BPC April 13 update

Verastem (VSTM) +14% on Oppenheimer note; Rexahn (RNN) reverse split coming early May; Sorrento (SRNE) sinks further on pricing of offering

Price and Volume Movers

Thursday saw a bereft of biotech news as investors and companies looked forward to the Easter Weekend.

Sorrento Therapeutics, Inc. (NASDAQ: SRNE) announced the pricing of its public offering of 23,625,084 shares of its common stock at a price to the public of $2 per share, a huge discount from Wednesday’s close of $2.96. Shares slumped accordingly, closing down 39% to $1.80.

Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced Thursday that it will implement a 1-for-10 reverse stock split, effective on May 5, 2017. Investors swiftly sent shares south to close down 26% to $0.455.

DelMar Pharmaceuticals, Inc. (NASDAQ: DMPI) announced that it has priced its registered public offering of 2,769,232 shares and warrants at a price to the public of $3.25 per share and related warrants. Shares closed down 25% to $3.04.

Verastem Inc (NASDAQ:VSTM) shares closed up 14% to $1.85 following a research note by Oppenheimer, which initiated coverage with an outperform rating and a $6 price target.


Other major price movers:

ADVANCERS:

Bio-Path Holdings Inc (NASDAQ:BPTH): $0.636; +13%.

Ocera Therapeutics Inc (NASDAQ:OCRX): $1.32; +11%.

Axovant Sciences Ltd (NYSE:AXON): $22:00; +11%.

La Jolla Pharmaceutical Company (NASDAQ:LJPC): $27.92: +10%.

ImmunoGen, Inc. (NASDAQ:IMGN): $3.24; +9%.

 

DECLINERS:

Apricus Biosciences Inc (NASDAQ:APRI): $1.94; -11%.

Atossa Genetics Inc (NASDAQ:ATOS): $0.63; -10%.

AzurRx BioPharma Inc (NASDAQ:AZRX): $3.73; -7%

Selecta Biosciences Inc (NASDAQ:SELB): $13.95; -8%.

Opexa Therapeutics Inc (NASDAQ:OPXA): $0.70; -8%.

 

Pipeline updates below (just the one today) - Happy Long Weekend!

Pipeline Database Updates

Drug Stage Catalyst

RDHL
RIZAPORT (RHB-103)
Migraine

NDA Filing Planned NDA resubmission due October 2017.