse downgrades rating to "underperform" from "neutral", citing concerns surrounding the German generics market and the company's high cost base. 
7  Sepracor   USD  -3%  1747  -44  22 Jul: Bernstein downgrades rating to "underperform" from "market perform". 
8  Genzyme   USD  -2%  14238  -275  22 Jul: Company reports an increase in Q2 earnings but revenues fall short of analyst expectations, primarily due to the halt in production of two of its products, Cerezyme and  Fabrazyme, after a virus was detected at the company's Boston plant. The company also lowers its 2009 earnings and revenue guidance.  
9  Lundbeck   DKK  -2%  3749  -75   
10  Recordati   EUR  -2%  1306  -26   
11  Hisamitsu Pharmaceutical   JPY  -2%  3212  -69  23 Jul: Company commences its cash tender offer to purchase all outstanding shares of common stock of Noven Pharmaceuticals for $16.50 in cash per share.
  22 Jul: Noven's shareholders file a lawsuit against Hisamitsu alleging that the proposed takeover transaction is unfair and inadequate, stating that the intrinsic value of Noven's common stock is higher than the amount offered considering company's growth and operating results and product pipeline.  
12  Grifols   EUR  -1%  3511  -35   
13  CSL   AUD  -1%  13459  -135   
14  Aspen Pharmacare   ZAR  -1%  2499  -25   
15  UCB   EUR  -1%  5588  -56   

Excludes companies with a market cap. movement of less than US$25m.

Disclaimer:
The above analysis is based on daily share prices supplied to EvaluatePharma Ltd by a third party. EvaluatePharma Ltd accepts no responsibility or liability for the accuracy of the data presented here. Neither should any data presented here be construed as a solicitation or offer to buy or sell any securities or related financial instruments.
 

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