sambas schreef op 31 mei 2019 12:28:
Misschien dat dit er mee te maken heeft al is t sentiment wel slecht:
Shares of BioCryst Pharmaceuticals (NASDAQ: BCRX) rose more than 20% today after an SEC filing revealed that Millennium Management has acquired a 5.6% stake in the company. The capital management firm wields a portfolio weighing in at approximately $38 billion in total assets and seeks out "opportunistic" investments.
Investors are interpreting the newly disclosed equity stake as a vote of confidence in BioCryst Pharmaceuticals, which saw its shares collapse after reporting successful results in a phase 3 trial that weren't considered successful enough. Shares are down 57% since the beginning of 2019 -- and that includes the stock's 15.1% gain as of 1:47 p.m. EDT.
On May 21, BioCryst Pharmaceuticals announced late-stage results for an oral formulation of BCX7353 as a prevention of hereditary angioedema (HAE) attacks. The only other treatments available today are administered via injection, so an oral drug could have a big advantage in terms of convenience if it delivered on safety and efficacy. Unfortunately, while BCX7353 demonstrated a significant reduction in the rate of HAE attacks compared to placebo and met the primary endpoint of the phase 3 study, injectable drugs on the market today offer far superior reductions
. Therefore, the drug candidate has little hope of competing in the market
What could Millennium Management see in the company? That's a good question. The most advanced clinical program outside of HAE is in phase 1 development. It ended March with $107 million in cash on hand. Therefore, unless the capital management firm sees something in the clinical data others are missing, it seems to simply be betting on a rebound
for the stock. Individual investors might find their money is better parked elsewhere.