Pre-market Movers In Healthcare Sector: ACOR, APTX, CARA, CBLI, IVA, ISR…
What’s moving these stocks in the pre-market hours today?
In the Green
1. Acorda Therapeutics Inc. (ACOR) is up over 140% at $1.67 in pre-market trading Tuesday, on news that the company has become entitled to receive a $15 million milestone payment from Biogen International GmbH . The milestone payment is related to Biogen’s ex-U.S. net sales of Fampyra exceeding $100 million over the four consecutive quarters ending with the third quarter of 2020. The payment is expected to be made to Acorda by the end of October 2020. Acorda will retain roughly $14 million of milestone payment net of its payment obligations to another party. Fampyra is indicated to improve walking in multiple sclerosis patients with walking disability.
2. Aptinyx Inc. (APTX) is up over 58% at $5.80 in pre-market hours today following positive results from a phase II study of NYX-783 in patients with post-traumatic stress disorder. In the phase II study, which involved 153 patients with post-traumatic stress disorder, NYX-783 demonstrated statistically significant and clinically meaningful efficacy results and a favorable adverse event and tolerability profile.
3. Iterum Therapeutics plc (ITRM) is up over 23% at $1.05 in pre-market trading Tuesday as the company gears up to present data from its phase III trials which evaluated Sulopenem in uncomplicated urinary tract infection, dubbed SURE-1, and complicated urinary tract infection, dubbed SURE-2, on Oct.21. The topline results from the SURE-1 and SURE-2 trials were reported in June of this year. While the uncomplicated urinary tract infection trial produced mixed results, the complicated urinary tract infection trial failed to achieve the primary endpoint.
4. Cleveland BioLabs Inc. (CBLI) is up over 20% at $2.64 in pre-market hours on news of the company entering into a definitive merger agreement with privately-held Cytocom Inc. to combine their businesses in an all-stock transaction.
5. Cara Therapeutics Inc. (CARA) is up more than 11% at $15.50 in pre-market trading Tuesday, following a US license agreement with Vifor Pharma for IV Korsuva to treat dialysis patients with pruritus. As part of the deal, Cara will receive a $100 million upfront payment and an equity investment of $50 million. Vifor Pharma secures commercial rights for IV Korsuva in non-Fresenius Medical Care dialysis clinics representing about 66% of the market, under a profit-sharing arrangement with Cara.
6. Inventiva S.A. (IVA) is up over 4% at $14.37 in pre-market hours today on news of its drug candidate Odiparcil for the treatment of MPS type VI (MPS VI), a rare and progressive genetic disorder, getting Fast Track designation from the FDA. The company announced positive results from a phase IIa study of Odiparcil that was conducted in European clinical sites for the treatment of adult patients with the MPS VI subtype in December 2019. The company was recently allowed by the FDA to initiate clinical trials with Odiparcil in the United States.
In the Red
1. Isoray Inc. (ISR) is down 16% at $0.47 in pre-market hours, following a proposed underwritten public offering. Oppenheimer & Co. Inc. is acting as the sole book-running manager for the proposed offering.
2. Happiness Biotech Group Limited (HAPP) is down more than 9% at $1.67 in pre-market hours today. This China-based company is a nutraceutical and dietary supplements producer focused on the research, development, manufacturing, and marketing of a variety of products made from Chinese herbal extracts and other ingredients.
3. Midatech Pharma plc (MTP) is down over 8% at $2.15 in pre-market hours today, giving back some of what it gained yesterday. The stock rose 18% yesterday on the back of encouraging headline results from a Phase I study of MTX110 in patients with Diffuse Intrinsic Pontine Glioma.
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