Leading gainers Monday morning included Cytokinetics (CYTK) , whose shares rallied about 7% premarket after Needham upgraded the late-stage biopharma company to a Strong Buy with a $22 per share upside. Among other things, Needham analyst Chad Messer wrote that Cytokinetics' "Phase III VITALITY-ALS study of tirasemtiv in amyotrophic lateral sclerosis (ALS) is expected to read out by year end". He added that after a recent royalty financing, the company encompassed more than $230 million in pro forma cash, more than enough to launch tirasemtiv.
Shares of small-cap biotech Artana Therapeutics (PETX) tumbled about 9.7% premarket after disclosing in a regulatory filing that Entyce, an in-development treatment for dogs that have lost their desire to eat, would not be commercially available until the forth quarter. Entyce was approved by the FDA's Center for Veterinary Medicine in May 2016.
Bluebird Bio (BLUE) shares fell about 4.5% after Roth Capital downgraded the clinical-stage company to Neutral. The company on Friday posted a loss of $2.07 per share over its latest quarter, falling short of analysts' consensus estimates.
Other pre-market winners included Sorrento Therapeutics (SRNE) , up about 6.9%, and Immunomedics (IMMU) , which climbed about 5.9%. Meanwhile, Keryx Biopharmaceuticals (KERX) fell about 2.6%, while Regeneron (REGN) retreated about 1.6%.