Yahoo Finance Today’s Research Reports on Stocks to Watch: Concert Pharmaceuticals and Exact Sciences Corporation
NEW YORK, NY / ACCESSWIRE / January 15, 2018 / Concert Pharmaceuticals shares crumbled on Friday after it was revealed that the company's CTP-543 treatment could infringe on Incyte's patent and after CEO Roger Tung said that the company is reassessing whether to expand the treatment into additional indications. Shares of Exact Sciences Corporation also saw losses after announcing it has priced an underwritten public offering.
RDI Initiates Coverage on:
Concert Pharmaceuticals, Inc.
https://rdinvesting.com/news/?ticker=CNCE
Exact Sciences Corporation
https://rdinvesting.com/news/?ticker=EXAS
Concert Pharmaceuticals, Inc. shares plummeted on Friday, closing the day down 27.20% on trading volume of roughly 3.4 million shares traded. The company was down as much as over 30% after announcing that the FDA has granted fast-track designation to CTP-543 as a treatment of moderate-to-severe alopecia areata. Alopecia areata is an autoimmune disorder that leads to patchy or complete hair loss. Although this was good news, the company also announced that the Patent Trial and Appeal Board (PTAB) of the U.S. Patent and Trademark Office decided not to grant a Post Grant Review of its petition to challenge the validity of a patent assigned to Incyte Pharmaceuticals (NASDAQ:INCY) covering deuterated ruxolitinib analogs. The concern is that the company's CTP-543 is deuterated ruxolitinib. It may infringe on Incyte's patent and traders were not enthused by the possibility. CEO Roger Tung remarked that the company is "reassessing whether to expand CTP-543 into additional indications."
Access RDI's Concert Pharmaceuticals, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=CNCE
Exact Sciences Corporation shares closed down 4.43% on nearly 6.4 million shares traded on Friday. The company's shares took a tumble after it announced last Thursday that it has priced its underwritten public offering of 1.0% convertible senior notes due 2025 and upsized the offering from $500 million to $600 million aggregate principal amount, pursuant to an effective shelf registration statement filed with the SEC on Form S-3. In addition, Exact Sciences has also granted the underwriter a 30-day option to purchase up to an additional $90 million aggregate principal amount of Notes with the closing of the offering expected to happen on January 17. According to the company's press release, "BofA Merrill Lynch is acting as sole book-running manager for the offering. An automatically effective shelf registration statement relating to these securities was filed with the SEC on June 6, 2017."
Access RDI's Exact Sciences Corporation Research Report at:
https://rdinvesting.com/news/?ticker=EXAS
Our Actionable Research on Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) and Exact Sciences Corporation (NASDAQ: EXAS) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com