Insights about U.S. Stocks that landed in the Red-Zone during Thursday’s trade, are depicted underneath:
AbbVie Inc (NYSE:ABBV)’s shares dwindled -5.66%, and closed at $56.86.
Formerly On February 26, AbbVie Inc. (ABBV), declared that 15 abstracts of studies in its neuroscience and oncology development programs have been accepted for presentation during the 67th American Academy of Neurology annual meeting in Washington, D.C., from April 18-25. The accepted abstracts feature results from studies evaluating AbbVie’s FDA-approved product, DUOPA, in addition to investigational treatments in AbbVie’s pipeline. Presentations will comprise Phase 1 results from a study of ABT-414 in patients with glioblastoma multiforme, Phase 3 data for ZINBRYTA™ (daclizumab high-yield process), which is being developed jointly with Biogen Idec, in relapsing remitting multiple sclerosis, and results from a study of DUOPA (carbidopa and levodopa) enteral suspension in advanced Parkinson’s disease.
DUOPA is a new approach to the administration of carbidopa and levodopa for the treatment of motor fluctuations for people with advanced Parkinson’s disease. DUOPA was reviewed and approved by the FDA as a combination product with use of the CADD Legacy 1400 pump.
AbbVie is a global, research-based biopharmaceutical corporation formed in 2013 following separation from Abbott Laboratories. The corporation’s mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most complex and serious diseases.
Orexigen Therapeutics, Inc (NASDAQ:OREX) declined -5.65%, and closed at $5.65.
Orexigen Therapeutics, Inc. (OREX): The United States Patent and Trademark Office (USPTO) granted a patent (U.S. Patent No. 8,969,371) and provisional patent applications (U.S. Application No. 61/913216, 61/914938 and 61/984580) covering its obesity drug, Contrave (EU trade name: Mysimba) were made publicly accessible. The ‘371 patent will be valid till 2034.
The ‘371 patent and the provisional patent applications contained data from a large, randomized, placebo-controlled, cardiovascular (CV) outcomes study (Light). It was revealed that Contrave had a positive effect on CV outcomes with the observed effects on CV outcomes being unpredictable and appearing to be unrelated to weight change. Fewer patients on Contrave practiced major adverse cardiac events contrast to placebo (35% as compared to 59%).
However, the corporation informed that it intends to commence a second, large, randomized, placebo-controlled study later this year. The study, which will be conducted to assess Contrave’s effect on cardiovascular outcomes, is predictable generate final results by Jan 2022.
Orexigen has a partnership with Takeda Pharmaceutical Corporation Ltd TKPYY for Contrave in North America. As per Takeda, U.S. net sales of Contrave in the fourth quarter were $6.5 million since its launch in Oct 2014. Though initial Contrave sales are encouraging, we note that the obesity market already has products like Qsymia and Belviq.
Meanwhile, the drug is under review in the EU.
Orexigen Therapeutics, Inc., a biopharmaceutical corporation, focuses on the development of pharmaceutical product candidates for the treatment of obesity.
Oasis Petroleum Inc (NYSE:OAS), dipped -5.65%, and closed at $13.52.
Oasis Petroleum Inc. (OAS): Canaccord Genuity downgraded the Houston-based exploration and production corporation to “hold” from “buy” and lowered its price target to $15 from $17.
The corporation is issuing 32 million ordinary shares, up-sized from 25 million due to strong demand, at $12.80 per share. The equity offering is dilutive to EPS and CFPS, analysts noted, setting new 2015 EPS/CFPS estimates to 59 cents/$4.28 as compared to 76 cents/$5.51 formerly.
With exercise of the overallotment option, which Canaccord Genuity assumes would bring total issuance to 36.8 million shares, they estimate the corporation will take in about $450 million in net proceeds from the offering.
Oasis plans to use the proceeds to repay balances on its revolver, about $600 million drawn as of February 27, and for general corporate purposes.
Oasis Petroleum Inc., an independent exploration and production corporation, focuses on the attainment and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin.
Achillion Pharmaceuticals, Inc (NASDAQ:ACHN), dropped -5.50%, and closed at $10.99.
Achillion Pharmaceuticals, Inc. (ACHN), stated financial results for the three and twelve months ended December 31, 2014. For the three months ended December 31, 2014, the Corporation stated a net loss of $21.6 million, contrast to a net loss of $13.4 million in the three months ended December 31, 2013. For the full year ended December 31, 2014, the Corporation’s net loss was $69.0 million, or $0.70 per share, contrast to a net loss of $58.9 million for the year ended December 31, 2013, or $0.63 per share. Cash, cash equivalents, marketable securities, and interest and subscriptions receivable at December 31, 2014 were $159.2 million.
Anticipated Milestones for 2015:
Sparta Doublet Regimen for HCV
Plan to initiate in the first half of 2015 a clinical trial with ACH-3422 in combination with ACH-3102 for patients with treatment-naive genotype 1 HCV for treatment durations of 6, 8 and 12 weeks. SVR4 results are predictable in the second half of 2015.
ACH-3422 Phase 1 Proof-of-concept for HCV Genotypes 2 and 3
Plan to initiate during the first quarter a Phase 1 proof-of-concept trial evaluating the anti-viral activity of ACH-3422 for HCV genotypes 2 and 3. Results are anticipated during the second quarter of 2015.
Ithaca Triplet Regimen for HCV
- Expect to initiate during the first half of 2015 a proxy triplet trial evaluating ACH-3102 and sovaprevir with sofosbuvir for a treatment duration of 4 weeks. SVR4 results are predictable in the second half of 2015; and
- Expect to initiate by the end of 2015 a pharmacokinetic and viral kinetic study of ACH-3422, ACH-3102 and sovaprevir in patients with treatment-naive genotype 1 HCV.
Achillion is seeking to apply its expertise in biology and structure-guided design and a deep understanding of patient and clinician needs to develop innovative treatment solutions aimed at improving patients’ lives.
