LCI Whacked On Contract Loss, CWBR Awaits Data, Busy Months Ahead For PLSE

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

1. Lannett Company Inc. (LCI)

Lost 60.37% to close Monday's (Aug. 20) trading at $5.35.

News: The Company announced that its contract with Jerome Stevens Pharmaceuticals to be the exclusive distributor in the United States of three JSP products, which expires on March 23, 2019, will not be renewed.

The three JSP products namely Butalbital, Aspirin, Caffeine with Codeine Phosphate Capsules USP, Digoxin Tablets USP and Levothyroxine Sodium Tablets USP, are valuable assets for Lannett and are expected to significantly contribute to its financial performance in fiscal 2019.

The Company also announced lackluster preliminary financial results for fiscal 2018 fourth quarter and full year.

For the fiscal 2018 fourth quarter, net sales are expected to be approximately $171 million, and Adjusted earnings per share attributable to Lannett to be between $0.62 and $0.64. Analysts polled by Thomson Reuters were expecting net sales of $173.53 million and EPS of $0.66.

Near-term Catalyst:

The FDA decision on Numbrino Cocaine HCl, a proprietary local topical anesthetic with a nasal indication, due July 21, 2018, is still pending.

2. Surface Oncology Inc. (SURF)

Lost 11.49% to close Monday's trading at $8.94.

News: No news

Clinical Trials & Near-term Catalysts:

A phase I trial of SRF231, being developed for the treatment of solid and hematologic malignancies, is underway. Initial clinical results from this trial are expected in the first half of 2019. In July, the FDA granted SRF231 Orphan Drug Designation for the treatment of multiple myeloma.

A phase I clinical trial for NZV930, initiated by Surface's collaborator, Novartis, is also ongoing. The study will assess the safety, tolerability, and preliminary anti-tumor activity of NZV930 alone and when combined with PDR001 (anti-PD-1) and/or NIR178 (A2AR antagonist), in patients with advanced cancers.

3. CohBar Inc. (CWBR)

Lost 11.07% to close Monday's trading at $4.98.

News: No news

Near-term Catalysts:

-- A phase 1a/1b safety and biomarker study of CB4211, the Company's lead mitochondria based therapeutic candidate under development as a potential treatment for non-alcoholic steatohepatitis (NASH) and obesity, was initiated as recently as last month. Data from the study are expected to be available in early 2019.

Recent events:

-- On August 14, the Company reported financial results for the second quarter ended June 30, 2018.

Net loss for the recent second quarter widened to $3.32 million or $0.08 per share from $1.91 million or $0.05 per share in the comparable year-ago quarter. CohBar had cash and investments of $28 million on June 30, 2018.

-- On June 22, the company was added to the Russell 2000 and 3000 Indexes.

4. Pulse Biosciences Inc. (PLSE)

Pulse Biosciences is a clinical stage electroceutical company pursuing multiple clinical applications of its proprietary Nano-Pulse Stimulation technology.

Lost 10.03% to close Monday's trading at $13.45.

News: No news

Clinical Trials & Near-term Catalysts:

A multicenter study evaluating the e safety and efficacy of its Nano-Pulse Stimulation technology for eliminating Sebaceous Hyperplasia, an unsightly benign skin lesion that typically appears on facial skin, is underway. Study completion is expected by the end of 2018.

A clinical study evaluating Nano-Pulse Stimulation in a common skin cancer, Basal Cell Carcinoma (BCC), is also ongoing. The study is expected to complete enrollment by year-end 2018.

5. Biocept Inc. (BIOC)

Lost 10% to close Monday's trading at $3.06.

News: No news

Recent events:

-- On August 14, the Company reported financial results for the second quarter ended June 30, 2018.

The net loss for the second quarter of 2018 was $6.2 million or $2.70 per share on 2.3 million weighted-average shares outstanding. This compares with a net loss for the second quarter of 2017 of $5.7 million or $6.32 per share on 901,000 weighted-average shares outstanding. Revenues for the second quarter of 2018 declined to $822,000 from $1.3 million for the second quarter of 2017.

-- On July 10, 2018, the Company implemented a 1 for 30 reverse stock split.

6. ArQule Inc. (ARQL)

Lost 9.41% to close Monday's trading at $5.68.

News: No news

Recent event:

-- On August 1, the Company reported financial results for the second quarter of 2018.

For the quarter ended June 30, 2018, the Company reported net income of $5.16 million or $0.05 per share compared with a net loss of $7.20 million or $0.10 per share for the second quarter of 2017.

Revenues for the recent quarter were $13.71 million compared with revenues of zero for the quarter ended June 30, 2017.

For 2018, ArQule now expects revenue to range between $21 million and $23 million and net loss to range between $10 million and $14 million, or net loss per share of $0.10 and $0.14. Earlier, the Company had forecast revenue to range between $14 million and $17 million and net loss to range between $16 million and $21 million, or loss per share of $0.18 and $0.24 for the year 2018.