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: 

• GlycoMimetics (GLYC), 4,434% surge in interest
• NovaBay Pharmaceuticals (NBY), 1,071% surge in interest
• Revance Therapeutics (RVNC), 964% surge in interest
• EyePoint Pharmaceuticals (EYPT), 725% surge in interest
• Incyte (INCY), 376% surge in interest
• Hoth Therapeutics (HOTH), 303% surge in interest
• MEI Pharma (MEIP), 240% surge in interest
• Amarin (AMRN), 184% surge in interest
• BioMarin Pharmaceutical (BMRN), 135% surge in interest
• Mannkind (MNKD), 135% surge in interest

Pipeline and key clinical candidates for these companies:

GlycoMimetics is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including Acute Myeloid Leukemia, and for inflammatory diseases. The company’s specialized chemistry platform is being deployed to discover small molecule drugs – known as glycomimetics – that alter carbohydrate-mediated recognition in diverse disease states.

NovaBay Pharmaceuticals develops and sells eyecare and skincare products. NovaBay’s leading product, Avenova Antimicrobial Lid & Lash Solution, is often prescribed by eyecare professionals for blepharitis and dry-eye disease and is also available directly to eyecare consumers through online distribution channels such as Amazon.

Revance Therapeutics is a biotechnology company whose aesthetics portfolio includes Daxxify for injection, the RHA Collection of dermal fillers, and OPUL, the “first-of-its-kind Relational Commerce platform for aesthetic practices.” Revance has also partnered with Viatris to develop a biosimilar to Botox, which will compete in the existing short-acting neuromodulator marketplace. Revance’s therapeutics pipeline is currently focused on muscle movement disorders including evaluating Daxxify in two debilitating conditions, cervical dystonia and upper limb spasticity.

EyePoint Pharmaceuticals is committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders. The company’s pipeline leverages its proprietary Durasert technology for sustained intraocular drug delivery including EYP-1901, an investigational sustained delivery intravitreal treatment currently in Phase 2 clinical trials. The proven Durasert drug delivery platform has been “safely administered to thousands of patients’ eyes” across four U.S. FDA approved products, including Yutiq for the treatment of posterior segment uveitis, EyePoint said.

Incyte is a global biopharmaceutical company focused on finding solutions for serious unmet medical needs through the discovery, development and commercialization of proprietary therapeutics.

Hoth Therapeutics refers to itself as “a catalyst in early-stage pharmaceutical research and development, elevating drugs from the bench to pre-clinical and clinical testing.” Hoth “collaborates and partners with a team of scientists, clinicians, and key opinion leaders to seek out and investigate therapeutics that hold immense potential to create breakthroughs and diversify treatment options,” the company stated.

MEI Pharma is a clinical-stage pharmaceutical company focused on developing potential new therapies for cancer. MEI Pharma’s portfolio of drug candidates includes clinical stage candidates with differentiated or novel mechanisms of action intended to address unmet medical needs and deliver improved benefit to patients, either as standalone treatments or in combination with other therapeutic options.

Amarin is an “innovative pharmaceutical company leading a new paradigm in cardiovascular disease management” and is “committed to increasing the scientific understanding of the cardiovascular risk that persists beyond traditional therapies and advancing the treatment of that risk for patients worldwide.”

BioMarin is a biotechnology company “dedicated to transforming lives through genetic discovery.” The company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin’s robust research and development capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders, the company says.

MannKind Corporation focuses on the development and commercialization of inhaled therapeutic products for patients with endocrine and orphan lung diseases.

Recent news on these stocks:

October 30

Amarin reported Q3 EPS of (6c) against a consensus of (5c), and reported Q3 revenue of $42.3M against a consensus of $44.51M. Commenting on the company and its third quarter results, Aaron Berg, Amarin’s CEO stated, “While we and our global partners continue to execute on our multipronged global strategy focused on getting VASCEPA/VAZKEPA into the hands of as many patients as possible, the senior leadership team and I, as well as the Board of Directors, remain committed to evaluating all opportunities to maximize the value and impact of this highly impactful product. To that end, we look forward to highlighting the global opportunity for VASCEPA/VAZKEPA and to hear directly from both prescribers and select partners from around the world on the impact of VASCEPA/VAZKEPA during our upcoming virtual Analyst and Investor Day on November 14.”Continuing, Berg said, “We remain fully committed to our public listing – it is very important for us as well as our shareholders. In addition to continuing to drive the business, there are a number of paths available to us to resolve the issue.”

October 29

GlycoMimetics announced it has entered into an acquisition agreement with Crescent Biopharma, a privately held biotechnology company. Upon completion of the transaction, the company plans to operate under the name Crescent Biopharma. In support of the acquisition, a syndicate of investors led by Fairmount, Venrock Healthcare Capital Partners, BVF Partners, and a large investment management firm, with participation from Paradigm BioCapital, RTW Investments, Blackstone Multi-Asset Investing, Frazier Life Sciences, Commodore Capital, Perceptive Advisers, Deep Track Capital, Boxer Capital Management, Soleus, Logos Capital, Driehaus Capital Management, Braidwell LP, and Wellington Management, has committed $200M to purchase GlycoMimetics common stock and GlycoMimetics pre-funded warrants to purchase its common stock. The transaction is expected to close in the second quarter of 2025. The financing is expected to close immediately following the completion of the transaction. The company’s cash balance at closing is anticipated to fund operations through 2027, including advancement of the company’s lead program CR-001, a tetravalent PD-1 x VEGF bispecific antibody, through preliminary proof of concept clinical data in solid tumor patients expected in the second half of 2026. Crescent is the fifth company to launch with assets discovered and developed by Paragon Therapeutics. CR-001, a tetravalent PD-1 x VEGF bispecific antibody, matches the format and pharmacology of ivonescimab, which delivered efficacy compared to the current market leader pembrolizumab in a large third party Phase 3 trial. In addition to CR-001, Crescent is developing CR-002 and CR-003, antibody-drug conjugates (ADCs) against undisclosed targets using topoisomerase inhibitor payloads; ADCs with topoisomerase inhibitor payloads have shown improved efficacy and safety compared to ADCs with alternative payloads. The Company anticipates that the IND for CR-001 will be filed in 4Q25 or 1Q26, and interim Phase 1 data from patients is expected in 2H26. CR-002, Crescent’s first ADC program is expected to initiate Phase 1 in 2026; the company plans to disclose the target for CR-002 as the program approaches the clinic. The company intends to determine potential paths forward for its late-stage clinical candidate, Uproleselan, including by supporting continued data analyses of Uproleselan from NCI, its corporate partner for China, Apollomics, and investigator-initiated studies. Under the terms of the acquisition agreement, the pre-acquisition GlycoMimetics stockholders are expected to own approximately 3.1% of the combined company and the pre-acquisition Crescent stockholders are expected to own approximately 96.9% of the company. The percentage of the company that GlycoMimetics’s stockholders will own as of the closing of the acquisition is subject to adjustment based on the amount of GlycoMimetics’s net cash at the closing date. The transaction has received approval by the board of directors of both companies and is expected to close in the second quarter of 2025, subject to certain closing conditions, including, among other things, approval by the stockholders of each company and the satisfaction of customary closing conditions. The company will be named Crescent Biopharma and be led by Jonathan Violin, Crescent’s interim CEO who will be joined on Crescent’s board by Peter Harwin, Managing Member of Fairmount.

NovaBay announced that the company’s board of directors has determined that an unsolicited and non-binding offer from Refresh Acquisitions BidCo for an affiliate of Refresh to acquire the company’s Avenova brand and related assets is a “Superior Proposal” to the company’s asset purchase agreement with PRN Physician Recommended Nutriceuticals, or PRN. Refresh’s unsolicited offer provides for terms that are substantially similar to the contemplated transaction with PRN, except that the company would receive a purchase price of up to $11.5M, subject to a downside net working capital adjustment. Refresh’s unsolicited offer also includes Refresh providing a secured term loan to the company in the principal amount of $2M, which is expected to be repaid upon closing and deducted from the purchase price. The company has notified PRN of the board of directors’ determination and that the company intends to terminate its asset purchase agreement with PRN unless the company receives a revised proposal from PRN by 11:59 p.m. Pacific time on November 4, such that the company’s board of directors determines that Refresh’s unsolicited offer is no longer a superior proposal, in accordance with the process provided in the asset purchase agreement with PRN. The company’s asset purchase agreement with PRN, in accordance with such agreement, remains in full force and effect, and the company’s board of directors has not withdrawn or modified its recommendation regarding stockholders approving the pending transaction with PRN. The company’s transaction with PRN remains subject to certain closing conditions, including receiving stockholder approval. Consistent with its fiduciary duties, the company’s board of directors conducted an evaluation of the Refresh unsolicited offer with assistance from independent financial and legal advisors, before making its determination.

BofA upgraded Incyte to Buy from Neutral with a price target of $90, up from $68, following “another strong quarter.” The firm had been cautious on competitive pressure to Jakafi in myelofibrosis, or MF, but thinks the strong continued demand indicates less risk at this point, adding that it is also encouraged by continued growth for Opzelura with potential to expand into pediatric AD.

Hoth Therapeutics announced early data from a preclinical study of its latest cancer treatment. The preliminary results demonstrate that the treatment successfully stabilizes tumor growth with remarkable consistency across subjects, showing potential as an effective therapeutic option in oncology. This study was performed and took place under a sponsored scientific research agreement with NC State University. The study measured tumor volumes in treated and untreated subjects over the course of the experiment. Key observations from the initial data include: Tumor volumes in treated subjects remained remarkably stable over the course of the study, suggesting that the treatment may significantly inhibit tumor growth. Tumor sizes were highly consistent across all treated animals, as demonstrated by the minimal error bars on the graph. This uniform response highlights the treatment’s potential reproducibility and reliability. In contrast, untreated subjects showed greater variability and an increase in tumor volume, underscoring the potential efficacy of the treatment in slowing or halting tumor growth. As Hoth Therapeutics advances this research, the company will continue analyzing additional tissue data to further validate these results. The company is committed to moving forward with the development of this promising treatment and exploring its full potential for patients in need of effective cancer therapies.

BioMarin reported Q3 non-GAAP EPS of 91c against a consensus of 52c, and reported Q3 revenue of $746M against a consensus of $700.14M. “The strategic and operational decisions we have made over the last nine months are driving strong performance, reflected in year-over-year revenue growth in the third quarter of 28% and accelerated profitability,” said Alexander Hardy, CEO of BioMarin. “We are executing on our new corporate strategy, focused on Innovation, Growth, and Value Commitment, as demonstrated by another quarter of strong financial performance and clinical progress as we advance potential new medicines for the patients we serve.” Additionally, BioMarin raised its FY24 non-GAAP EPS view to $3.25-$3.35 from $3.10-$3.25, and raised its FY24 revenue view to $2.790B-$2.825B from $2.750B-$2.825B.

October 28

In a regulatory filing, Revance disclosed that On October 24, the company and Teoxane entered into the sixth amendment to the exclusive distribution agreement. As previously disclosed, the company entered into the exclusive distribution agreement with Teoxane on January 10, 2020, pursuant to which Teoxane granted the company with the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid dermal fillers and future Hyaluronic Acid filler advancements by Teoxane in the United States, its territories and possessions, which is manufactured in Switzerland by Teoxane. The sixth amendment, among other things, includes (i) revised brand guidelines and the adoption of a marketing task force to review current and planned product promotional materials, (ii) revised medical training materials and the adoption of a medical education task force to promote the exchange of best practices with respect to medical education, (iii) an update to the buffer stock methodology that is aligned with new purchase commitments and (iv) agreed on minimum purchase commitments through 2029.

EyePoint Pharmaceuticals announced positive interim 16-week data for the ongoing Phase 2 VERONA clinical trial evaluating Duravyu, an investigational sustained delivery therapy delivering patent-protected vorolanib, a selective tyrosine kinase inhibitor formulated in proprietary bioerodible Durasert E, for patients with diabetic macular edema, DME. Duravyu 2.7mg demonstrated an early, sustained, and clinically meaningful improvement in best-corrected visual acuity, BCVA, and anatomical control versus the aflibercept control arm. A favorable safety and tolerability profile continued for both Duravyu arms. The 2.7mg dose is also being evaluated in the Phase 3 pivotal trials for wet AMD. The company expects to report the full topline results in the first quarter of 2025, once all patients complete the trial.

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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.