Biotech Alert: Searches spiking for these stocks today

These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include: 

• Bright Minds Biosciences (DRUG), 3,483% surge in interest
• Molecular Templates (MTEM), 2,790% surge in interest
• Vanda Pharmaceuticals (VNDA), 1,178% surge in interest

Pipeline and key clinical candidates for these companies:

Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. “Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult to treat disorders such as resistant epilepsy, treatment resistant depression, PTSD, and pain. Bright Minds’ drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin,” the company has stated.

Molecular Templates is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted biologic therapeutics. The company’s proprietary drug platform technology, known as engineered toxin bodies, or ETBs, leverages the resident biology of a genetically engineered form of Shiga-like Toxin A subunit to create novel therapies with potent and differentiated mechanisms of action for cancer.

Vanda Pharmaceuticals is focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients.

Recent news on these stocks:

October 16

Firefly Neuroscience (AIFF) announced collaborating with Bright Minds Biosciences to analyze the data from its first-in-human Phase 1 study of its lead compound, BMB-101. The study demonstrated results of the qEEG data. During the EEG recording, subjects were seated with a FDA approved 19 electrode EEG headset provided by Firefly strategic partner, Zeto Inc. Channels were sampled at 250 or 500 Hz and referenced to A1/A2 channels during recording. The EEG recording time was 10 minutes. There were four EEG recording timepoints: day 1 pre-dose and post-dose, and day 7 pre-dose and post-dose. Data was analyzed using the FireFly Neuroscience advanced EEG analysis platform.

October 14

Vanda Pharmaceuticals confirmed that it received a second unsolicited, non-binding proposal from Cycle Group Holdings Ltd. to acquire the company for $8.00 per share in cash. Cycle Group’s second proposal was received by Vanda on September 23, 2024. The terms of Cycle Group’s proposal are economically identical to the previously evaluated and rejected indication of interest received from Cycle Group on May 24, 2024, Vanda said. Consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, Vanda’s board carefully reviewed the second proposal and unanimously determined that it substantially undervalues Vanda and is not in the best interests of the company and its stockholders. Accordingly, the board has determined not to pursue the proposal. The Vanda Board again evaluated all aspects of Vanda’s business and compared Vanda’s prospects for creating stockholder value to the unsolicited proposal. The board concluded that the latest proposal from Cycle Group is “another opportunistic attempt to purchase the company’s shares at a discount to Vanda’s intrinsic value.” As part of this process, the board updated its analysis of the company’s clinical development pipeline, expanding commercial presence and significant cash balance. The board and management team remain confident that Vanda’s growth profile, strong cash position and efficient operations position the company well for significant long-term value creation far in excess of the consideration offered by Cycle Group.

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About “Biotech Alert”

The Fly will report on a selection of biotech stocks seeing a surge in interest from retail and financial professional investors, based on data from InvestingChannel.

This Fly exclusive recap reveals the biotech stocks that are seeing a spike in searches among the 20-plus million retail and financial professional investors through InvestingChannel’s online financial news media ecosystem.

This increased attention from the investors may be in response to, or advance of, outsized moves for stocks in the biotech sector, which tend to be volatile and prone to sharp swings in share price around binary events such as clinical study results and FDA approvals.