On Wednesday, Shares of Zafgen, Inc. (NASDAQ:ZFGN), skyrocketed 23.81% to $19.50.
Zafgen, issued the following statement:
“Zafgen recently learned of a patient death which occurred in the Company’s ongoing double-blind, randomized, placebo-controlled Phase 3 bestPWS study of beloranib in Prader-Willi Syndrome, a rare genetic disorder with a high rate of mortality linked to obesity and its co-morbidities. The cause of death remains unknown at this time. According to normal practice, the event was stated to the U.S. Food and Drug Administration, at which point the Agency initiated a negotiation with the Company. The Company is working with the Agency to expedite a review and understanding of this event, and to determine implications of the event on the conduct of the trial, and anticipates providing an update as its negotiations with the Agency progress. The thoughts of the Company are with the family of the patient at this time. Zafgen remains committed to ensuring the safety of all patients enrolled in its studies.”
Zafgen, Inc., a biopharmaceutical company, focuses on the development of therapeutics for patients suffering from obesity and obesity-related disorders. Its lead product candidate comprises Beloranib, an injection, which is in Phase III clinical trials for the treatment of obesity and hyperphagia in Prader-Willi Syndrome patients; that has accomplished Phase II clinical trials for the treatment of hypothalamic injury-associated obesity, counting craniopharyngioma-associated obesity; and which is in Phase IIb clinical trials for the treatment of severe obesity in the general population.
Shares of Biogen Inc. (NASDAQ:BIIB), inclined 0.29% to $256.79, during its last trading session.
Seven months ago, Biogen Inc. shares were soaring to a record as investors flocked to biotech stocks and were tantalized by the prospects of the company’s experimental drug for Alzheimer’s disease, according to Bloomberg.
The biotech giant has plummeted 46 percent from that high point, leaving shares down 25 percent this year, contrast with a 1.6 percent decline for the Nasdaq Biotechnology Index. Shares closed at $256.04 on Tuesday, the lowest since November 2013.
While the industry overall has lost some of its luster with investors amid a debate in the U.S. over drug prices, internal struggles have made Biogen’s decline stand out from the pack. Among U.S.-listed biotech companies valued at $10 billion or more, its stock is the year’s worst performer. The stock rose 1.3 percent at 9:54 a.m. in New York, while the Nasdaq Biotechnology Index gained 1.9 percent, after U.S. Democratic presidential candidates only briefly mentioned drug prices in a debate on Tuesday night.
Biogen’s head of sales and its research and development chief have both left the company in the last three months, and three of its top multiple sclerosis drugs missed analysts’ sales estimates last quarter. The most exciting products in the company’s pipeline — counting the Alzheimer’s drug and an MS drug that could reduce the effects of the disease — remain years away from approval. Bloomberg Reports
Biogen Inc. discovers, develops, manufactures, and markets therapies for the treatment of neurological, autoimmune, and hematologic disorders in the United States and internationally. It provides AVONEX to treat relapsing multiple sclerosis (MS); TYSABRI to treat relapsing forms of MS and Crown’s disease; PLEGRIDY to treat relapsing MS; TECFIDERA to treat MS; FAMPYRA to improve walking in adult patients with MS; ALPROLIX to treat hemophilia B; ELOCTATE to treat hemophilia A; RITUXAN for treating non-Hodgkin’s lymphoma, rheumatoid arthritis, and chronic lymphocytic leukemia (CLL), in addition to two forms of ANCA-associated vasculitis; GAZYVA for the treatment of patients with formerly untreated CLL; and FUMADERM to treat severe plaque psoriasis in adult patients.
Finally, Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK), ended its last trade with 4.37% gain, and closed at $9.31.
Merrimack Pharmaceuticals, has market capitalization of $993.86M. Its shares were below its 50 days simple moving average with -5.53%. The company offered earning per share of $-0.89 while its 110.80M shares were outstanding. YTD performance of the company was -17.61%. Stock volatility for the week was 6.54% while for the month it was shown at 7.83%.
Merrimack Pharmaceuticals, Inc., a biopharmaceutical company, engages in discovering, developing, and preparing to commercialize medicines paired with companion diagnostics for the treatment of cancer primarily in the United States.
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