ASRT, Purdue Settle Suit, RCUS For The Long Haul, IRMD Sees Bright Days Ahead

(RTTNews) - The following are some of the pharma/biotech stocks that posted the biggest percentage decline today.

1. Assertio Therapeutics Inc. (ASRT)

Lost 11% to close Wednesday's (Aug.29) trading at $6.51.

News: Purdue Pharma has agreed to pay a total of $62 million in cash to Assertio following the settlement agreement reached between the two companies related o Purdue's commercialization of Oxycontin.

Looks like $62 million reward to Assertio is much lower than what investors and analysts were expecting.

The litigation was over infringement of Assertio's (formerly Depomed) patents by Purdue's reformulated OxyContin product. The lawsuit was filed by Assertio against Purdue Pharma in January 2013.

2. Zai Lab Limited (ZLAB)

Lost 10.34% to close Wednesday's trading at $22.73.

News: No news

Recent events:

-- On August 28, the Company announced the dosing of the first patient in a Phase III trial of ZL-2306 (niraparib) in patients with small-cell lung cancer in China. -- On August 24, the Company announced its decision to terminate the development of ZL-3101 for the treatment of atopic dermatitis, following disappointing top-line results of a Phase IIA trial of ZL-3101 in patients with mild to moderate subacute eczema.

3. Rexahn Pharmaceuticals Inc. (RNN)

Lost 7.69% to close Wednesday's trading at $1.68.

News: No news

Recent events:

On August 21, the Company announced that it has entered into a clinical trial collaboration agreement with Merck to evaluate the combination of Rexahn's RX-5902 and Merck's KEYTRUDA in a Phase 2 trial in patients with metastatic triple negative breast cancer. Rexahn will sponsor the study.

As of August 6, 2018, Rexahn had cash of $15.7 million.

4. IRadimed Corporation (IRMD)

Lost 6.83% to close Wednesday's trading at $25.90.

News: No news

Recent event:

On July 31, the Company announced financial results for the second quarter ended June 30, 2018.

Net income for the recent second quarter was $1.4 million or $0.11 per share compared to a net income of $0.4 million, or $0.03 per diluted share for the second quarter 2017. Revenue for the second quarter of 2018 increased to $7.4 million from $5.5 million in the year-ago comparable quarter.

Looking ahead to full year 2018, the Company increased its revenue guidance to $29.5 million to $30.1 million from its prior outlook range of $29.3 million to $30.0 million.

The Company also increased its earnings guidance for the full year 2018 and now expects to report GAAP diluted earnings per share of $0.35 to $0.37 and non-GAAP diluted earnings per share of $0.45 to $0.47. The Company previously expected full year 2018 GAAP diluted earnings per share of $0.30 to $0.33 and non-GAAP diluted earnings per share of $0.40 to $0.43.

5. Arcus Biosciences Inc. (RCUS)

Lost 6.45% to close Wednesday's trading at $13.93.

News: No news

Near-term Catalysts:

-- Present the final data from a phase I trial of AB928 in healthy volunteers at a medical conference in the fall. -- Initiate a phase I trial to evaluate the safety and pharmacokinetic profile of AB680 in healthy volunteers in the second half of 2018. -- Present safety, pharmacokinetic, receptor occupancy and clinical activity data from the ongoing phase I trial of AB122 in the second half of 2018. -- Present initial data from the dose-escalation trials of AB928 + AB122 and AB928 + chemotherapy, which will include data on safety, biomarker analysis and clinical activity for each of the combinations in the first half of 2019. -- Initiate the expansion cohorts for the AB928 + AB122 and AB928 + chemotherapy combinations. Initial data from the expansion cohorts are expected in late 2019. -- Report safety and pharmacokinetic data from the phase I trial of AB680 in healthy volunteers in the first half of 2019. -- Initiate clinical testing of AB680 in cancer patients in the first half of 2019.