Shares of Acceleron Pharma Inc. (XLRN) were down 6.5% to $26.40 in premarket trading on Tuesday, June 13. The Cambridge, Mass.-based firm after the market close on June 12 said a Phase 2 study of dalantercept plus axitinib did not achieve its primary endpoint in advanced renal cell carcinoma.
Clovis Oncology Inc. (CLVS) shares rose 3.2% to $62. Leerink Partners LLC analysts on June 12 began coverage of the Boulder, Colo.-based firm with an outperform rating and a price target of $85 based on a probability-adjusted scenario analysis.
Clovis' primary near-term value driver is PARP inhibitor Rubraca, analysts said. Clovis in December of last year secured U.S. approval for the drug to treat women with advanced ovarian cancer that have been treated with two or more chemotherapies and have deleterious germline or somatic BRCA mutations.
"While the commercial potential for Rubraca in this indication is moderate - $268M peak US sales based on our estimates - we believe Rubraca has significant commercial potential in other indications not currently adequately reflected in CLVS' valuation," Leerink analysts wrote.
Analysts added that ultimately, they view Clovis as a "compelling M&A target, trading at a discount to its oncology peers."
Among the other biotech stock movers was Coherus BioSciences Inc. (CHRS) . The stock was up 2.7% to $16.15 in premarket trading on June 13 after ending the previous day's trading session at $15.72, down nearly 24%. Coherus on June 12 said the U.S. Food and Drug Administration has issued a complete response letter regarding its biologics license application for CHS-1701, a pegfilgrastim (Neulasta) biosimilar candidate, under the 351(k) pathway.
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