Weekly Biotech Pulse: Vaxxinity results, Biogen's FDA review, and more | Pro Recap

By Vlad Schepkov

Investing.com -- Here is your weekly Pro Recap preview of key biotech catalysts for the next week: Vaxxinity, Biogen, Ionis Pharma, and more.

InvestingPro users always get this news first.

1. Monday: Vaxxinity

Keep your eyes peeled for Vaxxinity's (NASDAQ:VAXX) Phase 1 data today for UB-313, the company's migraine drug candidate, which it is set to report at the American Academy of Neurology (AAN) conference.

Last month, the drugmaker - which also has drug candidates for a COVID-19 booster and against Alzheimer's - reported in-line earnings of $0.16 per share.

Shares lost 6.3% last week to $1.95.

2. Tuesday: Biogen and Ionis Pharmaceuticals

On Tuesday, the FDA is slated to conduct PDUFA priority review date for Tofersen, a drug candidate for amyotrophic lateral sclerosis (ALS) that Biogen (NASDAQ:BIIB) and Ionis Pharmaceuticals (NASDAQ:IONS) are partnering on.

The FDA Advisory Committee has previously voted on the drug 9-0 on clinical benefit and 3-5 (with one abstention) on effectiveness.

Biogen was upgraded to Overweight from Neutral last week at Piper Sandler, with its price target raised to $346 from $280: The analyst called the setup regarding its Alzheimer's drug, Leqembi, "too good to ignore."

Ionis, meanwhile, was started at Underperform at Bernstein last month with a $31 price target.

Whatever the outcome this next week on the drug, InvestingPro subscribers will get the news in real time. Start your 7-day trial to get on board.

Biogen shares broke even last week at $293.99, while Ionis was off about 1% to $36.93.

3. Wednesday: Seres Therapeutics

The FDA has scheduled for Wednesday PDUFA priority review date for SER-109, Seres Therapeutics' (NASDAQ:MCRB) drug candidate for recurrent clostridioides difficile infection.

Last week, JPMorgan - in a note that started coverage on the drug at Neutral - said it believes there is an "intriguing opportunity" around SER-109 "in an area of high unmet need" and that there appears to be "a desire for efficacious and safe options beyond antibiotics that are specifically targeted for recurrent CDI and are easy to implement, such as SER-109."

It also said it sees the next year as "crucial to setting the launch up for success and as such don’t see the first couple of quarters as levers for stock outperformance; at the same time, longer term we can make a case for nice uptake once reimbursement is successfully in place."

Seres shares rose 7.2% last week to $6.44.

4. Thursday: BioVie

BioVie (NASDAQ:BIVI) is set to present Phase 2 data for NE3107, its Parkinson's disease drug candidate, on Thursday. Earnings should come late next month.

Shares retreated 1.1% last week to $7.84.

5. Friday MeiraGTx

To close out the week, MeiraGTx (NASDAQ:MGTX) is set to present humoral immune response data for BGT009, its X-linked retinitis pigmentosa (XLRP) drug candidate, at the Association for Research in Vision and Opthalmology (ARVO) conference on April 27th, 2023.

The company is slated to report earnings next month.

The stock climbed 5.8% to $5.67 last week.

6. This month: Emergent BioSolutions

Emergent Biosolutions Inc (NYSE:EBS) guided a PDUFA goal for AV7909, its anthrax vaccine candidate, for sometime this month. EBS has not provided further updates at this time.

Benchmark upped Emergent shares to Buy from Hold earlier this month, with a $22 price target, "on the Company's recent FDA approval for an Over-the-Counter version of antiopioid treatment Narcan nasal spray (naloxone) following the on year share price decline."

Shares of the company, which is slated to report earnings early next month, slid 12.4% last week to $10.37.

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