Biotech Stocks Buzz: Threshold Pharmaceuticals, Inc. (NASDAQ …
Investors have been flocking to biotech stocks this year, with the IBB, the ETF that tracks biotech stocks, making noteworthy gains. So far in 2015, several industries have either underperformed or provided mixed results, leading to a rather ho-hum showpiece for U.S. blue-chip indices.
Biotech stocks, on the other hand, have consistently returned positive results in the markets over the past seven years. On paper, there’s very little evidence to suggest that the magical rally in biotech stocks will abate any time soon.
Since 2010, the annualized average of the month-over-month performance rate for the exchange-traded fund iShares NASDAQ Biotechnology Index (IBB) has outpaced the benchmark S&P 500, often with a wide margin averaging a 1.64% difference. In addition, both indicators peaked in performance in 2011, but the subsequent decline in blue-chip stocks was heavily pronounced. However, biotech stocks bucked the trend, continuing to make strong inroads.
On the trading floor, shares of Threshold Pharmaceuticals, Inc. (NASDAQ:THLD) gained 1.45% to close at $4.20. The $295.33M company on August 11, 2015 announced that the company, in collaboration with the Academic Thoracic Oncology Medical Investigators Consortium (ATOMIC), has initiated the first Phase 2 clinical trial of tarloxotinib bromide, or “tarloxotinib” (TH-4000), for the treatment of patients with mutant epidermal growth factor receptor (EGFR) non-small cell lung cancer (NSCLC) who have been previously treated with an EGFR tyrosine kinase inhibitor and are progressing on treatment, but have not acquired the T790M resistance mutation. Tarloxotinib is Threshold’s proprietary, hypoxia-activated, irreversible EGFR tyrosine kinase inhibitor licensed from the University of Auckland, New Zealand.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) closed at $135.51 with an decrease of 0.24%. The $21.88B company on august 3, 2015 announced financial results for the second quarter ended June 30, 2015. Non-GAAP net loss was $5.4 million for the second quarter of 2015, compared to non-GAAP net income of $10.1 million for the second quarter of 2014. GAAP net loss was $82.0 million, or ($0.51) per basic and diluted share for the second quarter of 2015, compared to GAAP net loss of $33.5 million, or ($0.23) per basic and diluted share for the second quarter of 2014. The increased non-GAAP net loss and GAAP net loss for the second quarter of 2015 compared to the second quarter of 2014 was primarily due to increased operating expenses, partially offset by increased revenues due to the strong commercial launch of Vimizim.
Total BioMarin Revenue was $250.5 million for the second quarter of 2015, an increase of 31% compared to the second quarter of 2014. This increase was driven by solid growth across all BioMarin products including Kuvan, Naglazyme and Vimizim. Sales of Vimizim, now in its fifth full quarter of sales since being approved in early 2014, were recorded in 30 countries in the second quarter and totaled $53.9 million. Naglazyme Net Product Revenue in the second quarter benefitted from a large order in Latin America, consistent with historically uneven sales of the product in that region. This trend is not expected to continue for the remainder of 2015. Kuvan Net Product Revenue in the second quarter increased 28% to $60.1 million driven primarily by patient count increases and high rates of compliance. On a constant currency basis, Total BioMarin Revenue in the second quarter would have been approximately $260.5 million.
As of June 30, 2015, BioMarin had cash, cash equivalents and investments totaling $1,191.2 million, as compared to $1,043.1 million on December 31, 2014.
Spark Therapeutics Inc (NASDAQ:ONCE) ended at $45.50 by losing of 10.24%. The $1.24B company on August 5, 2015 announced financial results for the quarter ended June 30, 2015.
In the three months ended June 30, 2015, we recognized $1.3 million of revenue associated with their Pfizer collaboration as compared to zero in the three months ended June 30, 2014.
Their research and development expenses for the three months ended June 30, 2015 were $9.3 million versus $2.1 million for the three months ended June 30, 2014. The $7.2 million increase was due to a $5.5 million increase in internal research and development expenses, primarily due to significantly increased headcount, and an increase of $1.7 million in external research and development, primarily from an increase of $0.9 million in expenses related to clinical trials for SPK-RP65 and SPK-CHM and $0.6 million related to other product candidates.
General and administrative expenses for the three months ended June 30, 2015 were $6.3 million versus $2.0 million for the three months ended June 30, 2014. General and administrative expenses consisted primarily of salaries and related costs, including stock-based compensation, legal and patent costs and other professional fees. The $4.3 million increase primarily was due to increased headcount, including stock-based compensation, and costs associated with operating as a public company.
Their net loss applicable to common stockholders for the three months ended June 30, 2015 was $14.3 million, or ($0.60) basic and diluted net loss per common share, as compared with a net loss applicable to common stockholders of $4.2 million, or ($0.79) basic and diluted net loss per common share for the three months ended June 30, 2014.
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Biotech Stocks Buzz: Threshold Pharmaceuticals, Inc. (NASDAQ …
