6 Biotech and Medtech Stocks That Saw Massive Moves Last Week

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Over the past week, a few biotech companies made absolutely massive runs, while others fell off a cliff. Although health care has barely kept pace with the broader markets over the past 52 weeks, the way that some stocks have been trading in 2018 could make this an exciting year full of positive trials, U.S. Food and Drug Administration (FDA) approvals, as well as mergers and acquisitions.

24/7 Wall St. has picked a few of the standouts from the past week to highlight. We have included information about each company, as well as recent trading activity and the consensus analyst price target.

Menlo Therapeutics

Menlo Therapeutics Inc. (NASDAQ: MNLO) shares were slaughtered early on Monday after the firm issued an update for its midstage clinical trial for patients with atopic dermatitis. Unfortunately, the results did not live up to expectations, and it may be back to the drawing board for Menlo.

The firm announced top-line results from MTI-103 (ATOMIK), the Phase 2 clinical trial of serlopitant for the treatment of pruritus in adults and adolescents with a history of atopic dermatitis. The study did not meet its primary or key secondary efficacy endpoints, with no statistically significant difference demonstrated between the serlopitant treated groups and the placebo-treated group.

Over the course of the week, shares fell 73%. The stock traded at $9.41 on Friday’s close. The consensus price target is $35.50, and the 52-week trading range is $7.94 to $39.86.

Therapix Biosciences

Therapix Biosciences Ltd. (NASDAQ: TRPX) shares saw a solid gain to start the week after it announced topline results for its cannabinoid product platform. Ultimately, the study found that subjects with Tourette syndrome benefited from the treatment, which is a big step forward for cannabinoid medicines.

The firm announced topline results from its investigator-initiated Phase 2a study at Yale University, which suggest that THX-110 significantly improved symptoms over time in adult subjects with Tourette syndrome.

The primary endpoint of the study was to assess the performance of THX-110 in the treatment of adult patients suffering from symptoms of Tourette syndrome, as measured by the Yale Global Tic Severity Scale Total Tic Score, the gold-standard and customary index for assessing symptom severity.

The study showed that these 16 subjects with medication-refractory Tourette syndrome had a reduction of tic symptoms from the baseline. This resulted in an average tic reduction of 21% across the entire sample.

In the past week, shares fell 4% and traded at $5.00 on Friday’s close. The consensus price target is $18.00, and the 52-week range is $4.26 to $7.83.

Spectrum Pharmaceuticals

Shares of Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) saw a handy gain early on Tuesday after the firm provided an update on its midstage non-small cell lung cancer (NSCLC) study. Specifically, the firm updated its poziotinib Phase 2 data in MD Anderson’s EGFR Exon 20 Mutant NSCLC.

Overall, these early data from MD Anderson suggest poziotinib may have a meaningful impact on outcomes for patients who have limited treatment options. The response for patients enrolling in the study has been strong, according to management.

The preliminary confirmed objective response rate and potential progression-free survival benefit in EGFR Exon 20 Mutant NSCLC patients have been significant. In the first 11 patients, the confirmed objective response rate was 64%. In the study, Spectrum was initially hoping to get response rates between 20% and 30%.

Last week, shares rose 34%, and they were last seen at $19.22 apiece. The 52-week range is $5.47 to $23.50, and the consensus price target is $29.25.