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Benzinga's Daily Biotech Pulse: Verastem Uprooted On Stock Offering, Titan Pharma Earnings


Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling the Peaks

(Stocks hitting 52-week highs on May 15)

  • Inspire Medical Systems Inc (NYSE: INSP)
  • Aptevo Therapeutics Inc (NASDAQ: APVO)
  • BioLife Solutions Inc (NASDAQ: BLFS)
  • Ligand Pharmaceuticals Inc. (NASDAQ: LGND)
  • MEI Pharma Inc (NASDAQ: MEIP)
  • OptiNose Inc (NASDAQ: OPTN)
  • ProPhase Labs Inc(NASDAQ: PRPH)
  • Regenxbio Inc (NASDAQ: RGNX)
  • Sophiris Bio Inc (NASDAQ: SPHS) (reported Q1 results after Monday's close)
  • Vericel Corp (NASDAQ: VCEL)
  • Xenon Pharmaceuticals Inc (NASDAQ: XENE) (positive Phase 1 interim data for its epilepsy treatment XEN1101)

Down In The Dumps

(Stocks hitting 52-week lows on May 15)

  • aTyr Pharma Inc (NASDAQ: LIFE)
  • Cesca Therapeutics Inc (NASDAQ: KOOL) (reported Q1 results after Monday's close)
  • Immune Pharmaceuticals Inc (NASDAQ: IMNP) (presented updated data from the Phase 2 study of its bertilimumab in patients with moderate-to-extensive bullous pemphigoid; filed an 8-K for selling up to $2.225 million of original discount convertible debentures)

Stocks In Focus

Verastem Announces $35 Million Stock Offering

Verastem Inc (NASDAQ: VSTM) said it would offer $35 million worth of shares in a common stock offering. All shares offered are sold by the company.

The stock fell 11.07 percent to $4.66 in after-hours trading Tuesday.

Celyad Announces Global Offering

CELYAD SA/ADR (NASDAQ: CYAD) announced its intention to offer up to 1.8 million ordinary shares in a global offering in the form of ADRs in the U.S., Canada and certain countries outside of Europe.

The stock slid 3.32 percent to $29.70 after hours.

See Also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Action Dates

Titan Posts Better-Than-Expected Q1

Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) reported Q1 revenues of $1.1 million, sharply higher than the $40,000 reported for the year-ago period. The company's net loss narrowed from 14 cents per share to 12 cents per share.

Analysts, on average, estimated a loss of 13 cents per share on revenues of $70,000.

The micro-cap stock jumped 25 percent after hours.

Zomedica Reports A Flat Loss For Q1

Zomedica Pharmaceuticals Corp (NYSE: ZOM) announced a Q1 loss of 2 cents per share, flat with last year.

The stock rallied 6.25 percent to $2.04 after hours.

Biocept Q1 Misses Estimates

Biocept Inc (NASDAQ: BIOC) said its Q1 loss per share narrowed from 21 cents to 11 cents, while revenues came in at $1.68 million. The year-ago revenues included a one-time revenue of $874,000 related to the conversion from cash-based to accrual-based revenue recognition.

The consensus estimates had called for a loss of 9 cents per share on revenues of $1.1 million.

The stock slumped 18.18 percent to $0.18 after hours.

Altimmune Q1 Loss Narrows, Revenues Surge

Altimmune Inc (NASDAQ: ALT) reported a net loss of 25 cents per share, excluding non-cash goodwill impairment charges, compared to a loss of 68 cents in the year-ago period.

Revenues climbed from the year-ago's $0.3 million to $2.7 million.

The micro-cap stock gained 16.19 percent.

Other Stocks That Reacted to Earnings

(Tuesday's after-hours quote)

  • Ritter Pharmaceuticals Inc (NASDAQ: RTTR) – Up 1.38 percent to $2.94
  • Imprimis Pharmaceuticals Inc (NASDAQ: IMMY) – Up 5.44 percent to $2.52
  • CorMedix Inc. (NYSE: CRMD) – Down 2.35 percent to $0.1953
  • Eleven Biotherapeutics Inc (NASDAQ: EBIO) – Up 1.89 percent to $2.70
  • Zosano Pharma Corp (NASDAQ: ZSAN) – Up 2.97 percent to $4.86

On The Radar

The following companies report earnings on Wednesday:

  • Bio-Path Holdings Inc (NASDAQ: BPTH)
  • Obseva SA (NASDAQ: OBSV)

Other Events

Voyager Therapeutics Inc (NASDAQ: VYGR) will release final Phase 1b data for its advanced Parkinson's disease treatment VY-AADC01 at the American Society of Gene & Cell Therapy, or ASGCT, 2018 Annual Meeting at 6 p.m. ET.

Audentes Therapeutics Inc (NASDAQ: BOLD) is due to release final Phase 1/2 data for its X-linked Myotubular myopathy treatment AT132 at the ASGCT meeting at 11:30 a.m. ET.