Conatus Pharma (CNAT) Inks Mega-Deal with Novartis (NVS); Maxim Group Sees Upside in Brainstorm Cell (BCLI)
Shares of Conatus Pharmaceuticals Inc. (Nasdaq:CNAT) soared more than 100% to touch a new 52-week high in after-hours trading Monday as the company said its has reached an agreement with Swiss pharmaceutical giant Novartis AG (NYSE:NVS) for the global development and commercialization of its drug Emricasan for chronic liver disease.
As part of the deal, Conatus will get from Novartis – among other payments – a $50 million upfront, $7 million – eligible – if license option is exercised and the company has the potential to receive significant payments based on the achievement of pre-determined product milestones.
CNAT stock ended the regular session in positive territory by 2.62% (or +$0.05) at $1.96 with 1.52M shares traded.
Conatus Pharmaceuticals, which focuses on the development and commercialization of novel medicines to treat liver disease, has 26.07M shares outstanding. At close on Monday, the biotechnology company had a market capitalization of $51.09M and CNAT stock one-year range was from $1.40 to $4.05 per share
Brainstorm Cell Therapeutics Inc. (Nasdaq:BCLI) shares surged 7.87% (or $0.21) to $2.88 on Monday’s trading session after the biotechnology company reported a positive End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA), opening the door to proceed to a late-stage trial for its NurOwn in patients with amyotrophic lateral sclerosis (ALS).
Following the announcement, analysts at Maxim Group reiterated a Buy rating and raised their price target on the company’s stock from $5.00 to $6.00, while maintaining a Buy rating.
Brainstorm Cell Therapeutics, which develops adult stem cell therapies for neurodegenerative disorders, has 18.69M shares outstanding, market capitalization (intraday) of $53.82M and BCLI stock 52-week range is between $1.90 and $3.87 per share.
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