Shares of Sage Therapeutics Inc. (SAGE) jumped 42.3% to $89.14 in premarket trading on Thursday, Nov. 9, after the Cambridge, Mass.-based firm unveiled positive top-line results from two Phase 3 studies of brexanolone in postpartum depression.
Meanwhile, shares of Otonomy Inc. (OTIC) more than doubled to $5.95 after the San Diego firm on Wednesday reported third-quarter numbers and announced positive results from its AVERTS-2 Phase 3 study of Otividex, conducted in Europe, in patients with Ménière's disease.
The news came after the company in August unveiled negative results from the AVERTS-1 study of Otividex in the U.S.
Otonomy after the market close on Wednesday reported a net loss per basic and diluted share of $0.69 in the three months ended Sept. 30, compared with a net loss of $0.91 in the same period a year ago. Net product sales were $282 million, compared with $321 million in the year-ago period.
Among the other stock movers was Inovio Pharmaceuticals Inc. (INO) , down 3.9% to $5.12. The Plymouth Meeting, Pa.-based firm after the market close on Wednesday reported a net loss attributable to common stockholders of $34.1 million, or $0.39 per basic share, compared with $20.8 million, or $0.28 per share, in the year-ago period. "The increase in net loss for the quarter resulted primarily from lower revenue recognized from our DARPA Ebola grant and a higher non-cash accounting expense related to the change in fair value of our investment in an affiliated entity," the company said.
Inovio had revenue of $2.6 million, compared with $12.5 million in the same period last year.