MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
-
Today - Thursday, June 20, 2013
-
5:53 AM The rate of HPV, a sexually transmitted virus that is the main cause of cervical cancer, has dropped 56% drop among 14-19 year-old young women since the first vaccine was introduced by Merck (MRK) in 2006. The results have been so good that the director of the Centers for Disease Control & Prevention, Thomas Frieden, wants to "protect a generation from cancer" by increasing vaccination. Merck's drug, Gardasil, generated $1.6B in sales in 2012, while one from GlaxoSmithKline (GSK), Cervarix, earned $428M. Comment!
-
4:01 AM Forest Laboratories (FRX) is reportedly among several mid-sized pharmaceutical companies that are interested in bidding for Irish drugmaker Elan (ELN). The speculation comes a day after Royalty Pharma gave up in its hostile attempt to acquire Elan for up to $8B. Jefferies analyst Corey Davis says that a deal could help reduce the buyer's tax rate, as Elan is based in Ireland. Comment!
-
Wednesday, June 19, 2013
-
7:58 PM Echo Therapeutics (ECTE +1.9%) says that its priced its full 4.628M share public offering, which includes the full over-allotment exercise, at $2.70 per share, an actual 3% premium to today's closing price of $2.62. Demand for the deal was high, and the sale will generate around $12.5M in gross proceeds before the underwriting discount and other offering costs are deducted. Shares +1.9% AH. Comment!
-
5:39 PM Depomed (DEPO) says that the FDA's website shows that an Abbreviated New Drug Application for a generic version of Zipsor has been submitted. DEPO hasn't received a Paragraph IV certification with respect to the filing and doesn't know the identity of the party that filed. The company says Zipsor is protected by five patents, all of which are listed in the FDA’s Orange Book, and it intends to vigorously enforce its intellectual property rights relating to the drug. Comment!
-
4:48 PM Pfizer (PFE) discloses the final exchange ratio for the exchange its common stock for shares of its Zoetis (ZTS) spinoff. For each share of PFE common tendered, the shareholder will receive 0.9898 shares of Zoetis common stock, subject to proration if the exchange offer is oversubscribed. Based on the final exchange ratio and full subscription, PFE will accept for exchange 405,117,195 shares of its common stock. Shares +0.6% AH. 1 Comment
-
4:37 PM Bristol-Myers Squibb (BMY) says that its Board of Directors has elected Dinesh C. Paliwal to the Board, effective July 1. Mr. Paliwal is currently the chairman, president and CEO of Harman International Industries (HAR), and will serve as a member of BMY's Committee on Directors and Corporate Governance. Comment!
-
4:30 PM Echo Therapeutics (ECTE) says the underwriters for its recent public offering (which SA contributor Jeffrey Fischer recently said demonstrated a " gross disregard to shareholder value") have exercised their over-allotment option in its entirety, purchasing 603.75K shares at $2.70 each. (PR) Comment!
-
4:21 PM Zalicus (ZLCS) says that preclinical data has been published in Science Translational Medicine showing the beneficial effects of applying its combination high-throughput screening technology for the potential treatment of Ebolavirus infections. Key findings include the identification of a set of selective estrogen receptor modulators, including clomiphene and toremifene, which act as potent inhibitors. Shares +1.8% AH. Comment!
-
4:05 PM Cytokinetics (CYTK -3.7%) gives back some of yesterday's gains made after the company announced that results from its Phase IIb clinical trial, ATOMIC-AHF, have been accepted for presentation during a Hot Line Late Breaking Trials Session at the European Society of Cardiology Congress 2013. Comment!
-
3:12 PM Onglyza, a diabetes drug co-marketed by Bristol-Myers Squibb (BMY -1.3%) and AstraZeneca (AZN -1.2%), failed to reduce the risk of heart attacks and related disease compared with a placebo in a big clinical trial. The drug was approved by the FDA in 2009 to treat type 2 diabetes, but required a large clinical trial to assess its cardiovascular safety. The outcome disappointed those hoping for a boost to the market for type 2 diabetes pills, and could have implications for other companies with similar drugs, including Merck's (MRK) blockbuster Januvia. 1 Comment
-
2:59 PM Lazard comes to the defense of Buy-rated Vanda Pharmaceuticals (VNDA -22%) after TheStreet's Adam Feuerstein tanks the stock with questions about the design of a Phase 3 trial for Tasimelteon (previous). Feuerstein's assessment is "surprisingly inflammatory," analyst Joshua Schimmer says, noting that the sell-off could be a buying opportunity given management's confidence in the drug. 1 Comment
-
2:33 PM Shares of Agenus (AGEN +4.2%) rise for the second straight day bringing gains since around 1:30 Tuesday to nearly 7%. Maxim initiated the shares at Buy with a lofty $19 price target yesterday. Comment!
-
2:17 PM Raptor Pharmaceutical (RPTP +1.1%) says its Procysbi delayed-release capsules for the treatment of nephropathic cystinosis are now available in the U.S. for shipment. Nephropathic cystinosis is a rare, life-threatening metabolic lysosomal storage disorder that causes toxic accumulation of cystine in all cells, tissues, and organs in the body. Comment!
-
1:53 PM Neurocrine Biosciences (NBIX +2.7%) moves up today after being initiated by Oppenheimer with an Outperform rating. The firm says that its sees blockbuster potential for elagolix, with Phase 3 endometriosis results expected in H114 and Phase 2 results in H214. A secondary asset, NBI-98854, a Vesicular Mono-Amine Transporter 2 compound for treating tardive dyskinesia, is risky, but only modest value is baked in. Comment!
-
1:35 PM Nektar Therapeutics (NKTR +8.8%) rises after saying NKTR-181 (basically an opioid which doesn't act like an opioid in terms of euphoric effects) "rated similar to placebo in 'drug liking' and 'feeling high' scores" compared to oxycodone. The drug's slow rate of entry into the brain is intended to reduce the euphoria that is often cited as a contributor to opioid analgesic addiction. (PR) Comment!
-
1:33 PM Shares of Oxygen Biotherapeutics (OXBT +10.9%) extend yesterday's 2.6% closing gain after the company announced on yesterday that it's completed FDA requested studies on its Oxycyte, a treatment for traumatic brain injury and other brain conditions. The company says the results were positive overall, but it will continue to conduct more studies on the treatment. Comment!
-
1:26 PM An AMA designation might have no legal standing but new legislation aimed at Medicare coverage for weight-loss drugs could change that. Sens. Tom Carper and Lisa Murkowski and Reps. Bill Cassidy, M.D. and Ron Kind have introduced The Treat and Reduce Obesity Act which would, among other things , "allow Medicare to cover additional obesity treatments (beyond surgery) such as prescription drugs for chronic weight management." Leerink's Marko Kozul says the news "could provide further upside to current estimates" for Arena (ARNA +2.7%), Orexigen (OREX +0.5%), and Vivus (VVUS +7.7%). 3 Comments
-
1:16 PM Shares of clinical stage biopharmaceutical company Intercept Pharmaceuticals (ICPT) are now up over 13% after pricing its public offering of 1.73M shares at $33.01 per share in line with yesterday's close. Comment!
-
1:07 PM MediciNova (MNOV +29.6%) soars after the company says its glial attenuator MN-166 may reduce methamphetamine's neurotoxic inflammation and might also "attenuate other actions contributing to methamphetamine dependence." The company plans to initiate a Phase 2 trial "later this summer." (PR) Comment!
HEALTHCARE ETFs IN FOCUS
Latest Healthcare Articles
