WASHINGTON (dpa-AFX) - Today's Daily Dose brings you news about Acorda's restructuring; Alexion's decision to pause its COVID-19 trial; and analyst's rating on Synlogic.
1. Acorda Rises on Corporate Restructuring
Shares of Acorda Therapeutics Inc. (ACOR) jumped over 44% on Wednesday, on news of the company agreeing to sell its INBRIJA manufacturing operations in Chelsea, Massachusetts to Catalent, Inc. (CTLT) for $80 million in cash.
INBRIJA is a prescription medicine from Acorda Therapeutics indicated for use when needed with hypomobility or OFF episodes in adults with Parkinson's disease treated with regular carbidopa/levodopa medicine.
The companies have also inked a long-term global supply agreement under which Catalent will manufacture and package INBRIJA for Acorda, ensuring an uninterrupted drug supply for Acorda's patients.
All Acorda employees who work at the Chelsea facility and certain employees at its Waltham, Massachusetts facility will transition to Catalent. In addition, Acorda is trimming its combined Ardsley, Waltham and field headcount by approximately 16%.
ACOR closed Wednesday's trading at $6.12, up 44.34%.
2. Alexion Pauses COVID-19 Trial Due To Lack of Efficacy
Alexion Pharmaceuticals Inc. (ALXN) has decided to pause further enrollment in the global phase III study of ULTOMIRIS in adults with severe COVID-19 requiring mechanical ventilation as recommended by an independent data monitoring committee.
The independent data monitoring committee, which reviewed data from a pre-specified interim analysis, found that the trial lacked efficacy when ULTOMIRIS was added to best supportive care, compared to best supportive care alone.
However, the study will continue for patients already enrolled, including completion of all study visits and planned ULTOMIRIS dosing according to the study protocol.
In the UK, the TACTIC-R platform study led by Cambridge University Hospitals NHS Foundation Trust, which includes an ULTOMIRIS cohort, is evaluating the potential of earlier immune modulatory treatment (hospitalized patients not requiring mechanical ventilation) in preventing progression of the virus, including reducing the need for ICU admission and ventilation. This independent study remains ongoing.
ALXN closed Wednesday's trading at $156.44, up 0.55%.
3. Synlogic Soars as Analyst Boosts Target Price
Shares of Synlogic Inc. (SYBX) jumped more than 32% yesterday, as Chardan analyst Gbola Amusa boosted the stock price target to $10 from $5 and maintained a Buy rating. The company has a couple of catalysts to watch out for this year.
A proof of concept phase II clinical trial of SYNB1618 for the treatment of Phenylketonuria, dubbed SynPheny-1, is underway, with data expected to be available mid- 2021.
A phase I clinical study of SYNB8802 for the treatment of Enteric Hyperoxaluria, consisting of two parts - Part A and Part B, is ongoing. Part A is a multiple ascending dose study in healthy volunteers; Part B is a placebo controlled, cross-over design study in patients with Enteric Hyperoxaluria following Roux-n-Y gastric bypass surgery which provides an opportunity to demonstrate proof of concept.
Synlogic anticipates data from Part B of the study will be available mid-2021.
SYBX closed Wednesday's trading at $3.18, up 32.50%.
4. Stocks That Gained/Lost the Most
Cassava Sciences Inc. (SAVA) closed Wednesday's trading at $11.45, up 39.98%.
Genocea Biosciences Inc. (GNCA) closed at $3.07, up 25.31%.
IRIDEX Corporation (IRIX) closed at $5.12, up 23.97%.
Zomedica Corp. (ZOM) closed at $0.97, down 24.92%.
Acutus Medical Inc. (AFIB) closed at $28.50, down 16.16%.
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