Wednesday Morning Pre-Market Insights: CTI BioPharma Corp (CTIC), bluebird bio Inc (BLUE), Regeneron Pharmaceuticals Inc (REGN), Heron Therapeutics Inc (HRTX)
CTI BioPharma Corp (NASDAQ:CTIC) shares increased 9.6% to $2.16 in pre-market trading after the pharmaceutical company announced that it has revised its current loan agreement with Hercules Technology Growth Capital, Inc. Pursuant to the revision, Hercules will provide term loans in an aggregate principal amount of up to $25 million. CTI BioPharma develops less toxic cancer therapies. Shares of CTIC last closed at $2.04, compared to its 52-week high of $3.14.
bluebird bio Inc (NASDAQ:BLUE) shares dropped -2.9% to $181.20 following an announcement that the Recombinant DNA Advisory Committee recommended to delay the initiation of its HGB-208 pediatric study protocol for LentiGlobin BB305 by one to two years. LentiGlobin BB305 is a pipeline treatment for beta thalassemia, a rare blood disorder. According to the seven analysts polled by TipRanks, the average 12-month price target for BLUE is $203.67, marking 9% potential upside from where the stock is currently trading. All seven analysts recommend Buying BLUE.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) shares decreased -3.25% in pre-market trading to $509. Even though the FDA advisory committee recommended the approval of pipeline drug Praluent, several committee members suggested limiting the groups of patients who should receive the treatment. Because several committee members were wary about the cholesterol-lowering drug, FDA approval may take longer than anticipated. According to TipRanks, the 12-month consensus target price on REGN is $516.90, showing a potential loss of 1.75% based on the current stock trading price.
Heron Therapeutics Inc (NASDAQ:HRTX) shares plummeted nearly -5% in pre-market trading to $24.78 following an announcement of the company’s intention to sell shares of common stock in an underwritten offering pursuant to existing shelf registrations. Jefferies, Leerink Partners, and Cowen & Company are the joint book-runners for the offering. Shares of HRTX last closed at $26.40, near its 52-week high of $27.40.