Apr 22, 2016

Posted by in Biotech Stocks | 0 Comments

News Buzz: Achillion Pharmaceuticals Inc (NASDAQ:ACHN), Vertex Pharmaceuticals (NASDAQ:VRTX), Merrimack Pharmaceuticals Inc (NASDAQ:MACK)

News Buzz: Achillion Pharmaceuticals Inc (NASDAQ:ACHN), Vertex Pharmaceuticals (NASDAQ:VRTX), Merrimack Pharmaceuticals Inc (NASDAQ:MACK)

Achillion Pharmaceuticals Inc (NASDAQ:ACHN) surged +7.18% and ended at $9.03. The total traded volume was 1.84 million shares and market capitalization arrived at $1.23 billion. The stock has a 52-week high price of $11.05 and its 52-week low was recorded at $5.57, while during last trade its minimum price was $8.40 and it gained the highest price of $9.21.

Achillion Pharmaceuticals Inc (NASDAQ:ACHN) on February 25, 20 6 reported financial results for the three and twelve month periods ending December 31, 2015.

For the three months ended December 31, 2015, the Company reported net income of $17.0 million, compared to a net loss of $21.6 million in the three months ended December 31, 2014. For the full year ended December 31, 2015, the Company’s net loss was $5.0 million, or $0.04 per share, compared to a net loss of $69.0 million for the year ended December 31, 2014, or $0.70 per share. Cash, cash equivalents, marketable securities, and interest receivable at December 31, 2015 were $460.5 million.

The Company reported net income of $17.0 million for the three months ended December 31, 2015, compared to a net loss of $21.6 million for the three months ended December 31, 2014.

Achillion recognized in the fourth quarter of 2015 revenue of $31.6 million under the Janssen Agreement, representing a portion of the premium paid by JJDC associated with its equity purchase of Achillion common stock which was being recognized over the 180-day technology transfer period. No revenue was recognized during the three months ended December 31, 2014.

Research and development expenses were $9.6 million in the fourth quarter of 2015, compared to $16.4 million for the same period of 2014, the change primarily resulting from increased preclinical and manufacturing costs related to Achillion’s complement inhibitor program that were offset by decreased clinical trial costs related to its ACH-3422 clinical trials, its odalasvir and sofosbuvir combination trial and ACH-3422 clinical and manufacturing costs. Personnel costs and non-cash stock-based compensation also increased.

For the three months ended December 31, 2015, general and administrative expenses totaled $5.5 million, compared to $5.2 million in the same period in 2014, the increase primarily due to increased personnel and facilities costs due to the addition of personnel, partially offset by decreased corporate legal fees.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) reported the increase of +3.21% to close at $86.81 with the overall traded volume of 1.73 million shares. Its market capitalization on last close reached to $21.62 billion. Its beta value stands at 0.57 times. The company has the total of 246.39 million outstanding shares. Its intraday-low price was $84.10 and its hit its day’s highest price at $87.49.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) on March 8, 2016 announced that the Therapeutic Goods Administration (TGA) of Australia has approved ORKAMBI® 200/125 (lumacaftor 200mg and ivacaftor 125mg), the first medicine to treat the underlying cause of cystic fibrosis (CF) in people ages 12 and older who have two copies of the F508del mutation. In Australia, there are approximately 1,000 people with CF ages 12 and older who have two copies of this mutation. The Australian reimbursement process for ORKAMBI is already underway as part of the parallel regulatory and reimbursement processes between the TGA and the Pharmaceutical Benefits Advisory Committee (PBAC).

The TGA approval is based on previously announced data from two 24-week global Phase 3 studies, TRAFFIC and TRANSPORT, and additional interim 24-week data from the subsequent extension study, PROGRESS, in people with CF ages 12 and older who have two copies of the F508del mutation and were already being treated with standard-of-care medicines. In the TRAFFIC and TRANSPORT studies, which enrolled more than 1,100 patients and were the largest CF studies ever conducted, those treated with the combination of lumacaftor and ivacaftor experienced significant improvements in lung function. Patients also experienced improvements in body mass index (BMI) and reductions in pulmonary exacerbations (acute lung infections), including those requiring hospitalisations and intravenous antibiotic use. Interim data from PROGRESS showed that these improvements were sustained through 48 total weeks of treatment (24 weeks in TRAFFIC/TRANSPORT + 24 weeks in PROGRESS). In addition, the pattern and magnitude of response observed after the initiation of combination treatment across all patients who received placebo in TRAFFIC and TRANSPORT and subsequently received a combination regimen in PROGRESS were similar to those seen among patients who received a combination regimen in TRAFFIC and TRANSPORT.

Merrimack Pharmaceuticals Inc (NASDAQ:MACK) moved up +3.49% to settle at $7.70. Its total traded volume during last trading session was 1.71 million shares. The overall market worth of this company is about $873.70 million. The 52 week range of the stock remained $5.02 – $13.84, while its day’s lowest price was $7.25 and its hit its day’s highest price at $7.70. The beta of this stock currently stands at 1.95.

Merrimack Pharmaceuticals Inc (NASDAQ:MACK) on April 20, 2016 announced that the company will host its First Quarter 2016 Investor Conference Call and webcast at 4:30 p.m., Eastern time, on Monday, May 2. The call will cover an update on Merrimack’s progress as well as a summary of first quarter 2016 financials.

Merrimack is a fully integrated biopharmaceutical company that views cancer as a complex engineering challenge. Through systems biology, which brings together the fields of biology, computing and engineering, Merrimack aims to decrease uncertainty in drug development and clinical validation, and move discovery efforts beyond trial and error. Such an approach has the potential to make individualized treatment of patients a reality.

 

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