Stocks

Inovio Pharmaceuticals Shares Jump Amid Narrower Q4 Loss

Inovio Pharmaceuticals shares gained more than 17% in trading Monday after reporting a narrower Q4 loss from the same period a year ago and as it announced receiving a $16 million grant.

INO is trading in the lower half of the 52-week range between $6.33 and $15.56, on heavy volume of 1.6 million shares. Average daily volume is 636,392 shares.

The net loss attributable to common stockholders for the quarter was $7.4 million, or $0.12 per share, compared to $15.5 million or $0.30 per share in the same period a year ago. The loss was wider than the loss of $0.10 predicted by analysts.

Total revenue was $2.5 million, up from $1.7 million in Q4 2013 but short of analyst projections of $5.2 million.

“In 2015 we look forward to our first cancer data, our complete phase II data being published in a peer-reviewed medical journal, advancing the many steps toward our phase III launch, initiating clinical studies for additional diseases, and new corporate development steps,” said Dr. J. Joseph Kim, President and CEO.

Separately, the company said that it and academic collaborators, including the University of Pennsylvania, were awarded a $16 million Integrated Preclinical/Clinical AIDS Vaccine Development Program grant from the National Institute of Allergy and Infectious Diseases.

“The grant will fund research to expand PENNVAX coverage of HIV strains as well as to further enhance antibody responses generated by the vaccine,” Inovio said in a statement.

March 16, 2015
Business

Advaxis Shares Hit All-Time High

Advaxis shares hit an all-time high of $14.44 earlier after data from a phase 1/2 clinical study of its ADXS-HPV in 10 patients with HPV-associated locally advanced anal cancer showed that all patients who completed treatment in the study had a complete response with no evidence of recurrence to date.

ADXS was most recently higher 14% at $14.15. The 52-week low is at $2.46. Average daily volume is 1.5 million shares. Earlier in the trading session shares hit $14.44, setting an all new high.

The preliminary data also showed the treatment was well tolerated and all treatment-related toxicities were within 24 hours of dosing, the most frequent of which included chills/rigors, fever and nausea, the company said.

“Though preliminary, the data we have observed thus far are extremely encouraging,” said Kimberly Perez, assistant professor of medicine at the Alpert Medical School, Brown University. “ADXS-HPV has the potential to be an important advancement in the treatment of HPV-associated anal cancer, and we look forward to reporting the full safety and efficacy data set once all 25 patients have completed the dosing regimen.”

March 16, 2015
Stocks

Pfenex Posts Narrower Q4 Loss Vs. Estimates

Shares of Pfenex Inc. were slightly lower Monday morning after the clinical-stage biotechnology firm reported a narrower-than-expected loss in Q4 but lower revenues that just missed the consensus of analysts polled by Capital IQ. PFNX is trading near the higher end of the 52-week range of $5.28 to $15.19.

Net loss widened to $3.6 million from $469,000 a year earlier. On a share basis, net loss totaled $0.18 per share compared to a net loss of $0.59 per share in the prior-year period as the number of outstanding shares rose to 20,388 from 1,542 shares. Analysts were expecting a loss of $0.20 per share.

Revenues fell 52.2% year-on-year to $2.0 million, just missing the consensus of $2.1 million. The decrease was due to the expected decrease in BARDA program activity in Q4.

Looking ahead, CEO Bertrand Liang said “2015 is off to an exciting start,” as the company entered into a previously-announced exclusive collaboration with injectable drugs and infusion technologies provider Hospira (HSP) to develop and commercialize PF582, PFNX’s generic version of Genentech’s LUCENTIS.

Under the terms of the collaboration, PFNX will receive an upfront payment of $51 million and, over the next five years and beyond, will be eligible to receive a combination of development and sales-based milestone payments up to an additional $291 million, and tiered double-digit royalty on net sales of the product.

March 16, 2015
Business

PICO Holdings Reports Wider Quarterly Losses

PICO Holdings (PICO) shares dropped more than 3% in early trading Monday after the company reported a wider Q4 loss and a decline in revenue, mainly due to the holding company’s agribusiness operations, which PICO is considering selling.

For the fourth quarter of 2014, PICO reported a net loss of $31.1 million or $1.36 per share, compared to a net loss of $7.8 million or $0.34 per share in the fourth quarter of 2013. Q4 revenues fell to $74.4 million compared with $76.0 million in the same period of 2013. Analyst estimates for comparison were not available.

PICO reported steeper losses in all three of its main businesses: water resources, real estate and agribusiness.

John Hart, PICO’s president and chief executive officer. said the company is reviewing financial and strategic alternatives for monetizing its investment in Northstar Agri Industries, a canola seed crushing operation with a single plant in northern Minnesota. “We believe that Northstar may have a higher valuation in the hands of a strategic buyer than as part of a diversified holding company.”

PICO also has interests in Vidler Water, a water resource development business and UCP, (UCP), a homebuilder and land developer. PICO shares fell 3.6% to $16.38, in a 52-week range of $15.66 to $26.25.

March 16, 2015
Business

Progenics Pharmaceuticals Posts Wider-Than-Expected Q4 Loss

Progenics Pharmaceuticals shares fell Monday after the drug-maker reported a wider-than-expected Q4 loss on negative revenue.

The company reported a net loss of $12.2 million, or $0.18 per share, wider than its net loss of $8.6 million, or $0.14 per share, for the same quarter of 2013. Analysts’ mean estimate was for a loss of $0.13 per share, according to Capital IQ.

The company posted negative revenue of $571,000 as a result of Relistor royalty losses due to Salix Pharmaceuticals’ (SLXP) plan to accelerate the reduction of wholesaler inventory levels and cease all sales efforts to wholesalers for Q4 2014. This compares with three analysts’ mean estimate for $2.8 million in revenue, versus $3.0 million in revenue for the same quarter last year.

Salix is Progenics’ marketing partner for Relistor, a treatment used by patients with chronic pain to treat the constipating effect of opioids in the gastrointestinal tract. Shares of PGNX were down 7.2% recently at $6.58, in a 52-week range of $3.10 to $7.84.

March 16, 2015
Technology

Iconix Brand Group Acquires Full Ownership of Iconix China for $56 Mln

Iconix Brand Group, a brand management company engaged in licensing, marketing and providing trend direction for a portfolio of consumer and entertainment brands, said Monday that it has acquired the remaining 50% of Iconix China from its joint venture partner Novel Fashion Brands Limited for $56.4 million in cash and stock.

The consideration was made up of $40.4 million in cash and $16 million in the company’s common stock.

The transaction provides ICON with full control and ownership of Iconix China, which owns equity stakes in two joint ventures with the recently public Shanghai La Chapelle that can be put to Shanghai La Chapelle for cash; publicly traded shares in China Outfitters; equity stakes in an additional six retail ventures of which four have plans to go public in the next 5 years; control over a portfolio of 15 unplaced brands; and an office and staff in Hong Kong dedicated to Iconix China. Shares closed at $33.75, with a 52-week range of $32.69 – $44.81.

March 16, 2015