The Week Ahead In Biotech : Avadel FDA Decision, Conference Presentations And IPOs Take Center Stage

Biotech stocks retreated in the week ending Oct. 8, extending losses for the third straight week. Some of the selling in the space was due to money moving out of defensive stocks and into risky bets amid the broader market strength.

Vaccine stocks continued to experience selling pressure in the week. Data readouts and presentations at conferences also moved stocks in either direction.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) was among the biggest gainers after it reported positive topline results from the Phase 2b study of XEN1101 in adult patients with focal epilepsy. On the other hand, Prelude Therapeutics Incorporated (NASDAQ:PRLD) lost about one-half of its market-cap following its presentations at the AACR-NCI-EORTC conference.

Meanwhile, Allogene Therapeutics, Inc. (NASDAQ:ALLO) lost over 100% after the Food and Drug Administration imposed a clinical hold on its CAR T-cell therapy studies following reporting of a chromosomal abnormality in a treated patient.

ChemoCentryx, Inc. (NASDAQ:CCXI) shares benefitted from a positive FDA decision for its avacopan as a treatment for ANCA-associated vasculitis.

Three healthcare companies debuted on Wall Street, raising a combined $452 million.