7 Biopharma Companies That Destroyed Shareholders Last Week
This past week was perhaps one of the biggest of the year for the biopharmaceuticals industry. While there were some winners — a few resulting for the American Society of Clinical Oncology (ASCO) annual meeting — there was a significant number of losers too. The ones that lost truly burned shareholders, whether it was due to ASCO, earnings or even unfavorable clinical trial updates.
24/7 Wall Street has picked out a few companies posting the largest losses for the week. 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 called 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 context sending them lower.
Perhaps the biggest loser from ASCO thus far is ProNAi Therapeutics Inc. (NASDAQ: DNAI). 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 has decided to go in a different direction and is suspending its development of PNT2258 and will focus its resources elsewhere.
Over the course of the past week, the stock dropped 68.8%. Shares of ProNAi closed Friday at $1.99, with a consensus analyst price target of $11.63 and a 52-week trading range of $1.98 to $33.75.
Adamis Pharmaceuticals Corp. (NASDAQ: ADMP) announced that it received a Complete Response Letter from the U.S. Food and Drug Administration (FDA) regarding its New Drug Application 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 fell 61.5% to close out the week at $3.41. 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. Last week the stock dropped 46.9%. Shares closed Friday at $6.29, with a consensus price target of $36.00 and a 52-week range of $5.07 to $29.22.