Nektar Therapeutics ( NKTR ) and Acadia Pharmaceuticals ( ACAD ) stocks jumped late Tuesday after beating third-quarter expectations, but Tesaro ( TSRO ) dove despite posting its own analyst-besting quarter.
[ibd-display-video id=2533216 width=50 float=left autostart=true]In after-hours trading on the stock market today , Acadia popped 2.7%, defying its close down 0.3%, at 32.46. Nektar rocketed 8.1%, tacking on to a 10.5% rise to 26.84 during the regular session. Tesaro dipped 2.7% in late trading after closing down 0.4%, at 112.08.
Acadia Beats And Raises
For its third quarter, Acadia reported losses of 53 cents per share, narrowing from a 61-cent loss in the year-ago period, and beating the consensus view for a 63-cent loss. Sales of $35.58 million grew from $5.27 million in the year-ago period and topped analysts' model for $32 million.
Chief Executive Steve Davis credited Nuplazid for Acadia's growth in the quarter. Nuplazid is used to treat hallucinations and delusions associated with Parkinson's disease psychosis.
IBD'S TAKE:Large-cap biotechs have offered largely mixed earnings results with one issuing third-quarter metrics that have been deemed "alarming." Head to IBD Industry Themes for more on this firm and its rivals.
"Our results this quarter reflect strong growth for Nuplazid for Parkinson's disease psychosis," Davis said in a statement. "We also recently advanced our clinical portfolio for the initiation of our Phase 3 study of pimavanserin (Nuplazid) for dementia-related psychosis."
Acadia also boosted its 2017 sales guidance to between $124 million and $127 million, crushing views for $112 million.
Nektar Plans To File Drug Application
Nektar wrapped its third quarter with profit of 39 cents a share on revenue of $152.93 million. Profit broke a streak of quarterly losses, turning around from a year-ago loss of 32 cents and beating forecasts for a 21-cent gain. Sales grew more than fourfold and topped the consensus for $125 million.
Product sales totaled $4.45 million with royalty revenue coming in at $9.3 million. Nektar brought in $131.1 million in license, collaboration and other revenue. The balance of its quarterly sales stemmed from noncash royalty revenue related to the sale of future royalties.
The firm also announced its plan to submit an application to the Food and Drug Administration by April 2018 for its painkiller known as NKTR-181. The drug is designed to provide pain relief without the euphoric and addictive side effects of opioids.
Tesaro's PARP Inhibitor Leads
Tesaro ended with losses of 47 cents a share and sales of $142.8 million. Losses were less severe than expectations for a $1.04 per-share deficit, and narrowed from the year-earlier when it posted a $1.72 per-share loss. Sales grew from $17 million in the year-ago period and topped views for $121 million.
During the quarter, Zejula brought in $39.4 million in sales and Varubi/Varuby generated $2.4 million. Zejula belongs to a class of drugs called PARP inhibitors and is approved to treat some patients with ovarian cancer. Varubi/Varuby is used to treat nausea and vomiting associated with chemotherapy.
AstraZeneca ( AZN ) and Clovis Oncology ( CLVS ) also have PARP inhibitors approved to treat ovarian cancer. But Zejula was the most prescribed PARP inhibitor in the U.S. in the quarter, Tesaro said in a news release. Tesaro is also looking to expand Zejula to other tumor types.