Monday Morning’s Pre-Market Insights: Adamis Pharmaceuticals Corp (ADMP), Exelixis, Inc. (EXEL), Juno Therapeutics Inc (JUNO), and Ariad Pharmaceuticals, Inc. (ARIA)
Adamis Pharmaceuticals Corp (NASDAQ:ADMP) is plummeting nearly 50% down to $4.55 after the FDA rejected the company’s New Drug Application for the second time. The application was for the company’s emergency epinephrine injection for acute anaphylaxis, which is a severe allergic reaction. The FDA issued a complete response letter, requesting that the biotech company provide more data by expanding two studies on the product. The company has already responded that it will complete the additional testing and will submit the additional data to the FDA in the second half of the year. According to TipRanks, 1 analyst is bullish on the stock with a $17 price target.
Exelixis, Inc. (NASDAQ:EXEL) is spiking nearly 6% in pre-market trading up to $6.97 following a positive data release. Exelixis, and its partner Ipsen, announced positive data from the METEOR trial of cabozantinib, or CABOMETYX, to treat renal cell carcinoma (RCC); a specific form of kidney cancer. The data demonstrates statistically significant overall survival benefit for the patients in the study, including progression-free survival. CABOMETYX already received FDA approval in April, but this data underlines that the treatment delays the progression of the cancer. According to TipRanks, 3 analysts are bullish on the company and 1 is neutral. The average 12-month price target between these 4 analysts is $7, marking a 6% potential upside from where shares last closed.
Juno Therapeutics Inc (NASDAQ:JUNO) is up nearly 14% in pre-market trading to $50.00 after the company released positive data over the weekend. The company has been testing JCAR015, a chimeric antigen receptor (CAR) T cell product candidate. CAR T technology is an approach to fight cancer and Juno does not yet have any commercialized CAR T therapy products. Over the weekend, the company revealed data from a test studying adults with specific forms of leukemia that highlighted strong survival rates and low side effects. Furthermore, the company also released encouraging data on JCAR017 and JCAR014, other pipeline therapies, which also demonstrated positive results. According to TipRanks, all 5 analysts covering the stock are bullish with an average 12-month price target of $63.75, marking a 45% potential upside from where shares last closed.
Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) is increasing by nearly 4% in pre-market trading up to $9.33 after the company released encouraging data over the weekend. This long-term phase 1/2 trials for Brigatinib, the company’s pipeline drug to fight specific forms of cancer, revealed that 67% of patients achieved confirmed intracranial objective response rate (ORR). According to TipRanks, 4 analysts are bullish on the company while 1 is bearish. The average 12-month price target is $10.00, marking a 11.36% potential upside from where shares last closed.