Piper Jaffray analyst Edward Tenthoff says the fundamentals of the Biotech sector remain "strong" despite headwinds from the drug pricing debate. With solid balance sheets and lower valuations at many potential targets, the sector is in a "sweet spot" for mergers, Tenthoff tells investors in a research note. He reiterates Overweight ratings on Top Large Cap Pick Vertex Pharmaceuticals (VRTX) and Top Mid-Cap Pick Alnylam (ALNY). He points out M&A in the space is picking up with Shire (SHPG) acquiring Dyax (DYAX) and AstraZeneca (AZN) buying ZS Pharma (ZSPH).

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.

ProQR Therapeutics (PRQR) announced the Annual General Meeting, AGM, of Shareholders will take place on Wednesday, May 22, 2024 at the offices of Allen & Overy LLP, in Amsterdam, the Netherlands. As part of the AGM, Martin Maier, PhD, is nominated for appointment as a non-executive Board Member for a period of four years. Dr. Maier is Senior Vice President Research heading the Oncology group at Alnylam Pharmaceuticals (ALNY).

Vertex Pharmaceuticals and TreeFrog Therapeutics announced that Vertex has obtained an exclusive license to TreeFrog's proprietary cell manufacturing technology, C-Stem, to optimize production of Vertex's cell therapies for type 1 diabetes, or T1D. TreeFrog and Vertex will collaborate to scale-up TreeFrog's process to produce and amplify cells for Vertex's T1D therapies. TreeFrog's proprietary technology platform, C-Stem, is designed to mimic the natural microenvironment, allowing cells to grow exponentially in 3D. The technology will enhance Vertex's ability to generate large amounts of fully differentiated cells for its portfolio of T1D cell therapies.