Healthcare Business

The 5 Biggest Biotech and Pharma Losers From ASCO

With the Annual Meeting for the American Society of Clinical Oncology (ASCO) currently underway in Chicago, the health care sector is on the move. Even companies not tied to this meeting made massive runs in Monday’s trading session.

24/7 Wall Street has picked out a few companies that are feeling the burn and posting the largest losses on the day thus far. We have included briefly why the stock is moving, as well as a recent trading history, consensus analyst price target and a 52-week trading range.

Some are calling this ASCO annual meeting the “Super Bowl for biotechs” because of the significance it holds for so many companies. This meeting is a major catalyst for multiple companies each year, either sending them higher, or in this case sending them lower.

ProNAi Therapeutics Inc. (NASDAQ: DNAI) is perhaps the biggest loser from ASCO thus far. The company announced interim results from the Wolverine Phase 2 trial of PNT2258 for the treatment of relapsed or refractory diffuse large B-cell lymphoma. Results from this mid-stage trial were disappointing and modest efficacy was seen, at best. Unfortunately, ProNAi is deciding to go in a different direction and is suspending its development of PNT2258 and will focus its resources elsewhere. Shares of ProNAi were last seen down more than 65% to $2.20, with a consensus analyst price target of $29.50 and a 52-week trading range of $2.13 to $33.75.

Adamis Pharmaceuticals Corp. (NASDAQ: ADMP) announced that it received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for epinephrine injection pre-filled single dose syringe (PFS) product. PFS is for the emergency treatment of acute anaphylaxis, which is a severe allergic reaction. The company’s goal is to submit the protocols for these studies to the FDA within a matter of weeks and begin the testing as soon as it receives feedback. Shares of Adamis were trading down more than 53% at $4.12. The consensus price target is $17.00, and the 52-week range is $3.05 to $10.98.

Ocular Therapeutix Inc. (NASDAQ: OCUL) announced top-line results from its second Phase 3 clinical trial to evaluate the safety and efficacy of Dextenza (sustained-release dexamethasone) intracanalicular depot for the treatment of ocular itching associated with chronic allergic conjunctivitis. The single primary endpoint of the trial was defined as the difference in the mean scores in ocular itching between the treatment group and the placebo comparator group. Unfortunately, this difference did not reach statistical significance. Shares of Ocular were down more than 41% at $6.92, with a consensus price target of $38.75 and a 52-week range of $5.07 to $29.22.

Mirati Therapeutics Inc. (NASDAQ: MRTX) provided a progress update on its current clinical trials and presented its Phase 1b data presented at ASCO. As part of the update for this data, the company reported that of the nine patients whose doses were reduced during the trial, two had a second dose reduction; four patients had dose interruptions and three had multiple dose interruptions while on study. Of the patients no longer on trial, five discontinued due to disease progression, two were related to aftereffects (one incidence of nausea and vomiting and one diarrhea) and one patient withdrew consent. Shares of Mirati traded down more than 40% at $10.87, in a 52-week range of $10.50 to $52.00. The consensus price target is $30.43.

Immunomedics Inc. (NASDAQ: IMMU) reported an overall response rate of 24% in assessable patients with metastatic small-cell lung cancer after receiving treatment with sacituzumab govitecan, its lead investigational antibody-drug conjugate. Three of the eight partial responders have been confirmed with a follow-up computed tomography scan, to yield a confirmed response rate of 9%. The remaining five initial responders had progressive disease at the confirmatory scan. Immunomedics shares were last seen down more than 11% at $3.99, with a consensus price target of $5.00 and a 52-week range of $1.50 to $5.44.