Although the health care sector has been attacked by the U.S. government in the past, it now has one of the brightest outlooks in 2017. Considering that the president aims to expedite the U.S. Food and Drug Administration (FDA) decisions and clear an easier path to drug approval, it seems that biopharma stocks could press even higher.
A few biopharma companies made massive runs on Thursday, and 24/7 Wall St. has compiled a list some of the biggest of those stocks moving. We have included a little color on each, as well as a recent trading history and consensus price target.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) reported top-line results from its Phase 2b AURA-LV (AURA) study in lupus nephritis. At 48 weeks, the trial met the complete and partial remission endpoints, demonstrating statistically significantly greater complete and partial remission in patients in both low dose and high dose cohorts versus the control group.
Shares of Aurinia were trading up 35% at $5.02 on Thursday, with a consensus analyst price target of $8.10 and a 52-week trading range of $1.74 to $6.00.
When Opko Health Inc. (NASDAQ: OPK) reported its fourth-quarter financial results after the markets closed on Wednesday, the company said that it had a net loss of $0.04 per share on $275.5 million in revenue. The consensus estimates had called for a net loss of $0.04 per share and $275.49 million in revenue.
The company also plans to initiate three Phase 2 clinical trials anticipated in the second half of 2017 and early 2018 for: Rayaldee for chronic kidney disease, TT701 for the treatment of males with benign prostate hyperplasia and TT401 for type 2 diabetes and obesity.
Shares of Opko traded down 10% at $7.51. The consensus price target is $15.50, and a 52-week range is $7.13 to $12.15.
PTC Therapeutics Inc. (NASDAQ: PTCT) saw its shares drop on Thursday after the company announced that it did not achieve its primary or secondary endpoints in its Ataluren Confirmatory Trial (ACT CF) in nonsense mutation cystic fibrosis. The company plans to discontinue current clinical development of ataluren in cystic fibrosis, close ongoing extension studies and withdraw its application for marketing authorization in cystic fibrosis in Europe.
Stuart W. Peltz, Ph.D., CEO of PTC, commented:
We are disappointed with the outcome of this trial as there are no treatments that target the underlying cause of nonsense mutation cystic fibrosis, one of the most difficult forms to treat. We are particularly grateful to patients and investigators who participated in our trials. We remain committed to patients receiving ataluren in other indications.
Shares of PTC were last seen down 12% at $11.51, with a consensus price target of $15.88 and a 52-week range of $4.03 to $16.50.
Shares of Adeptus Health Inc. (NYSE: ADPT) fell by nearly 50% on Thursday after the company gave a business update. Adeptus revealed that it had identified material weaknesses in its internal control over financial reporting related to its revenue recognition, accounts receivable, accounting for a contribution to an unconsolidated joint venture and accounting for equity in (loss) earnings of unconsolidated joint ventures.
At this point, investors are incredibly concerned whether the books are cooked at Adeptus and how bad the situation might actually be. So far at least one law firm is planning to investigate the company.
Shares of Adeptus were down 46% at $3.54, in a 52-week range of $3.50 to $73.44. The consensus price target is $14.57.