These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include:
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- Rigel Pharmaceuticals (RIGL), 618% surge in interest
- Editas Medicine (EDIT), 517% surge in interest
- Revance Therapeutics (RVNC), 400% surge in interest
Pipeline and key clinical candidates for these companies:
Rigel Pharmaceuticals is dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with hematologic disorders, cancer, and rare immune diseases. Rezlidhia is indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia, or AML, with a susceptible isocitrate dehydrogenase-1 mutation as detected by an FDA-approved test.
Editas Medicine is focused on translating the power and potential of the CRISPR/Cas12a and CRISPR/Cas9 genome editing systems into a robust pipeline of treatments for people living with serious diseases around the world. Editas Medicine aims to discover, develop, manufacture, and commercialize transformative, durable, precision genomic medicines for a broad class of diseases. Editas Medicine is the exclusive licensee of Broad Institute’s Cas12a patent estate and Broad Institute and Harvard University’s Cas9 patent estates for human medicines.
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.
Recent news on these stocks:
November 7
Rigel Pharmaceuticals reported Q3 EPS of 70c against a consensus of 6c, and reported Q3 revenue of $55.3M against a consensus of $41.93M. “2024 has been a significant year for Rigel, marked by the acquisition of GAVRETO, our third commercial product, strong revenue growth across our commercial portfolio, and the advancement of our development pipeline,” said Raul Rodriguez, CEO. “This great progress is underpinned by our focus on financial discipline, resulting in positive third-quarter and year-to-date net income. As we close out the year, we will continue driving momentum in our commercial portfolio and hematology and oncology development pipeline.”
Revance reported Q3 EPS of (37c) against a consensus of (38c), and reported Q3 revenue of $59.9M against a consensus of $68.84M. In light of the proposed merger with Crown and other recent developments, Revance will not be providing any forward-looking guidance and is withdrawing any previously provided guidance and outlook.
November 6
Evercore ISI analyst Liisa Bayko upgraded Editas Medicine to Outperform from In Line with a price target of $7, up from $3. Editas has $322M in cash including the recent DRI royalty deal, but the market is valuing the stock at just about $260M, or $62M below cash, the analyst told investors. The company holds cash of $3.46 per share, the firm estimates $2 per share in reni-cel value and it “conservatively modelled the value for all 35 projects” in the biotech universe employing the exclusive license that Editas holds for the Cas 9 and 12a CRISPR technology from Broad Institute at $1.30 per share, risk-adjusted. This value could increase as assets move through development, the firm added.
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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.