Biotech Beat: MannKind Corporation (MNKD), Synergy Pharmaceuticals Inc (SGYP), Novogen Limited (NVGN) News
MannKind Corporation (NASDAQ:MNKD) stock is having a great day in the market today. When it comes to MNKD, one big concern for several investors is the high level of short interest. However, MNKD short interest fell by more than 4% in the month of June. It makes sense the short interest is declining as well. We are getting closer and closer to the end of the pre-launch of Afrezza and the real marketing. Also, the company has been clear about their testing of technosphere for the delivery of other injection only medications; which is likely to be profitable in the long run. Currently, MNKD is trading at $5.72 per share after a gain of 4.10% so far today. While the stock is likely to see ups and downs, I’m expecting long term gains as Afrezza really kicks off and the company continues to expand upon its technosphere technology.
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) has been a major topic of conversation in the biotech space after producing overwhelmingly positive results in their Phase 3 study of plecanatide. As investors await the results of the final study into the drug, they are starting to get incredibly excited about what is soon to come. Analysts are starting to get in on the excitement as well. Citigroup analysts have doubled the stock’s target price from $6 to $12 in a recent research report. While SGYP has traded relatively choppy recently, the results for Phase 3 part 2 are likely to be a major catalyst for the stock. So, this is definitely one to watch closely.
Novogen Limited (ADR) (NASDAQ:NVGN) stock is up in the market today after announcing that their drug anisina received the Orphan Drug designation from the United States Food and Drug Administration as a treatment for neuroblastoma. With the orphan drug designation, NVGN has the following benefits:
- Eligability for US government grants to defray clinical trial costs.
- Tax incentives for clinical research conducted in the US.
- Waiver of US prescription drug filing fees.
- Enhanced marketing rights upon authorization.
In response, NVGN is currently trading at $4.97 per share after gaining 2.90% so far today. Considering the reason for the climb, I’m expecting to see more good news from NVGN moving forward. So, keep your eyes peeled for entrance opportunities.