Biotech Alert: Searches spiking for these stocks today

These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include:

• NovaBay Pharmaceuticals (NBY), 6,830% surge in interest
• Crinetics Pharmaceuticals (CRNX), 677% surge in interest
• Plus Therapeutics (PSTV), 193% surge in interest
• Organigram (OGI), 144% surge in interest
• Leap Therapeutics (LPTX), 17% surge in interest

Pipeline and key clinical candidates for these companies:

NovaBay Pharmaceuticals develops and sells eyecare and skincare products. NovaBay’s leading product, Avenova Antimicrobial Lid & Lash Solution, is often prescribed by eyecare professionals for blepharitis and dry-eye disease and is also available directly to eyecare consumers through online distribution channels such as Amazon.

Crinetics Pharmaceuticals is focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Paltusotine, an investigational, oral somatostatin receptor type 2 agonist, is in Phase 3 clinical development for acromegaly and Phase 2 clinical development for carcinoid syndrome associated with neuroendocrine tumors. Crinetics has demonstrated pharmacologic proof-of-concept in Phase 1 clinical studies for CRN04777, an investigational, oral somatostatin receptor type 5 agonist in development for congenital hyperinsulinism, and for CRN04894, an investigational, oral ACTH antagonist in development for the treatment of Cushing’s disease, congenital adrenal hyperplasia, and other diseases of excess ACTH.

Plus Therapeutics is a clinical-stage pharmaceutical company developing targeted radiotherapeutics for difficult-to-treat cancers of the central nervous system with the potential to enhance clinical outcomes for patients. Combining image-guided local beta radiation and targeted drug delivery approaches, the Company is advancing a pipeline of product candidates with lead programs in recurrent glioblastoma and leptomeningeal metastases.

Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the company’s global footprint. Organigram has also developed a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, Monjour and Trailblazer.

Leap Therapeutics is focused on developing targeted and immuno-oncology therapeutics. Leap’s most advanced clinical candidate, DKN-01, is a humanized monoclonal antibody targeting the Dickkopf-1 protein. DKN-01 is being developed in patients with esophagogastric, gynecologic, and colorectal cancers. Leap has entered into a strategic collaboration with BeiGene (BGNE) for the rights to develop DKN-01 in Asia excluding Japan, Australia, and New Zealand.

Recent news on these stocks:

September 13

Crinetics’ 11.44M share secondary stock offering priced at $30.59 per share. The deal size was increased to $350M from $250M. JPMorgan, Morgan Stanley, Leerink and Piper Sandler acted as the joint book running managers for the offering.

September 11

NovaBay and BioStem Technologies announced an agreement under which NovaBay has been granted the right to commercialize BioStem Technologies’ Amniotic Tissue Allograft, which is intended for use as a protective covering during the repair of ocular surfaces. Amniotic Tissue Allograft provides a protective environment or covering for repair of the cornea and conjunctiva, helping ocular surface to return to a healthier state. NovaBay intends to commercialize the prescription-only product as Avenova Allograft to leverage its Avenova eyecare brand and encourage use with other Avenova products. Medically necessary procedures with the Avenova Allograft will be reimbursed through Medicare.

Plus Therapeutics announced that the company will present data from its ReSPECT-LM clinical trial evaluating the company’s lead radiotherapeutic, rhenium obisbemeda, for the treatment of leptomeningeal metastases at the Cancer Prevention & Research Institute of Texas Innovations in Cancer Prevention and Research Conference VI. The conference is taking place October 2-3, 2023, in Galveston, Tex. In August 2023, Plus Therapeutics received an advance payment of grant funds of approximately $1.9M, as planned, as part of its overall $17.6M award contract, which CPRIT executed in September 2022. The contract provides for funding from CPRIT over the three-year grant period starting on August 31, 2022, and follows the expected increase of development costs as the ReSPECT-LM clinical trial progresses to later stages.

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About “Biotech Alert”

The Fly will report on a selection of biotech stocks seeing a surge in interest from retail and financial professional investors, based on data from InvestingChannel.

This Fly exclusive recap reveals the biotech stocks that are seeing a spike in searches among the 20-plus million retail and financial professional investors through InvestingChannel’s online financial news media ecosystem.

This increased attention from the investors may be in response to, or advance of, outsized moves for stocks in the biotech sector, which tend to be volatile and prone to sharp swings in share price around binary events such as clinical study results and FDA approvals.