AVEO Pharmaceuticals Stock Climbs On Licensing Agreement
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO)
AVEO announced today that it has entered into an exclusive, worldwide license agreement with Novartis for it’s first-in-class, potent, humanized inhibitory antibody targeting growth differentiation factor 15. The antibody is known as AV-380 and the agreement also includes related antibodies as well as modified or derivative forms of AV-380. Under the license agreement, Novartis will make an upfront payment of $15 million to AVEO followed by reimbursement, clinical, sales and regulatory-based milestone payments. The milestone payments could reach as high as $311 million. Finally, AVEO will also receive low double-digit royalties if the antibody does indeed reach the market. Following the announcement, Michael Bailey, AVEO’s president had the following to say…
“AV-380 holds great promise as a potential treatment for cachexia secondary to multiple disease states, including cancer, chronic kidney disease, congestive heart failure and chronic obstructive pulmonary disease…. Novartis brings resources and expertise to bear on advancing this program, which we believe provides the optimal path forward realizing its full potential.”
Synergy Pharmaceuticals Stock Finally Takes A Bullish Path
Synergy Pharmaceuticals, Inc (NASDAQ: SGYP)
Synergy Pharmaceuticals had a rough week last week after releasing an earnings report that investors were less than pleased with. As a result, the stock fell throughout the week. However, it seems as though SGYP has finally met with support; which in my opinion is long overdue. At this stage in the company, I’m not sure that earnings should be the primary focal point for investors. The reality is that SGYP recently announced that plecanatide reached primary and secondary endpoints in phase 3 testing and that the next step would be an NDA with the FDA. With that said, buying now while it’s down may prove to be a very advantageous move. Currently (2:28), SGYP is trading at $7.64 per share after a gain of 1.15% so far today.
iBio Continues Its Path To The Top
iBio Inc (NASDAQ: IBIO)
IBIO announced last week that it had received a notice from the US patent office letting the company know that its recent patent application was approved. As a result, we saw the stock climb by more than 20% in a single day. However, the day after, we saw a slight correction. Nonetheless, the correction proved to be nothing more than normal market activity as the bulls continue their run today. Currently (2:36), IBIO is trading at $0.81 per share after a gain of 3.83% so far today. From here forward, I’m expecting to see a continuation of slow and steady gains.
EnteroMedics Climbs On Insider Buy
EnteroMedics Inc (NASDAQ: ETRM)
EteroMedics is having a great day in the market today after it was announced that the company’s CEO, Mark B. Knudson purchased 303,000 shares of the stock. Insider buying excites investors because it insinuates that the stock is likely to climb. Currently (2:50), ETRM is trading at $0.27 per share after a gain of 8.48% so far today.