This week's biggest % winners & losers: Oct 11 - 15, 2021 (wk 41)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Healthcare: JSPR (16.42 +106.28%), FLXN (9.44 +63.32%), ALLO (16.48 +25.51%), SUPN (31.66 +20.06%), AXDX (6.63 +17.76%), OMER (7.73 +15.37%)
• Materials: AA (56 +21.66%), CENX (17.25 +20.21%), LTHM (26.5 +14.77%)
• Industrials: RRD (6.55 +27.68%)
• Consumer Discretionary: TTM (34.19 +29.75%)
• Information Technology: SGH (53.53 +21.47%), HUBS (790.89 +16.33%), AZPN (163.51 +15.51%), DQ (63.97 +14.23%)
• Energy: NXE (5.99 +24.53%), KOS (3.81 +19.44%), CCJ (24.99 +17.27%), NGL (2.76 +14.52%)
• Consumer Staples: CBD (5.71 +27.17%)
• Utilities: CEPU (3.73 +15.84%)

This week's top % losers

• Healthcare: STIM (4.86 -24.18%), AMN (94.54 -21.1%), RVNC (22.71 -15.36%), SRPT (84.19 -15.32%), EVH (29.93 -12.25%), CDXS (28.33 -12.13%), ATRA (15.12 -11.32%), ESPR (9.14 -10.74%), DNLI (45.56 -10.51%)
• Materials: TRQ (13.13 -9.76%)
• Industrials: TREX (93.38 -10.5%)
• Consumer Discretionary: THO (108.05 -13.01%)
• Information Technology: AMKR (22.19 -11.8%)
• Financials: COLB (34.8 -13.8%), BSAC (17.21 -10.92%)
• Energy: LPI (74.51 -17.6%), CRK (9.19 -12.64%), PVAC (30.66 -8.45%)

Flexion Therapeutics (FLXN) to be acquired by Pacira (PCRX) for $8.50 per share

   

 

 

 

Flexion Therapeutics to be acquired by Pacira (PCRX) for $8.50 per share 

• Pacira BioSciences (PCRX) and Flexion Therapeutics (FLXN) announced a definitive agreement pursuant to which Pacira will acquire Flexion for $8.50 per share in cash, plus one non-tradeable contingent value right worth up to $8.00 per share in cash. The CVR is payable (subject to certain terms and conditions) in the event certain sales and/or regulatory milestones are achieved, as set forth in more detail below. The transaction was unanimously approved by the board of directors of each of Pacira and Flexion.
• Transaction Details - Under the terms of the definitive agreement, Pacira will commence a tender offer to acquire all outstanding shares of Flexion for a purchase price of $8.50 per share in cash, plus one non-tradeable CVR. The CVR will entitle Flexion stockholders to up to an additional $8.00 per share in cash payable (subject to certain terms and conditions) upon achievement of the following milestones:
  • $1.00 per share if total calendar year ZILRETTA net sales achieve $250 million;
  • $2.00 per share if total calendar year ZILRETTA net sales achieve $375 million;
  • $3.00 per share if total calendar year ZILRETTA net sales achieve $500 million;
  • $1.00 per share upon U.S. FDA approval of FX201; and
  • $1.00 per share upon U.S. FDA approval of FX301.
• Third Quarter Performance and Guidance Update - Today Pacira and Flexion are providing the following preliminary unaudited results and updates for the third quarter of 2021. The financial information included in this press release is preliminary, unaudited, and subject to adjustment. It does not present all information necessary for an understanding of either company's financial results for the third quarter or full year 2021.
  • EXPAREL net product sales of $121.9 million for the third quarter and $39.7 million for the month of September 2021, compared with $113.7 million and $39.5 million in the prior year, respectively. The number of EXPAREL selling days for the month of September was 21 in both 2021 and 2020. The elective surgery market faced additional pandemic-related challenges in August and September due to regional surges in COVID-19 delta variant cases, staffing shortages, and surgical fatigue from care teams addressing significant procedure backlogs. These variables began to subside in the latter part of September and Pacira expects the fourth quarter to reflect improving market dynamics.
  • iovera net product sales of $4.2 million for the third quarter and $2.3 million for the month of September 2021, compared with $2.7 million and $1.1 million in the prior year, respectively.
  • Flexion expects that ZILRETTA net sales were in the range of $21 million to $23 million for the third quarter of 2021. Third quarter 2021 sales were negatively impacted, particularly in the second half of the quarter, by the following primary factors: (a) temporary disruptions from rebate program modifications, (b) pandemic-related challenges, and (c) several unanticipated manufacturing batch failures that led to short-dated ZILRETTA inventory resulting in smaller order sizes by physician practices and product returns from specialty distributors.
    Consistent with Pacira practices, Flexion is withdrawing its ZILRETTA sales guidance for 2021.

=Flexion Therapeutics (FLXN) : weak revenue guidance

• Flexion Therapeutics released preliminary fourth-quarter revenue and guidance for 2019. The company said it expects fourth-quarter revenue of $9.5 million and full-year revenue of $22.5 million. Wall Street analysts polled by FactSet expected sales of $10.2 million for the quarter and $23.1 million for the year. The company also said it expects $65 million to $80 million of product revenue for 2019, while analysts modeled revenue of $97.8 million.

Flexion Therapeutics sees Q4 and FY19 revenue below consensus as Zilretta ramps

Sees Q4 revs +36% Q/Q to $9.5 mln vs $10.16 mln S&P Capital IQ Consensus; Total revenue for the full-year 2018 is estimated to be $22.5 million.

Flexion anticipates 2019 ZILRETTA product revenue $65-80 mln vs. $97.8 mln consensus.

"2018 was a foundational year for ZILRETTA, and in the first full year of the launch, we saw strong product uptake as we established a broad and growing base of prescribers. Furthermore, the clinical feedback on ZILRETTA from physicians and patients alike continues to be overwhelmingly positive and gratifying," said Michael Clayman, M.D., President and Chief Executive Officer. "We now enter 2019 with a product-specific J code (J3304), which we believe will be a key driver of continued ramp, as it provides prescribers with a well-known and clearly defined reimbursement mechanism that is utilized by both Medicare and private payers. Each year, roughly five million people in the U.S. receive intra-articular injections for osteoarthritis knee pain, and we believe ZILRETTA will play an increasingly significant role in the treatment paradigm for this large and growing patient population."