6 Biopharma Movers Making a Run on Wednesday

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The broad markets appeared to be turning around in Wednesday’s session after posting losses in the past four sessions. One reason for this resurgence is a few biopharma companies making serious runs in the session.

24/7 Wall St. has picked out the biggest movers and winners on Wednesday. We have included the news related to the move, as well as a recent trading history, consensus price target, and the 52-week trading range.

Aegerion Pharmaceuticals

Aegerion Pharmaceuticals Inc. (NASDAQ: AEGR) announced, along with QLT Inc. (NASDAQ: QLTI), that the two companies have agreed to merge. Upon completion of the proposed merger, each outstanding share of Aegerion common stock will be exchanged for 1.0256 shares of QLT common stock. QLT plans to change its name on the closing of the proposed transaction to Novelion Therapeutics. The transaction is expected to close in the second half of 2016 but is subject to a shareholder vote and other customary closing conditions.

Shares of Aegerion were trading up 46% at $1.95 Wednesday morning. The stock has a consensus analyst price target of $3.33 and a 52-week trading range of $1.23 to $20.45.

QLT shares were up about 12% at $1.62, with a consensus price target of $2.73 and a 52-week range of $1.38 to $4.40.

Cellectar Biosciences

The announcement from Cellectar Biosciences Inc. (NASDAQ: CLRB) was that the results of a preliminary tumor-targeting study that shows its prototype paclitaxel chemotherapeutic conjugate (CLR 1602) is potentially up to 30-times more tumor selective in comparison to free paclitaxel. The preliminary study demonstrated that tumor uptake of CLR 1602’s paclitaxel payload increased by over 30-fold over free paclitaxel, and it also displayed an extended plasma half-life relative to free paclitaxel. Unlike free paclitaxel, which was rapidly cleared from plasma within 24 hours, CLR 1602 displayed prolonged retention, even at 96 hours.

Cellectar was last seen up 26% at $4.17, with a consensus price target of $2.50 and a 52-week range of $1.00 to $38.90.

Infinity Pharmaceuticals

Shares of Infinity Pharmaceuticals Inc. (NASDAQ: INFI) cratered in Tuesday’s session despite positive results from its DYNAMO study. The drop was the result of the company’s ongoing collaboration with AbbVie Inc. (NYSE: ABBV) regarding the next steps for the development of duvelisib. Unfortunately for investors, the companies agreed to pause the AbbVie-sponsored Phase 1b/2 study evaluating duvelisib in combination with venetoclax. At the same time, Infinity is also undertaking a strategic restructuring that will close down its discovery research organization, affecting 46 members of the Infinity team, or roughly 21% of the workforce.

This news pushed the stock down by nearly 70%, shattering investors, but also creating a potential buying opportunity. Investors that believed the stock fell too far in Tuesday’s session were propping up shares on Wednesday, and it looks like a fair gain so far.

Shares of Infinity were trading up nearly 9% at $1.48, with a consensus price target of $12.86 and a 52-week range of $1.24 to $11.78.

AbbVie was up 1.8% at $60.95, in a 52-week trading range of $45.45 to $71.60. The consensus price target is $70.00.

Biostar Pharmaceuticals

Biostar Pharmaceuticals Inc. (NASDAQ: BSPM) has ridden a huge momentum trade over the past week. Currently the stock has an average daily trading volume of roughly 306,000. The average daily volume for just this past week alone (from Wednesday June 8) totals 3.79 million. Excluding Wednesday’s move, the stock is up over 70% year to date, but down nearly 50% in the past 52 weeks.

Biostar shares were up 20% at $5.84. The consensus price target is $7.00, and the 52-week range is $1.08 to $9.38.