Top 5 Losers In Healthcare Sector (TMDI, ABEO, ZEAL…)
The following are some of the healthcare stocks that posted the biggest percentage decline on Wednesday.
1. Titan Medical Inc. (TMDI)
Titan Medical is a medical device company focused on the design and development of a robotic surgical system for application in minimally invasive surgery.
Lost 50.93% to close Wednesday’s (Oct.16) trading at $0.52.
News: The Company announced that it has filed an amended and restated preliminary prospectus and withdrawn its previously published milestones.
Previously, the Company was hoping to submit its Investigational Device Exemption application for its SPORT Surgical System and was expecting to receive FDA approval in the third quarter of 2019. But now, it has withdrawn these anticipated milestones.
The SPORT Surgical System is a single-port robotic surgical system, being developed for one or more of gynecologic, urologic, colorectal or general abdominal procedures.
Also, earlier, the Company was expecting to file 510(k) for SPORT Surgical System in the U.S. and file for the CE mark by year-end 2019. These two anticipated milestones have also been withdrawn.
2. Entera Bio Ltd. (ENTX)
Entera Bio is a clinical-stage biopharmaceutical company focused on developing orally-delivered large molecule therapeutics for use in orphan indications and other areas with significant unmet medical needs.
Lost 19.39% to close Wednesday’s trading at $2.32.
News: No news
Clinical Trials & Near-term Catalysts:
— A phase II clinical trial of Oral PTH 1-34 for hypoparathyroidism is underway. The Phase 2 trial is designed to evaluate the pharmacokinetics and pharmacodynamics of oral PTH (1-34) and Natpar, an injectable PTH, in patients with hypoparathyroidism.
The Company reported positive results from Part I of this study last November, and positive results from Part 2 of the study in September of this year.
— A phase II study of osteoporosis drug candidate EB613 was initiated as recently as July 2, 2019, and results are expected in 2020.
3. ViewRay Inc. (VRAY)
ViewRay designs, manufactures and markets the MRIdian radiation therapy system.
Lost 11.19% to close Wednesday’s trading at $2.54.
News: No News
On October 15, 2019, the Company announced preliminary results for the third quarter of 2019.
Total revenue was $20.9 million in the third quarter of 2019, primarily from three revenue units, compared to total revenue of $17.7 million, primarily from three revenue units, in the third quarter of 2018.
The Company also reaffirmed its full-year 2019 guidance of revenue in the range of $80-95 million, and cash use in the range of $80-90 million.
The Company is slated to report third-quarter financial results on November 12, 2019.
4. Abeona Therapeutics Inc. (ABEO)
Abeona is a gene and cell therapy company.
Lost 10.15% to close Wednesday’s trading at $2.43.
News: No news
The Company’s planned phase III clinical trial of EB-101 in Recessive Dystrophic Epidermolysis Bullosa, dubbed VIITAL, is under clinical hold by the FDA. The Company continues to anticipate receiving Chemical, Manufacturing and Controls (CMC) clearance for VIITAL trial in Q4 2019.
On September 3, 2019, the Company initiated a process to explore a broad range of strategic alternatives, including, but not limited to the partnering of its various clinical and pre-clinical programs, or a sale or merger.
Jefferies LLC has been retained as the Company’s financial advisor to assist with the review of strategic options.
5. Zealand Pharma A/S (ZEAL)
Zealand is a biotechnology company focused on developing peptide-based medicines for gastrointestinal, metabolic and other specialty diseases.
Lost 9.26% to close Wednesday’s trading at $25.
News: No news
The Company looks forward to submitting the New Drug Application for Dasiglucagon HypoPal rescue pen in early 2020.
The Dasiglucagon HypoPal rescue pen is being developed as an easy-to-use, fast and effective rescue treatment for diabetes patients having a severe hypoglycemic event.
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