Biotech Stocks – Is It Still Worthwhile Trading? -Kite Pharma Inc (NASDAQ:KITE), Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), Galena Biopharma Inc (NASDAQ:GALE)
August 17, 2015
Kite Pharma Inc (NASDAQ:KITE) declined-3.46% to end last trading session at $58.00. The company, on August 14, 2015, reported that it will host a live conference call Today, August 17, 2015, at 9:00am Eastern Time to provide a corporate update.Kite Pharma, Inc., is a clinical-stage biopharmaceutical company engaged in the development of novel cancer immunotherapy products, with a primary emphasis on engineered autologous T-cell (eACT(TM)) designed to restore the immune system’s ability to recognize and eradicate tumors. Kite is based in Santa Monica, CA.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) plunged-3.87% to finish last trading session at $6.95. The company, on August 6, 2015, proclaimed financial results for the three-month period ended June 30, 2015.“The results from this quarter demonstrate our ability to maintain financial discipline while continuing to fund our highest priority projects,” stated Rajesh C. Shrotriya, MD, Chairman and Chief Executive Officer of Spectrum Pharmaceuticals. “The second half of 2015 marks key milestones for several of Spectrum’s drugs. With the potential approval of Evomela in October, we could have six drugs on the market. Pending alignment with the FDA, we expect to initiate a non-inferiority Phase 3 study for SPI-2012 which would be powered at 80% to show superiority against pegfilgrastim. Also, our potentially best-in-class novel pan-HER inhibitor, poziotinib, will target breast cancer in a Phase 2 clinical program. Additionally, with apaziquone, we plan to file an NDA and initiate a confirmatory Phase 3 trial under a SPA by year end. Our pipeline has never been as exciting as it is nowadays, and provides a sound foundation for future growth of the company.”
Galena Biopharma Inc (NASDAQ:GALE) decreased-4.05% to complete last trading session at $ 1.42. The company, on August 6, 2015, unveiled its financial results for the quarter ended June 30, 2015 and provided a business update. Operating loss for the second quarter of 2015 was $11.3 million, counting $0.6 million in stock based compensation, compared to an operating loss of $15.8 million, counting $1.5 million in stock-based compensation for the similar period last year. Operating loss for the first half of 2015 was $22.4 million, including $1.3 million in stock based compensation, compared to an operating loss of $27.6 million, including $3.2 million in stock-based compensation for the same period in 2014. The decrease in net operating loss year-over-year is primarily the result of the completion of enrollment in our Phase 3 PRESENT trial for NeuVax, as well as the decrease in stock based compensation and professional fees associated with ongoing legal proceedings.