BioCryst Pharmaceuticals came out of the gate this morning touting new distribution deals for its closely-watched antiviral peramivir, but some analysts were doubtful that the developer had much new to offer investors.
Shares of BioCryst surged close to 17 percent on the news that three partners had signed on to take responsibility for stockpiling, marketing and distributing peramivir following regulatory approval in Brazil, Mexico, China and Israel. BioCryst says it is currently recruiting investigators in the U.S. and elsewhere for a Phase III trial designed to gain the FDA's approval for the antiviral.
TheStreet's skeptical Adam Feuerstein, though, didn't see much in the release worth another bump for a company that has seen its stock price skyrocket eight-fold this year as investors hungered for equity in companies focused on the flu. The ex-U.S. pacts are just binding letters of intent, he writes, offering little evidence of real progress. Ditto for BioCryst's note that the U.S. government is considering buying peramivir in the event swine flu proves severe and hospitalizations spike. Bullish investors were looking for a signed contract before summer faded. But that didn't stop some investors from snapping up the developer's stock.