Truist Securities has initiated coverage on Protagonist Therapeutics (PTGX) with a Buy rating and a $60 price target, citing its promising lead assets and significant market potential. The firm forecasts robust sales for rusfertide and JNJ-2113, highlighting their potential to disrupt the blood cancer and inflammatory diseases markets respectively.
Tampa-based biotech company Psilera is making strides in dementia treatment with its non-hallucinogenic psilocybin drug, PSIL-006. This groundbreaking drug successfully passed a key safety milestone in preclinical studies, paving the way for human trials and potential FDA approval. PSIL-006 could revolutionize treatment for frontotemporal dementia (FTD), currently lacking FDA-approved therapies.
Shuttle Pharmaceuticals (SHPH) shares saw a dip despite receiving a new patent for its selective histone deacetylase (HDAC) inhibitors. The patent covers inhibitors designed to fight cancer and other diseases. Despite earlier gains, the stock is currently trading lower. Benzinga explores the factors investors should consider when evaluating SHPH as a potential investment.
Irish psychedelic biotech firm GH Research PLC (GHRS) reported its second-quarter financial results, highlighting a net loss of $10.4 million but significant progress in clinical trials for its DMT-related drug candidates. The company is investigating two mebufotenin-based products for treatment-resistant depression.
Oragenics Inc (OGEN) shares dropped sharply after announcing a public offering of 8.1 million shares at $0.55 per share. The offering is expected to close around September 5th and raise approximately $4.45 million. The funds will be used for developing the company’s ONP-002 product and general corporate purposes. This news comes as OGEN stock has already experienced significant losses year-to-date.
Biotech company BioAge Labs, focused on developing treatments for metabolic diseases, has filed for an initial public offering (IPO) on the Nasdaq, aiming to raise up to $100 million. The company’s lead drug, Azelaprag, has shown promising results in preclinical studies and is being investigated in multiple Phase 2 trials for obesity and other metabolic conditions. BioAge also has a pipeline of NLRP3 inhibitors for neuroinflammatory diseases, with an IND application expected in the second half of 2025.
The second quarter of 2024 saw a strong performance from several major pharmaceutical companies. Eli Lilly, Pfizer, and AbbVie all exceeded earnings expectations and raised their guidance for the year, driven by the success of new and existing drugs. While the industry faces challenges like generic competition and pricing pressures, these companies’ robust pipelines and innovative products offer promising prospects for future growth.
Syngene International’s share prices have been volatile due to concerns over challenging funding conditions for US biotech. Despite a lower-than-expected Q4 performance, the company remains optimistic as underlying drivers of reduced demand for R&D services from US biotech due to difficult funding are showing signs of recovery. Overall, Syngene reported a 9% increase in revenue for FY24, supported by growth in development business and manufacturing services. Higher growth guidance, successful acquisition in manufacturing services, and benefits from China rotation are expected to drive future growth.
Despite strong quarterly results and a promising pipeline, ClearPoint Neuro’s stock has faced headwinds due to macro conditions and interest rate fears. However, the company’s fundamentals remain solid, with revenue growth expected in 2024 and cash burn moderating. New product commercialization and operating leverage will drive profitability, but drug discovery revenue could be affected by higher interest rates.
Doctors at NYU Langone Health have performed a groundbreaking surgery, transplanting a pig kidney into a patient who was near death. The patient, Lisa Pisano, also received a mechanical heart pump to stabilize her failing heart. Pisano is the second patient ever to receive a pig kidney, following a similar transplant at Massachusetts General Hospital last month. This latest surgery marks a significant step forward in the effort to make animal-to-human transplantation a reality.
