Top Pick of the Day: MNOV

MediciNova Inc. (MNOV) announced that it has received positive preliminary results from a six-month open-label extension period evaluating MN-166 (ibudilast) in patients with amyotrophic lateral sclerosis. ALS patients who completed both the six-month treatment period in the Phase 2 clinical trial and the six-month open-label extension period (n=31) experienced significantly higher survival rates compared to patients who withdrew from the study before the open-label period (n=16). 26 ALS patients who completed the entire study period and then were evaluated after two weeks with no ibudilast treatment showed significant decreases in muscle strength (hip, leg and neck flexion).

The company stock reacted positively to the news and gained 8 percent in the previous trading session, trimming its 12 months losses to a little over 27 percent.

Focus Ticker: ALNY

Alnylam Pharmaceuticals Inc. (ALNY) reported results from its 24-month Phase 2 open-label extension study ofpatisiran in patients with hATTR amyloidosis. The results showed a treatment benefit. 26 participants who received patisiran experienced a mean decrease in the modified neuropathy impairment score (mNIS+7) at month 24, suggesting that patisiran treatment has the potential to stop or improve the progression of neuropathy in these patients.
Alnylam Pharmaceuticals stock lost nearly a quarter of its value in the past 12 months. However, it showed recovery in the current year as the stock is now trading 44 percent up on Year to Date basis.

Sector News

Anthem (ANTM) said that its premium may increase by 20 percent or more pursuant to the loss of federal subsidies supporting Obamacare plans. The company said that it may also pull back from the business.

AstraZeneca (AZN) announced that the top line results from its Phase 3 clinical trial, ARCTIC, assessing durvalumab (MEDI4736) in patients with advanced/metastatic non-small cell lung cancer (NSCLC) arenow likely to be announced in mid-November. The company earlier expected the results to be out in the second quarter of the year. The delay is due to the number of observed clinical events not yet reaching the protocol target.