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ACOR Hit By Analyst Downgrade, MNTA On Watch, STRO Down 33% Since September IPO

pharmadown dec11 lt

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

1. Teligent Inc. (TLGT)

Teligent is a specialty generic pharmaceutical company.

Lost 16.36% to close Tuesday's (Dec.11) trading at $1.38.

News: No news

Recent event:

On November 16, the Company was notified that it is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the SEC.

The Company has time until January 14, 2019, to either file the Form 10-Q or submit a plan to NASDAQ in order to regain compliance with NASDAQ's Listing Rules.

2. Sutro Biopharma Inc. (STRO)

Lost 15.30% to close Tuesday's trading at $10.13.

News: No news

Recent event:

On September 27, 2018, the Company went public on The Nasdaq Global Market offering its shares at a price of $15.00 each.

Clinical Trials & Near-term Catalysts:

-- A phase I trial of STRO-002 in patients with Ovarian and Endometrial cancers is expected to begin in early 2019.
-- A phase I clinical trial of STRO-001 enrolling separate dose escalation cohorts for myeloma and B-cell lymphoma is underway.

3. Acorda Therapeutics (ACOR)

Lost 15.08% to close Tuesday's trading at $16.16.

News: Goldman Sachs has downgraded Acorda stock to a "sell" rating, and has lowered its price target on the stock to $10 per share from $19.

Near-term Catalyst:

The Company's new Drug Application for INBRIJA is under FDA review, with a decision expected on January 5, 2019. INBRIJA, a self-administered, orally inhaled levodopa (L-dopa) therapy, is proposed for the treatment of symptoms of OFF periods in people with Parkinson's disease taking a carbidopa/levodopa regimen.

4. Abeona Therapeutics Inc. (ABEO)

Lost 11.54% to close Tuesday's trading at $7.97.

News: No news

Clinical Trials & Near-term Catalysts:

The Company's lead drug candidate is EB-101 for Recessive Dystrophic Epidermolysis Bullosa, or RDEB, a skin disease characterized by chronic epidermal wounds in which patients suffer from pain, itching, and widespread complications impacting quality-of-life and life expectancy.

A pivotal clinical trial evaluating the potential of EB-101 for the treatment of RDEB is expected to be initiated in the middle of 2019.

Another clinical drug candidate is ABO-102 for Sanfilippo Syndrome Type A (MPS IIIA), under phase I/II trial.

5. Momenta Pharmaceuticals Inc. (MNTA)

Lost 10.39% to close Tuesday's trading at $11.56.

News: No news

Recent events:

On December 11, the Company announced the closing of its underwritten public offering of 20 million shares of its common stock at the public offering price of $11.50 per share, which includes the exercise in full of the underwriter's option to purchase additional shares of common stock. The total gross proceeds from the offering are approximately $230 million.

On December 4, the Company announced that it has decided to delay the filing of the Biologics License Application for M923, its proposed biosimilar to AbbVie's HUMIRA, which may reduce program costs in 2019 without delaying potential US market entry for M923. Momenta had previously guided that it planned to file the Biologics License Application to the FDA in the fourth quarter of this year.

Under a recent Abbvie agreement, Momenta will be able to commercialize M923 in the United States, pending regulatory approval, as early as November 20, 2023.

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