Plus   Neg

TRXC Tumbles On Short-seller Report, SELB Down 45% In 2 Days, PTI On Watch


The following are some of the pharma/biotech stocks that posted the biggest percentage decline today.

1. Proteostasis Therapeutics Inc. (PTI)

Lost 27.70% to close Wednesday's (Oct.24) trading at $5.35.

News: No news

Recent Events:

-- On October 23, the Company priced its public offering of 11 million shares of its common stock at $6.75 per share. The gross proceeds to Proteostasis from the offering are expected to be approximately $74.3 million. The offering is expected to close on or about October 26, 2018.
-- On October 18, the Company announced positive preliminary results from the first three cohorts of its ongoing phase I study of combination therapy doublet, PTI-808 and PTI-801, in subjects with cystic fibrosis, sending the stock up over 440% to $10.35 that day.

2. Sunesis Pharmaceuticals Inc. (SNSS)

Lost 22.60% to close Wednesday's trading at $1.37.

News: No news


The Company's lead product candidate is Vecabrutinib, currently being evaluated in a Phase 1b/2 study in adults with chronic lymphocytic leukemia and other B-cell malignancies who have progressed after prior therapies.

Also in the pipeline are SNS-510, which is in preclinical development with an IND submission planned in 2019, and the Takeda-partnered pan-RAF inhibitor TAK-580, under phase I/II testing for pediatric low-grade glioma.

3. TransEnterix Inc. (TRXC)

Lost 22.06% to close Wednesday's trading at $3.11.

The Company's flagship product is Senhance Surgical Robotic System. The device received FDA clearance for colorectal and gynecological laparoscopic surgery in October 2017, becoming the first new entrant to abdominal robotics in the U.S. since 2000.

News: The Company's shares took a hit following a short seller report titled " Transenterix: Surgical Robot Experts Call Its Senhance System 'A Piece Of Junk' While Insiders Liquidate Holdings".

The report published by White Diamond Research claims that a TRXC director just sold about $23 million of stock. It also says that major flaws prevent TRXC's Senhance surgical robot from being used commercially, and that clinical studies of the Senhance show inferior results versus standard laparoscopy.

The report goes on to stress that near-term downside of the stock is 30-50%, with longer term value likely to be a zero.

4. Adial Pharmaceuticals Inc. (ADIL)

Lost 18.85% to close Wednesday's trading at $2.11.

News: No news

Clinical Trial & Near-term Catalyst:

The lead investigational product is AD04 for the treatment of alcohol use disorder "AUD".

A Phase 2b clinical trial of AD04 for the treatment of AUD showed promising results in reducing frequency of drinking, quantity of drinking and heavy drinking (all with statistical significance), and no overt safety concerns, according to the Company.

5. Selecta Biosciences Inc. (SELB)

Lost 17.02% to close Wednesday's trading at $7.36. This is the second straight day of loss for the stock.

News: No news

Recent event:

-- On October 23, the Company presented new interim data from a phase II trial of SEL-212, a product candidate in development for the treatment of chronic severe gout designed to lower serum uric acid (SUA).

The interim data revealed that evaluable patients who achieved 3-month of SUA control have maintained SUA control in months 4 and 5 of SEL-212 therapy. However, the results failed to impress investors, sending the stock down 33% that day.

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