Over the past week, a few biotech companies made impressive runs. These moves were the result of positive trial results and a U.S. Food and Drug Administration (FDA) meeting. The companies 24/7 Wall St. has picked stood out from the rest with positive news guiding them over the course of the week. We have included information about each company, as well as recent trading activity and the consensus price target.
Following a positive meeting with the FDA, Ocular Therapeutix Inc. (NASDAQ: OCUL) led the bulls earlier in the week. The company announced the Phase 3 clinical development strategy for its OTX-TP (travoprost) drug product candidate for the treatment of glaucoma and ocular hypertension.
Based on feedback from a recent meeting with the FDA, Ocular Therapeutix plans to begin the first of two planned Phase 3 clinical trials in the third quarter of 2016. The company expects that the FDA will require that OTX-TP show a statistically superior and clinically meaningful reduction of intraocular pressure, compared to the placebo, as a primary efficacy endpoint.
Over the week, shares rose 64%, but they are down 2% year to date. Shares of Ocular traded at $8.94 on Friday’s close. The stock has a consensus analyst price target of $40.75 and a 52-week trading range of $5.07 to $44.19.
Regulus Therapeutics Inc. (NASDAQ: RGLS) was one of the biopharma companies leading the bulls in Wednesday’s regular trading session. This company reported positive interim results from its Phase 2 study for the treatment of hepatitis C virus (HCV) infection. The study has enrolled 79 treatment patients, and 38 patients had been evaluated so far through eight weeks of follow-up, and 97% of those patients had HCV RNA viral load measurements below the limit of quantification.
Over the course of the week, shares rose nearly 40%, and they are down 9% year to date. The stock was at $7.88 on Friday’s close. The consensus analyst target is $31.00, and the 52-week trading range is $5.14 to $21.22.
Following positive results of a clinical trial, Zafgen Inc. (NASDAQ: ZFGN) shares jumped on Thursday. The company announced positive efficacy results from its Phase 2b ZAF-203 clinical trial evaluating beloranib, a MetAP2 inhibitor, in the treatment of severe obesity complicated by type 2 diabetes. This clinical trial achieved its primary efficacy endpoint, as treatment with the 1.8 mg and the 1.2 mg doses of beloranib resulted in 12.7% and 13.5% reductions in body weight, respectively, compared with a reduction of 3.1% for placebo. Patients enrolled in both treatment arms also met a key secondary endpoint as well.
During the week, shares rose 21%, and they are up over 20% year to date. Shares of Zafgen closed at $7.50 on Friday. The stock has a consensus price target of $22.14 and a 52-week range of $5.34 to $55.36.
On Thursday morning, Aerie Pharmaceuticals Inc. (NASDAQ: AERI) was one of the more bullish health care stocks, following the release of its interim safety results. The company reported the successful 12-month interim safety results of Rocket 2, Aerie’s second Phase 3 registration trial for Rhopressa (netarsudil ophthalmic solution). Management also said to expect the New Drug Application (NDA) filing to be on track for the third quarter of 2016.
Shares rose 28.5% last week and, year to date, they are down 27%. The stock traded at $17.71 on Friday’s close. The consensus price target is $45.14, and the 52-week range is $8.84 to $35.89.