Shares of Momenta Pharmaceuticals Inc. (MNTA) were down 12.4% to $12.36 in premarket trading on Wednesday, Nov. 1, after the Cambridge, Mass.-based company and Mylan NV (MYL) said that M834, a proposed biosimilar of Orencia (abatacept), did not achieve its primary pharmacokinetic endpoints in a Phase 1 study.
Shares of Mylan were trading at $36.09, up 1.1%.
Also on Wednesday, Momenta reported a third-quarter net loss of $33.2 million, or $0.44 per share, compared with a net loss of $17.5 million, or $0.26 per share, in the year-ago period. Total collaboration revenue was $24.09 million, compared with $29.14 million in the same period last year.
Meanwhile, shares of Intellia Therapeutics Inc. (NTLA) were down 6.8% to $29.01 after the Cambridge, Mass.-based firm said it has commenced an underwritten public offering of $150 million of stock. The company also plans to give underwriters a 30-day option to buy up to an additional 15% of shares offered in the public offering.
Wednesday's announcement came a day after Intellia unveiled third-quarter results. The company reported a net loss of $15.4 million, compared to $7.5 million in the same period last year. Collaboration revenue was $7.3 million, compared to $4.9 million in the year-ago period.
Among the other biotech stock movers was Adamas Pharmaceuticals Inc. (ADMS) , up 9% to $26.89. Kerrisdale Advisers LLC on Nov. 1 disclosed a 6.5% passive stake in the Emeryville, Calif.-based firm.
Adamas is scheduled to report third-quarter results on Nov. 2. The company on Oct. 25 said the U.S. Food and Drug Administration has recognized the seven years of orphan drug exclusivity for Gocovri, a treatment for dyskinesia in patients with Parkinson's disease receiving levodopa-based therapy, with or without concomitant dopaminergic medications. The FDA approved Gocovri in August.
