Apr 19, 2016

Posted by in Biotech Stocks | 0 Comments

Stocks on the Move: Amicus Therapeutics Inc (NASDAQ:FOLD), Eleven Biotherapeutics Inc (NASDAQ:EBIO), Synta Pharmaceuticals Corp (NASDAQ:SNTA)

Stocks on the Move: Amicus Therapeutics Inc (NASDAQ:FOLD), Eleven Biotherapeutics Inc (NASDAQ:EBIO), Synta Pharmaceuticals Corp (NASDAQ:SNTA)

Amicus Therapeutics Inc (NASDAQ:FOLD) surged +1.94% and ended at $7.90. The total traded volume was 2.1 million shares and market capitalization arrived at $1.02 billion. The stock has a 52-week high price of $18.83 and its 52-week low was recorded at $4.99, while during last trade its minimum price was $7.57 and it gained the highest price of $8.01.

Amicus Therapeutics Inc (NASDAQ:FOLD) on April 1, 2016 announced that the European Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion to approve the oral small molecule pharmacological chaperone migalastat as a first line therapy for Fabry disease in all patients who have an amenable genetic mutation. A final decision from the European Commission (EC) is expected in the second quarter of 2016, after which the Company will begin the country-by-country reimbursement processes. The label approved by the CHMP includes 269 Fabry causing mutations which represent up to half of all patients with Fabry disease.

Eleven Biotherapeutics Inc (NASDAQ:EBIO) reported the decrease of -10.03% to close at $0.52 with the overall traded volume of 1.78 million shares. Its market capitalization on last close reached to $10.08 million. The company has the total of 19.38 million outstanding shares. Its intraday-low price was $0.48 and its hit its day’s highest price at $0.62.

Eleven Biotherapeutics Inc (NASDAQ:EBIO) on March 24, 2016 reported financial results for the fourth quarter and full year ended December 31, 2015.

Fourth Quarter and Year-End 2015 Financial Results:

  • Revenue: Revenue was $0.6 million for the three months ended December 31, 2015, compared to $0.4 million for the same period in 2014. Revenue was $1.0 million for the twelve months ended December 31, 2015, compared to $2.2 million for the same period in 2014.
  • R&D Expenses: Research and development expenses were $8.1 million for the three months ended December 31, 2015, compared to $5.3 million for the same period in 2014. This increase was primarily due to higher EBI-031 related development expenses partially offset by decreases in isunakinra related development expenses. Research and development expenses were $26.3 million for the twelve months ended December 31, 2015, compared to $26.7 million for the same period in 2014.
  • G&A Expenses: General and administrative expenses were $2.3 million for the three months ended December 31, 2015, compared to $2.2 million for the same period in 2014. General and administrative expenses were $9.9 million for the twelve months ended December 31, 2015, compared to $8.5 million for the same period in 2014.
  • Net Loss: Net loss applicable to common stockholders was $10.3 million, or $0.53 per share, for the three months ended December 31, 2015, compared to net loss applicable to common stockholders of $8.1 million, or $0.49 per share, for the same period in 2014. Net loss applicable to common stockholders was $33.5 million, or $1.76 per share, for the twelve months ended December 31, 2015, compared to net loss applicable to common stockholders of $34.7 million, or $2.37 per share, for the same period in 2014.
  • Cash and Cash Equivalents: Cash and cash equivalents were $36.1 million as of December 31, 2015. We believe that our current cash and cash equivalents, after giving effect to the $14.9 million prepayment to Silicon Valley Bank, will be sufficient to fund our operating expenses into the fourth quarter of 2016.

Synta Pharmaceuticals Corp (NASDAQ:SNTA) moved down -9.23% to settle at $0.35. Its total traded volume during last trading session was 1.84 million shares. The overall market worth of this company is about $51.34 million. The 52 week range of the stock remained $0.15 – $3.17, while its day’s lowest price was $0.32 and its hit its day’s highest price at $0.39. The beta of this stock currently stands at 1.16.

Synta Pharmaceuticals Corp (NASDAQ:SNTA) and Madrigal Pharmaceuticals, Inc., a privately-held company (“Madrigal”), announced on April 14, 2016, that they have entered into a definitive merger agreement (the “Merger”) under which Madrigal will merge with a wholly-owned subsidiary of Synta in an all-stock transaction. The Merger will create a company focused on the development of novel small-molecule drugs addressing major unmet needs in cardiovascular-metabolic diseases and non-alcoholic steatohepatitis (NASH). Madrigal’s lead compound, MGL-3196, is a Phase 2-ready once-daily, oral, liver-directed selective thyroid hormone receptor-ß (THR-ß) agonist for the treatment of NASH and heterozygous and homozygous familial hypercholesterolemia (HeFH, HoFH). Upon closing of the transaction, the combined company will be named Madrigal Pharmaceuticals, and Paul A. Friedman, M.D. will become Chairman and Chief Executive Officer.

Under the terms of the merger agreement, Synta will acquire all outstanding shares of Madrigal in exchange for approximately 253.9 million newly issued shares of Synta common stock. Upon completion of the proposed acquisition, it is anticipated that existing Synta shareholders will own 36.0% of the combined company and Madrigal shareholders will own 64.0% of the combined company. The transaction has been approved by the boards of directors of both companies and the shareholders of Madrigal. The merger is expected to close by the end of the third quarter of 2016, subject to customary closing conditions, including approval of the merger by the shareholders of Synta.

 

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