Pre-market Movers In Healthcare Sector: OMER, ITRM, CLSD, CDMO, ACOR…

stockmarkets dec18 03dec20

What's moving these stocks in the pre-market hours today?

In the Green

1. Omeros Corporation (OMER) is up over 22% at $15.25 in pre-market trading Thursday, following the Centers for Medicare & Medicaid Services' (CMS) final rule related to Medicare hospital outpatient prospective payment system (OPPS) and the Medicare ambulatory surgical center (ASC) payment system for Calendar Year 2021. As per the finalized policy, the company's cataract surgery drug Omidria has been excluded from packaging under the ASC payment system beginning October 1, 2020 and in 2021, as the CMS believes that the drug qualifies as a non-opioid pain management drug that functions as a surgical supply.

2. Iterum Therapeutics plc (ITRM) is up over 38% at $0.90 in pre-market hours, following RA Capital Management, L.P.'s disclosure about holding a stake of 18.9% in the company. The company submitted its New Drug Application to the FDA for Oral Sulopenem for the treatment of uncomplicated urinary tract infections in patients with a quinolone non-susceptible pathogen late last month.

3. Artelo Biosciences Inc. (ARTL) is up over 6% at $0.70 in pre-market hours today, adding to yesterday's gain of 15%. Yesterday, the company announced the appointment of drug discovery and development veteran Gregory Reyes, to its Board of Directors, effective November 30, 2020. Last month, the company received Clinical Trial Authorization in the UK to initiate a phase I/II trial of synthetic cannabinoid ART27.13 in patients with cancer anorexia and weight loss. Enrollment in the study is expected to be initiated before year end.

4. Catabasis Pharmaceuticals Inc. (CATB) is up over 16% at $2.43 in pre-market trading, adding to yesterday's gain of 28% on no news. While reporting Q3 results last month, the company revealed that it has engaged Ladenburg Thalmann & Co. Inc. to act as its strategic financial advisor for the previously announced plan to explore and evaluate strategic options. Potential strategic options that may be evaluated include a merger, business combination, in-licensing, out-licensing or other strategic transaction.

5. Clearside Biomedical Inc. (CLSD) is up over 10% at $2.27 in pre-market trading Thursday, adding to yesterday's gain of 7%. A SEC filing released yesterday shows that insider Bradford Whitmore has purchased 53,900 shares at $1.949 each.

6. Avid Bioservices Inc. (CDMO) is up more than 5% at $10 in pre-market hours today, adding to yesterday's gain of 8%. The company reported encouraging financial results for the second quarter and first six months of fiscal 2021, ended October 31, 2020, yesterday and increased its revenue guidance for the full fiscal year 2021.

In the Red

1. Merrimack Pharmaceuticals Inc. (MACK) is down over 5% at $6.15 in pre-market trading Thursday, giving back some of what it gained yesterday. The stock was up more than 59% yesterday following an update on Onivyde provided by Ipsen. Onivyde, which is approved for the treatment of patients with metastatic adenocarcinoma, was acquired by Ipsen from Merrimack in 2017.

2. Achieve Life Sciences Inc. (ACHV) is down over 5% at $7.17 in pre-market hours, adding to yesterday's loss of 11%. On November 30, the company announced a proposed underwritten public offering in which it intends to offer and sell 1.5 million shares of its common stock.

3. Acorda Therapeutics Inc. (ACOR) is down over 4% at $0.78 today, erasing some of its yesterday's gain. The stock rose more than 26% yesterday on no news. The company reported its financial results for the third quarter ended September 30, 2020 on November 3. The total net revenue in Q3, 2020, increased to $53 million from $47.7 million in the year-ago same quarter. However, the product revenue, which comprises of Inbrija and Ampyra, were $34.6 million in Q3, 2020, down from $44.8 million in Q3, 2019.

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