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IMDZ Snapped Up, NVRO Falls On Dim Outlook, OPNT Ceases Bulimia Nervosa Trial

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Today's Daily Dose brings you news about Exact Sciences' better-than-expected Q4 financial results; Merck's acquisition of Immune Design; Nevro's lackluster revenue outlook; Opiant Pharma' s disappointing Bulimia Nervosa study results; and near-term catalyst of Zosano Pharma.

Read on...

Exact Sciences Corp. (EXAS) has reported better-than-expected financial results for the fourth quarter and full year ended December 31, 2018.

Net loss was $54.0 million or $0.44 per share on revenue of $143.0 million. Analysts polled by Thomson Reuters expected a loss of $0.50 per share and revenue of $134.84 million.

The net loss was $21.8 million or $0.18 per share and revenue was $87.4 million in the fourth quarter of 2017.

Looking ahead, the company anticipates annual revenue to be in the range of $710 million to $730 million during 2019 while the consensus analysts' estimate is $704.35 million.

EXAS closed Thursday's trading at $83.28, down 0.42%. In after-hours, the stock was down 3.04% to $80.75.

Immune Design (IMDZ) is all set to be acquired by Merck (MRK) for $5.85 per share in cash for an approximate value of $300 million.

Immune Design is a clinical-stage immunotherapy company employing next-generation in vivo approaches to enable the body's immune system to fight disease. The Company's lead product candidate is G100 under phase I/II study in patients with follicular non-Hodgkin's lymphoma.

Commenting on the deal, Roger Perlmutter, president, Merck Research Laboratories, said, "Scientists at Immune Design have established a unique portfolio of approaches to cancer immunization and adjuvant systems designed to enhance the ability of a vaccine to protect against infection, which could meaningfully improve vaccine development. This acquisition builds upon Merck's industry-leading programs that harness the power of the immune system to prevent and treat disease."

The transaction is expected to close early in the second quarter of 2019.

IMDZ closed Thursday's trading at $5.82, up 309.86%.

Shares of Nevro Corp. (NVRO) were down more than 5% in extended trading on Thursday, following its lackluster revenue outlook for 2019. The Company also reported financial results for the fourth quarter and full year ended December 31, 2018.

Nevro expects 2019 worldwide revenue in the range of $400 million to $410 million, while the consensus estimate of analysts polled by Thomson Reuters is $419.3 million. Revenue for the full year 2018 was $387.3 million.

Net loss in the fourth quarter of 2018 widened to $9.61 million or $0.32 per share from $4.31 million or $0.15 per share in the year-ago same quarter. Revenue for the fourth quarter of 2018 was $107.9 million, a 10% increase compared to $98.0 million during the prior-year quarter.

Analysts polled by Thomson Reuters expected a loss of $0.21 per share on revenue of $107.1 million.

NVRO closed Thursday's trading at $47.38, down 2.19%. In after-hours, the stock was down 5.02% to $45.00.

Opiant Pharmaceuticals Inc. (OPNT) has decided to discontinue the development of OPNT001 for treatment of Bulimia Nervosa, following disappointing results from a phase II study.

The phase II study evaluating OPNT001, a naloxone nasal spray for the treatment of bulimia nervosa, did not meet the primary endpoint of reducing the number of binging days from baseline to week 8. The study also did not meet key secondary efficacy endpoints.

Roger Crystal, Chief Executive Officer of Opiant, said, " The Company's focus for 2019 remains on conducting the pivotal trial for OPNT003, nasal nalmefene for opioid overdose, preparing to enroll patients into a Phase 2 study for OPNT002, nasal naltrexone, for the treatment of Alcohol Use Disorder and progressing the development of OPNT004, drinabant, for Acute Cannabinoid Overdose."

OPNT closed Thursday's trading at $14.65, down 1.68%.

Shares of Zosano Pharma Corp. (ZSAN) soared on favorable results from its long-term safety study for Qtrypta, in which patients treated migraine attacks over a one year period.

Qtrypta showed robust and rapid relief of migraine pain, an effect that was consistent throughout the chronic treatment period, according to the Company.

An NDA for Qtrypta is expected to be filed in the fourth quarter of 2019.

ZSAN closed Thursday's trading at $6.00, up 171.49%.

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