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: 

• Immunic (IMUX), 341% surge in interest
• Miratai Therapeutics (MRTX), 26% surge in interest

Pipeline and key clinical candidates for these companies:

Immunic has a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases. The company is developing three small molecule products. Its lead development program, vidofludimus calcium, is a selective immune modulator that is currently being developed as a treatment option for multiple sclerosis, and primary sclerosing cholangitis. IMU-935 is targeted for development in psoriasis and castration-resistant prostate cancer. IMU-856, which targets the restoration of the intestinal barrier function, is targeted for development in diseases involving bowel barrier dysfunction.

Mirati Therapeutics is focused on bringing forward therapies that address areas of high unmet medical need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer.

Recent news on these stocks:

October 9

Immunic announced positive interim data from its phase 2 CALLIPER trial of nuclear receptor related 1 activator, vidofludimus calcium, in patients with progressive multiple sclerosis. The company believes that this data shows biomarker evidence that vidofludimus calcium’s activity extends beyond the previously observed anti-inflammatory effects, thereby further reinforcing its neuroprotective potential. The predefined interim analysis examined the change from baseline to 24 weeks in serum neurofilament light chain and glial fibrillar acidic protein levels among approximately the first half of patients enrolled in this trial. Serum NfL responses were consistently observed for vidofludimus calcium across progressive MS disease and all subpopulations. In the overall PMS population at 24 weeks, vidofludimus calcium was associated with a 6.7% reduction from baseline in serum NfL, compared to a 15.8% increase over baseline in placebo. At 48 weeks, vidofludimus calcium reduced serum NfL by 10.4% from baseline, compared to a 6.4% increase in placebo. Substantial reductions were also seen across all PMS subtypes, as well as in patients that show or do not show disease and/or magnetic resonance imaging activity. Although early, interim GFAP data also showed a promising signal: at 24 weeks, GFAP increased by 3.7% for vidofludimus calcium, and 4.4% for placebo. At 48 weeks, the change was only 2.7% for vidofludimus calcium, with a 6.4% increase for placebo. Progression of GFAP response is generally thought to evolve more slowly than NfL, and the company believes that a longer follow-up may further strengthen this signal.

October 8

Bristol Myers Squibb (BMY) and Mirati Therapeutics announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Mirati for $58.00 per share in cash, for a total equity value of $4.8B. Mirati stockholders will also receive one non-tradeable Contingent Value Right for each Mirati share held, potentially worth $12.00 per share in cash, representing an additional $1B of value opportunity. The transaction was unanimously approved by both the Bristol Myers Squibb and the Mirati Boards of Directors. Through this acquisition, Bristol Myers Squibb will add KRAZATI, a lung cancer medicine, to its commercial portfolio. The company gains access to other clinical assets that complement its oncology pipeline and are candidates for single agent development and combination strategies. The transaction is expected to be treated as a business combination and to be dilutive to Bristol Myers Squibb’s non-GAAP earnings per share by approximately 35c per share in the first 12 months after the transaction closes. The transaction is anticipated to close by the first half of 2024, subject to fulfillment of customary closing conditions, including approval of Mirati’s stockholders and receipt of required regulatory approvals. Bristol Myers Squibb expects to finance the acquisition with a combination of cash and debt.

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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.