Tuesday's Biggest Biotech Movers
Despite this truncated trading week, Tuesday was a breakout day for a few biotech companies. In this case, all these companies saw a solid gain. With the markets back near all-time highs, these companies could help push things higher.
24/7 Wall St. has picked a few of those standouts from Tuesday to highlight. We have included information about each company, as well as recent trading activity and the consensus analyst price target.
Amarin Corp. PLC (NASDAQ: AMRN) announced Tuesday that it is increasing revenue guidance for 2019 and planning to further increase its commercial expansion efforts to align with its progress and outlook that the realizable opportunity for Vascepa (icosapent ethyl) is larger than previously believed. These revised plans follow estimated record revenues for the quarter ended in June and assume expanded FDA labeling for Vascepa.
Previously, Amarin submitted a supplemental new drug application to the U.S. Food and Drug Administration (FDA) in March, seeking to expand the indication for Vascepa. If approved, the expanded label is expected to allow for considerably broader promotion of Vascepa in the United States. As announced in May, the FDA accepted the supplemental new drug application for filing and granted Priority Review designation with an assigned Prescription Drug User Fee Act (PDUFA) goal date of September 28, 2019.
Shares of Amarin traded up about 6% at $20.38 on Tuesday, in a 52-week range of $2.35 to $23.34. The consensus price target is $32.83.
Ocular Therapeutix Inc. (NASDAQ: OCUL) shares were up following its commercial launch in the United States of Dextenza for the treatment of ocular inflammation and pain following ophthalmic surgery.
Dextenza is the first FDA-approved intracanalicular insert, a drug product with a novel route of administration that enables the delivery of drug to the surface of the eye, obviating the need for a burdensome, monthly regimen of steroid eye drops. Dextenza originally received FDA approval in November 2018 for the treatment of ocular pain following ophthalmic surgery.
Shares of Ocular Therapeutix were up 3% at $4.77, in a 52-week range of $2.35 to $7.31. The consensus price target of $9.67.
Ovid Therapeutics Inc. (NASDAQ: OVID) announced that the European Commission has granted orphan drug designation to OV101 (gaboxadol) for the treatment of Angelman syndrome based on the results of its Phase 2 Stars trial.
It is estimated that in the United States there are roughly 24,000 individuals with Angelman syndrome, and a similar number in the European Union. Currently, OV101 is the only medicine in clinical development for Angelman syndrome.
Shares of Ovid were up over 15% at $2.67. The 52-week range is $1.53 to $11.45, and the consensus price target is $12.00.