Eleven Biotherapeutics (EBIO) Stock | Surging Higher

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Eleven Biotherapeutics Inc.  (NASDAQ: EBIO)

 

Eleven Biotherapeutics (EBIO)  a biopharmaceutical company announces second quarter 2015 financial results. The company also reported that it will start a pivotal phase 3 study of their drug EBI-005 and start administering it to its first patients.

 

Eleven Biotherapeutics Earnings and Outlook

Revenue was $0.1 million for the three months ended June 30, 2015, compared to $0.8 million for the same period in 2014.  Research and development expenses were $6.3 million for the three months ended June 30, 2015, compared to $6.8 million for the same period in 2014. This decrease was primarily due to lower EBI-005 related development expenses partially offset by increases in EBI-031 related development expenses.  General and administrative expenses were $2.2 million for the three months ended June 30, 2015, compared to $2.1 million for the same period in 2014.  Net loss applicable to common stockholders was $6.9 million, or $0.36 per share, for the three months ended June 30, 2015, compared to net loss applicable to common stockholders of $8.1 million, or $0.51 per share, for the same period in 2014. Business Wire

 

CEO’s Comments

“We are continuing to focus on advancing our ocular therapeutics pipeline. We recently initiated a pivotal Phase 3 study of EBI-005 in moderate to severe allergic conjunctivitis patients suffering from the late-phase inflammatory response and are now planning to advance development of EBI-031 for the treatment of diabetic macular edema and uveitis with an IND filing expected in the first half of 2016. Our development plans are supported by data presented recently on both EBI-005 and EBI-031 at the ARVO 2015 Annual Meeting,” said Abbie Celniker, Ph.D., President and Chief Executive Officer of Eleven Biotherapeutics. “We are excited about the potential of our novel protein therapeutic drug candidates for the treatment of ocular disease and have sufficient financial resources to continue to invest in this promising pipeline.”  Business Wire

 

EBIO Technical Analysis

EBIO gapped up today in price to $6.26 up from yesterday’s close of $4.09 which is a 53% increase in price based on positive news regarding a phase 3 study of their drug EBI-005. Taking a look at the daily chart we can see this upward swing today on positive news is a rebound for the stock from when it collapsed in May. On May 13 the stock was trading at $13.43 and just a week later tanked all the way down to $2.94 based on a drug failing its study. As we can see the biopharmaceutical companies are very volatile and sensitive to news on their drug studies.  The float for the stock is 7.33 million and the stock is trading on heavy volume today making it a prime target for the gap and go strategy. For trading purposes I would use the pre market high which was $6.37 as an entry point. My stop loss would be $6.00 fearing anything below that and the stock will start to fill in the gap up in price.

 

Company Profile

Eleven Biotherapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the discovery and development of protein therapeutics to treat eye diseases primarily in the United States. The company develops its therapeutics through AMP-Rx, a proprietary protein engineering platform. Its product candidates include EBI-005, a novel interleukin-1 receptor antagonist that is in Phase III clinical program for the treatment of moderate to severe dry eye diseases; and has completed Phase II clinical trial for the treatment of allergic conjunctivitis. The company’s preclinical product candidates comprise EBI-031, a novel inhibitor of the cytokine interleukin-6 for the treatment of retinal diseases, such as diabetic macular edema; and EBI-028, a novel inhibitor of the cytokine interleukin-17 for the treatment of uveitis, and other diseases of the back of the eye, such as dry age-related macular degeneration. Eleven Biotherapeutics, Inc. has a collaboration and license agreement with ThromboGenics N.V. to identify protein or peptide therapeutics that directly modulate any of a specified set of targets in a novel pathway in retinal disease. The company was founded in 2008 and is based in Cambridge, Massachusetts.  Yahoo Finance

 

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