These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include:
- iBio (IBIO), 208% surge in interest
- Iterum Therapeutics (ITRM), 181% surge in interest
- Exelixis (EXEL), 176% surge in interest
- Cidara Therapeutics (CDTX), 170% surge in interest
- Evofem Biosciences (EVFM), 150% surge in interest
Pipeline and key clinical candidates for these companies:
iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers and other diseases. iBio’s mission is to decrease drug failures, shorten drug development timelines, and open up new frontiers against the most promising targets.
Iterum Therapeutics is dedicated to developing differentiated anti-infectives aimed at combating multi-drug resistant pathogens to improve the lives of people affected by related diseases. Iterum is currently advancing its first compound, sulopenem, a novel penem anti-infective compound, in Phase 3 clinical development with an oral formulation. Sulopenem also has an IV formulation. Iterum has received Qualified Infectious Disease Product and Fast Track designations for its oral and IV formulations of sulopenem in seven indications.
Exelixis is an oncology company that says it is "rapidly evolving our product portfolio to target an expanding range of tumor types and indications with our clinically differentiated pipeline of small molecules, antibody-drug conjugates and other biotherapeutics" to add to its "flagship commercial product," Cabometyx.
Cidara is developing long-acting therapeutics designed to help improve the standard of care for patients facing serious diseases. The company’s lead Phase 3 antifungal candidate, rezafungin, is supplemented by DFCs targeting viral and oncology diseases from Cidara’s proprietary Cloudbreak platform.
Evofem Biosciences is developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive health. The company’s first FDA-approved product, Phexxi, is a hormone-free, on-demand prescription contraceptive vaginal gel.
Recent news on these stocks:
March 23
Cidara Therapeutics reported Q4 EPS of (19c), against a consensus of (17c). The company reported Q4 revenue of $10.219M, against a consensus of $10.57M. "We have completed a transformational 2022 for Cidara and are carrying that momentum into 2023 with the recent U.S. Food and Drug Administration approval of rezafungin for the treatment of candidemia and invasive candidiasis in adult patients with limited or no alternative treatment options. This approval enables Cidara to receive a $20.0M regulatory milestone payment under the terms of our agreement with Melinta Therapeutics," said CEO Jeffrey Stein. "Rezafungin is the first new drug in this indication in over a decade and our U.S. commercial partner, Melinta, is well-positioned to bring rezafungin to the U.S. market. Importantly, under the terms of our agreement with Melinta, Cidara is eligible to receive up to $40.0 million in additional regulatory milestones, and up to $370.0 million in commercial milestones, plus tiered royalties in the low double digits to mid-teens on U.S. net sales of rezafungin. These expected revenues would help advance our Cloudbreak drug-Fc conjugate platform programs and the completion of our ongoing global Phase 3 ReSPECT prophylaxis study."
March 21
Evofem Biosciences has implemented measures to lower its operating expenses, with the goal of reaching cash flow break even by year-end 2023. These measures include a 39% reduction of payroll expenses through a combination of salary cuts for certain employees, including a 40% reduction in CEO compensation and a 20% reduction in pay for other continuing members of the executive team vs. prior year levels; consolidation of three sales territories; elimination of eight office and management positions, including the Chief Commercial Officer role, effective March 17. The company expects this reduction in force to be substantially completed in Q1.
March 20
Exelixis announced that the company’s board authorized the repurchase of up to $550M of the company’s common stock before the end of 2023.
March 16
Iterum Therapeutics reported Q4 adjusted EPS (52c) vs. (27c) last year. "We made significant progress in 2022 to move the clinical development of oral sulopenem forward leading to a potential resubmission of our new drug application next year," said Corey Fishman, Iterum’s CEO "Enrollment in our REASSURE trial, which is being conducted under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration, is expected to be completed in the first half of 2024."
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 15-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.
Published first on TheFly
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