What’s moving these stocks in pre-market hours today?
In the Green
1. Shares of Pfenex Inc. (PFNX) are up more than 60% at $12.35 in pre-market trading Tuesday as the company is all set to be acquired by Ligand Pharmaceuticals Inc. (LGND) for approximately $438 million or $12 per share in cash. In addition, Pfenex stockholders are entitled to receive $2 per share as a Contingent Value Right (CVR) in the event a predefined regulatory milestone is achieved by December 31, 2021. The deal is expected to close next quarter.
2. Equillium Inc. (EQ) is up more than 25% at $12.63 in pre-market hours today, following positive interim data from the first two cohorts of dose escalation portion of the company’s phase Ib study of Itolizumab in acute graft-versus-host disease, dubbed EQUATE. Across the first two dose cohorts, Itolizumab has been generally well-tolerated to date, and five of seven patients achieved a complete response by Day 29.
3. Clearside Biomedical Inc. (CLSD) is up more than 18% at $2.12 in pre-market trading. The company has a couple of anticipated milestones for the coming months. A phase I/IIa clinical trial of CLS-AX in neovascular age-related macular degeneration (wet AMD) is expected to be initiated by the end of 2020, with initial safety data from the first cohort expected in mid-2021. The NDA for Xipere, a suprachoroidal injection designed for the treatment of macular edema associated with uveitis, is expected to be resubmitted in the first half of 2021.
4. Sunesis Pharmaceuticals Inc. (SNSS) is up over 15% at $0.37 in pre-market trading. The company is slated to announce financial results for the second quarter ended June 30, 2020, today.
5. Sorrento Therapeutics Inc. (SRNE) is up more than 11% at $21 in pre-market trading Tuesday. On July 29, the company entered into a licensing agreement with Columbia University for the rights to a rapid, one-step diagnostic test that detects the SARS-CoV-2 virus in as little as 30 minutes from a sample of saliva. A phase II trial of Abivertinib in patients with COVID-19 who have moderate to severe pulmonary symptoms is expected to start this month.
6. Guardion Health Sciences Inc. (GHSI) is up over 4% at $0.45 in pre-market trading today. The company is slated to report financial results for its second quarter of 2020 ended June 30, 2020, on Wednesday, August 12, 2020, following the close of the market.
In the Red
1. Fennec Pharmaceuticals Inc. (FENC) is down over 49% at $5.11 in pre-market trading Tuesday, as the FDA has declined to approve the company’s PEDMARK, proposed for the prevention of platinum-induced ototoxicity in pediatric patients.
2. Mesoblast Limited (MESO) is down 25.37% at $13 in pre-market trading Tuesday, following the release of FDA briefing documents related to Ryoncil, proposed for pediatric steroid-refractory acute graft versus host disease. An FDA panel is slated to review Ryoncil on August 13, 2020.
3. Trevena Inc. (TRVN) is down over 14% at $2.70 in pre-market hours today, giving back some of what it gained yesterday. The shares were up over 30% yesterday, following FDA approval of OLINVYK for the management of acute pain in adults severe enough to require an IV opioid analgesic. The product is expected to be available next quarter.
4. Adial Pharmaceuticals Inc. (ADIL) is down 10% at $1.65 in pre-market trading today. On August 6, the company had announced a third-party sales and distribution agreement with Brik LLC for Rapid Result COVID-19 antibody test kits.
5. Inovio Pharmaceuticals Inc. (INO) is down more than 7% at $17.50 in pre-market trading. Yesterday, the company reported financial results for the quarter ended June 30, 2020, and provided a general business update, including near-term expectations for its COVID-19 DNA vaccine development program and a mid-year clinical program update for its DNA medicines portfolio.
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