Shares of Ionis Pharmaceuticals Inc. (IONS) - Get Report fell 4.96%, or $2.26, to $43.30 in pre-market trading Friday, Aug. 11 after the Carlbad, Calif. biotech reported that GlaxoSmithKline plc GSK declined its options to Ionis drugs inotersen and IONIS-FB-LRx. Inotersen is a drug designed to treat patients with TTR amyloidosis (ATTR), a slowly progressive condition characterized by the buildup of abnormal deposits of a protein in the body's organs and tissues that can lead to sexual impotence, diarrhea, constipation, problems with urination, a sharp drop in blood pressure upon standing, various eye problems may occur and carpal tunnel syndrome. IONIS-FB-LRx is being developed to target complement-mediated diseases that affect immune response, cardiovascular function.
Ionis has retained all rights to inotersen and IONIS-FB-LRx and said GSK declined its options on both drugs as part of Ionis's reprioritization of its pipeline and strategic review of its Rare Diseases business.
Shares of Emergent BioSolutions (EBS) - Get Report rebounded 3.98%, or $1.36, to $35.50, before opening Friday after dropping $1.08 on Thursday after the specialty biopharma reported that it earned $0.13 a piece versus the consensus-estimated $0.26 during the second quarter. Revenue totaled $111.57 million down -4.53% from the previous quarter.
Despite the down quarter, Emergent has a consensus outperform rating from five Wall Street analysts and the consensus target price for the shares is $42.17.