Here are five notable stocks that suffered losses on Friday.
FLIR Systems (FLIR) closed 10% lower after it announced disappointing Q2 guidance. FLIR said that it expects to post revenues of approximately $390 million and earnings per share of approximately $0.18 for the three months ended June 30; excluding the net after tax impact of a previously announced litigation settlement and related expenses, earnings per share for the three months ended June 30 is expected to be approximately $0.35. Analysts expected EPS of $0.39 on revenue of $411 million. Results for the company's commercial systems division remained strong, while continued weak demand in the government systems division negatively impacted results for the quarter. Management is evaluating its previously announced guidance for the full year 2011 and will provide updated guidance on its second quarter earnings call on Friday July 22.
China Biologic Products (CBPO) fell 7% after the Guizhou Provincial Health Department issued the revised "Plan for Guizhou Provincial Blood Collection Institutional Setting (2011-14).” The revised plan reduces the number of counties that are permitted to set up plasma collection stations from the originally proposed 10 counties to four counties. The revised plan, in the relevant part, states that
in accordance with the demographic distribution, economic development condition, disease prevalence, and actual situation of plasma supply for the manufacturing of blood-based products, plasma collection stations will be set up in four counties, including Kai Yang, Du Shan, Pu Ding, Huang Ping, etc.
Based on the company's preliminary understanding of the revised plan, subject to further clarifications from Guizhou Provincial government regarding the implementation of the plan, the company currently anticipates the licenses of its four other plasma collection stations in Dan Zhai, Wei Ning, San Sui, and Na Yong counties may not be renewed (until at least 2014) after their respective plasma collection permits expire at the end of July.
Seattle Genetics (SGEN) fell 8% despite the FDA’s ODAC Committee recommending both of the company’s product candidates. ODAC voted 10-0 to recommend that the FDA grant accelerated approval of Adcetris (brentuximab vedotin) for the treatment of patients with Hodgkin lymphoma who relapse after autologous stem cell transplant. In addition, ODAC voted 10-0 to recommend that the FDA grant accelerated approval of Adcetris for the treatment of patients with relapsed or refractory systemic anaplastic large cell lymphoma. The FDA is expected to act on the two biologics license applications for Adcetris by August 30 under the Prescription Drug User Fee Act.
Endocyte (ECYT) tumbled 14% after it announced that it filed a registration statement on Form S-1 with the SEC relating to a proposed underwritten public offering of 4,841,610 shares of its common stock. The company is offering 4,000,000 shares and an existing institutional shareholder will sell the remaining shares. In addition, Endocyte has granted the underwriters the option to purchase up to 726,241 additional shares to cover over-allotments.
Delcath Systems (DCTH) fell 14% after it announced a 5 million share common stock offering. The company expects to use the net proceeds from the sale of the shares for general corporate purposes, including, but not limited to, commercialization of its products, obtaining regulatory approvals, funding of its clinical trials, capital expenditures and working capital.