Apr 25, 2016

Posted by in Biotech Stocks | 0 Comments

Steady Stocks: Intrexon Corp (NYSE:XON), Pacific Biosciences of California (NASDAQ:PACB), Celgene Corporation (NASDAQ:CELG)

Steady Stocks: Intrexon Corp (NYSE:XON), Pacific Biosciences of California (NASDAQ:PACB), Celgene Corporation (NASDAQ:CELG)

Intrexon Corp (NYSE:XON) stock is at $29.05, up +7.12 percent from its previous close of $27.10. The stock opened the session at $28.41 and touched its highest price point at $29.97. The company’s stock’s lowest price point for the session stood at $26.90. Its yesterday’s volume was 7.65 million shares in comparison to its usual trading volume of 2.23 million shares.

Intrexon Corp (NYSE:XON) on April 22, 2016 provided an update to its shareholders regarding recent trading activity in the company’s common stock. On Thursday, April 21, 2016, a materially false and misleading report regarding the company, its subsidiaries and its chairman and CEO was published on Seeking Alpha, a financial blog.

Intrexon does not, as a general matter, respond to blog posts, investor reports or analyst communications. In this case, however, Intrexon is providing this update given the inaccuracy of the report’s content, the stated intent of the publisher to issue several more spurious reports in the coming days, and information received last night regarding the erroneous publication.

On April 21, 2016, Intrexon received a draft report, dated December 2015, which contained similarly inaccurate claims and strikingly similar language, in some parts identical words, to that used in yesterday’s report. Moreover, Intrexon received information that the source of the report was a particular hedge fund seeking to discredit Intrexon. The hedge fund, according to our information, desired to take a short position in the company’s stock, was seeking a willing publisher of its report on the company, and intended to benefit from trading activity caused thereby.

Pacific Biosciences of California (NASDAQ:PACB) stock is at $10.72, up +19.24 percent from its previous close of $8.99. Its yesterday’s volume was 5.56 million shares in comparison to its usual trading volume of 1.45 million shares. Previous 5 days graph demonstrated a positive move of 22.79%. Its quarterly performance remained red with the percentage of -15.95, while its year to date performance showed that the stock plunged overall -18.17%.

Pacific Biosciences of California (NASDAQ:PACB) on April 21, 2016 announced financial results for its first quarter ended March 31, 2016.

Revenue for the first quarter of 2016 increased by 8% to $19.1 million compared to $17.6 million for the first quarter of 2015. Product and service revenue for the first quarter of 2016 was $15.5 million, compared to $14.0 million for the first quarter of 2015. Revenue for the first quarter of each of 2016 and 2015 reflected $3.6 million of contractual revenue amortization from the upfront Roche payment pursuant to the Roche agreement.

Gross profit increased by $3.6 million to $9.5 million for the first quarter of 2016, resulting in a gross margin of 49.7%, compared to gross profit of $5.9 million and a gross margin of 33.6% for the first quarter of 2015. The growth in gross profit and margin was primarily driven by the higher margin sales of the company’s SequelTM System which was launched in the fourth quarter of 2015.

Operating expenses for the first quarter of 2016 totaled $28.1 million, compared to $25.3 million for the first quarter of 2015. Operating expenses for the first quarter of 2016 and 2015 included non-cash stock-based compensation of $4.1 million and $3.0 million, respectively.

Net loss for the first quarter of 2016 was $19.4 million, compared to $20.2 million for the first quarter of 2015.

Celgene Corporation (NASDAQ:CELG) traded in the range of $109.65 and $111.50 in its previous trading session. The stock recorded the volume of 4.86 million shares so far, in comparison its average daily trading volume of 5.17 million shares. Company’s year to date performance remained declining as it lost almost -8.42%. The stock opened at $110.34 and its closing price for the day was $110.52, up +0.55 percent from its previous close.

Celgene Corporation (NASDAQ:CELG) and Juno Therapeutics, Inc. (JUNO) announced on April 11, 2016, that Celgene exercised its option to develop and commercialize the Juno CD19 program outside North America and China. With the exercise of this option, Celgene will pay Juno a fee of $50 million and the companies will now share global development expenses for products in the CD19 program. Celgene has commercial rights outside of North America and China and will pay Juno a royalty at a percentage in the mid-teens on any future net sales of therapeutic products developed through the CD19 program in Celgene’s territories. Juno retains commercialization rights in North America and China.

Juno currently has three CD19-directed product candidates in clinical development, including JCAR015, JCAR017, and JCAR014. JCAR015 is in a Phase II trial for adults with relapsed or refractory (r/r) acute lymphoblastic leukemia (ALL). JCAR017 is in two separate Phase I trials, one in pediatric patients with r/r ALL and another in patients with r/r non-Hodgkin lymphoma (NHL). JCAR014 is in a Phase I trial in three different indications, adult r/r/ ALL, r/r NHL, and r/r chronic lymphocytic leukemia (CLL), as well as a trial in combination with AstraZeneca’s investigational programmed death ligand 1 (PD-L1) immune checkpoint inhibitor, durvalumab.

 

Comments are closed.