BPC July 11 update

​Novartis NVS Amgen AMGN discontinue Alzheimer’s trial; Illumina ILMN down 16% AH on updated guidance

Price and Volume Movers

Novartis (NYSE: NVS) and Amgen Inc. (NASDAQ: AMGN) announced their decision to discontinue the Phase 2/3 trial of the BACE1 inhibitor CNP520 (umibecestat) for Alzheimer’s prevention. The decision follows a review of data that identified worsening in some measures of cognitive function. Given these findings, it was concluded that the potential benefit for patients did not outweigh the risk. Shares of Novartis are trading down 1.5% to $89.00 after hours, while Amgen shares, which closed down 2.3% to $178, are trading flat after hours.

Illumina, Inc. (NASDAQ: ILMN) shares are trading down 16% after hours following the release of updated 2019 revenue guidance. The company expects to report second quarter revenue of approximately $835m, approximately $50m less than expected.

Eli Lilly and Company (NYSE: LLY) shares closed down 4% to $109.82 on news that Christi Shaw, senior vice president and president of Lilly Bio-Medicines, will leave Lilly at the end of August and will be appointed as CEO of Kite Pharma, owned by Gilead Sciences, Inc.(NASDAQ: GILD).

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Major price movers (stocks priced > $1.00, volume > 50k):

Refer to the BioPharmCatalyst Biotech Stocks page for Top 10 Gainers/Losers/Unusual Volume

ADVANCERS:

Immunic, Inc. (IMUX): $14.05; +28%.

DiaMedica Therapeutics Inc. (DMAC): $4.44; +11%.

Axovant Gene Therapies Ltd. (AXGT): $7.33; +11%.

Verastem, Inc. (VSTM): $1.55; +10%.

Curis, Inc. (CRIS): $2.24; +10%.

DECLINERS:

Oasmia Pharmaceutical (OASM): $1.79; -21%.

Eyenovia, Inc. (EYEN): $2.55; -17%.

Melinta Therapeutics, Inc. (MLNT): $4.45; -13%.

ProQR Therapeutics N.V. (PRQR): $7.99; -10%.

Advaxis, Inc. (ADXS): $1.55; -9%.


Pipeline updates below:

Pipeline Database Updates

Drug Stage Catalyst Market Cap

AMGN – Amgen Inc.
CNP520
Alzheimer’s Disease

Phase 2/3 Phase 2/3 trial discontinued due to lack of efficacy.
$108.1 billion

ATOS – Atossa Genetics Inc.
Endoxifen
Healthy volunteers

Phase 1 Phase 1 trial to be completed 4Q 2019.
$19.3 million

IDYA – IDEAYA Biosciences Inc.
IDE196
Solid tumors

Phase 1/2 Phase 1/2 trial initiation announced July 11, 2019.
$163.8 million

MNOV – MediciNova Inc.
MN-166
Progressive multiple sclerosis (progressive MS)

Phase 2b Phase 3 trial planned.
$453.9 million