Thursday's top gainers include Veru, following a Novo Nordisk collaboration; Health Catalyst, following a divestment of its revenue workflow and analytics software business; Absci, ahead of clinical trial readouts; and Alvotech, which is taking another shot at FDA approval for its biosimilars, among others.
Read on…
Veru Soars on Novo Nordisk Collaboration
Shares of Veru Inc. (VERU) jumped 88% on Thursday, following a clinical supply agreement with Novo Nordisk A/S (NVO) in conjunction with a clinical study of Enobosarm.
Enobosarm, Veru's lead drug candidate, is under a Phase 2b trial in obesity, dubbed PLATEAU.
The Phase 2b PLATEAU clinical trial is a double-blind, placebo-controlled study designed to evaluate the effect of Enobosarm 3mg on total body weight, fat mass, lean mass and physical function, bone mineral density and safety in approximately 200 older patients age 65 years or older who have obesity with a body mass index of 35 or greater and are initiating Novo Nordisk's Wegovy, a GLP 1 receptor agonist treatment for weight reduction.
Under the Supply Agreement, Veru is solely responsible for sponsoring and conducting the Phase 2b PLATEAU clinical study. Novo Nordisk will provide Wegovy at no cost and in the quantities needed for the study.
Novo Nordisk will supply Wegovy for use in the clinical trial. In exchange, Veru will share study-related insights with Novo Nordisk, including information on obesity and weight management trial design, methodology, clinical execution, protocol amendments, safety updates, and study progress.
Veru retains full worldwide development and commercialization rights to Enobosarm. However, if Veru decides in the future to develop, commercialize, or license Enobosarm in combination with any Novo Nordisk GLP-1 product, including Wegovy, Novo Nordisk will have a right of first negotiation under the Supply Agreement.
VERU closed Thursday's trading at $4.23, up 88%.
Health Catalyst Divests Vitalware
Health Catalyst Inc. (HCAT)-owned Vitalware, a revenue workflow and analytics software business, is being acquired by Med-Metrix, LLC, which is backed by Harvest Partners and A&M Capital.
Commenting on the transaction, Ben Albert, CEO of Health Catalyst, said, "This strategic move opens our next phase, and we have found a tremendous partner in Med-Metrix to take Vitalware forward."
HCAT closed Thursday's trading at $1.94, up 45.86%.
Keep An Eye on Absci
Shares of Absci Corp. (ABSI), a clinical-stage biopharmaceutical company advancing breakthrough therapeutics designed with generative AI, were up over 23% on Thursday.
The company has a couple of trial readouts to watch in the coming months.
A Phase 1/2a trial of AI-designed antibody ABS-201 for Androgenetic Alopecia, dubbed HEADLINE, is underway. The company anticipates reporting preliminary safety, tolerability, and PK data in the second quarter of 2026, with interim proof-of-concept data in the second half of 2026 and full proof-of-concept data in early 2027.
A phase 2 clinical trial of ABS-201 for endometriosis is expected to be initiated in the fourth quarter of 2026, with potential proof-of-concept data in the second half of 2027.
ABSI closed Thursday's trading at $7.34, up 23.57%.
Alvotech Refiles for FDA Approval of Key Biosimilars
Alvotech (ALVO), a biosimilar medicines company, has resubmitted the Biologics License Applications for AVT05, a proposed biosimilar to Simponi and Simponi Aria, and AVT06, a proposed biosimilar to Eylea 2 mg, to the FDA.
The company has a partnership with Teva Pharmaceutical Industries Ltd. (TEVA). As part of this agreement, Alvotech is responsible for the development and manufacturing of AVT05 and AVT06, while Teva is responsible for commercialisation.
The FDA declined to approve AVT05 and AVT06 last year, citing issues with the company's manufacturing facility in Reykjavik, Iceland.
ALVO closed Thursday's trading at $3.74, up 19.11%.
What's the buzz at First Tracks?
First Tracks Biotherapeutics Inc. (TRAX), a recent spin-off of AnaptysBio Inc. (ANAB), was up 18% on Thursday.
This clinical-stage biotechnology company is developing antibody therapeutics for autoimmune and inflammatory diseases. Its most advanced drug candidate is Rosnilimab, a phase-3-ready compound for rheumatoid arthritis. Strategic options are being mulled that may include a global partnership, out-license or asset financing to advance the potential development of Rosnilimab in rheumatoid arthritis and other indications.
The pipeline also includes ANB033 and ANB101.
-- ANB033 is under two different phase 1b trials in the indications of celiac disease and eosinophilic esophagitis.
Top-line Phase 1b data from the celiac disease trial is anticipated in Q4 2026, while top-line Phase 1b data from the eosinophilic esophagitis study is anticipated in mid-2027.
-- ANB101 is under a Phase 1a trial in healthy volunteers, with the study nearing completion.
TRAX closed Thursday's trading at $18.20, up 18.80%.
Butterfly Takes Flight
Butterfly Network Inc. (BFLY), a pioneer and leader in semiconductor-based ultrasound devices, programmable cloud software and AI, was up 18% on Thursday.
For the first quarter ended March 31, 2026, the results of which were reported recently, the company's total revenue was $26.5 million, representing growth of 25% from $21.2 million in the first quarter of 2025.
Looking ahead to the full year of 2026, the company expects revenue of $117 million to $121 million, or approximately 20% to 24% growth over the prior year.
BFLY closed Thursday's trading at $5.19, up 18.22%.
Evolent Turns Heads on Wall Street
Evolent (EVH), a healthcare services company that helps payers and providers deliver higher-quality, more cost-effective care for patients, was up more than 15% on Thursday.
For the first quarter ended March 31, 2026, the results of which were recently reported, revenue was $496 million compared to $483.6 million in the year-ago period.Net loss attributable to common shareholders of the company narrowed to $26.63 million, or $0.24 per share, from $72.25 million, or $0.63 per share, in the year-ago quarter.
Looking ahead to full-year 2026, the company expects revenue to be in the range of $2.4 billion to $2.6 billion compared to $1.88 billion reported in 2025.
EVH closed Thursday's trading at $4.38, up 15.87%.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.