MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Friday, May 25, 2012
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4:41 PM Forest Laboratories (FRX) says it's decided to discontinue the development of apadenoson, its experimental agent for cardiovascular imaging procedures. The company had obtained the compound in its $1.3B acquisition last year of Clinical Data, and had previously said it expected to launch the product by 2014. The agent was being tested in a late-stage clinical trial, but the trial was recently terminated. The company failed to give a reason in its filing with the SEC . Comment!
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4:28 PM Shares of Amylin Pharmaceuticals (AMLN +8.4%) finished markedly higher on reports that the company, which is on the sales block, was already receiving bids from Sanofi (SAN) and Merck (MRK) in excess of $25 per share. 1 Comment
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3:54 PM Baxter International (BAX -0.5%) says the results from two large, international multicenter trials it conducted show that a low glucose peritoneal dialysis regimen favorably impacted metabolic measures important for end-stage renal disease patients with diabetes, including blood glucose control and selected lipids. The combined results were presented at the 49th Annual European Renal Association - European Dialysis and Transplant Association congress in Paris. Comment!
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3:24 PM Cowen says when you consider the potential of Threshold Pharmaceuticals (THLD -0.2%) pancreatic cancer drug TH-302, the stock is definitely undervalued. The firm estimates the sales potential for the drug in the U.S. alone is close to $1.5B. Comment!
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3:06 PM Human Genome (HGSI +0.6%) should still see a higher bid , says Baird, noting they "remain confident" that a higher bid will emerge despite Glaxo's (GSK +0.3%) indication it will suspend the tender offer while the company's poison pill is in effect. The firm met with management and said their calculations point to a bid closer to $20. Comment!
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2:53 PM Despite the recent pullback ahead of management's tempered guidance expectations yesterday, Teva (TEVA -0.2%) shares should still be avoided, says Piper Jaffray. The firm sees limited visibility for the company's generics businesses and lowers its price target to $44 from $45. 2 Comments
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2:44 PM Medicis (MRX +1.3%) gains on positive comments out of Goldman earlier today. The firm says the company is one of the most likely M&A targets in its peer group, and notes that its growth potential is under appreciated. It reiterats a Buy rated with a $45 price target. Comment!
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1:39 PM Alexion Pharmaceuticals (ALXN -0.8%) dips after pricing its 5M share secondary offering at $93.02 per share. Comment!
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12:51 PM Watson Pharmaceuticals (WPI -0.1%) says it's filed an application with the FDA to market a generic version of Auxilium Pharmaceuticals (AUXL +1.1%) Testim 1% gel, a testosterone replacement therapy. Comment!
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12:49 PM Elan (ELN +7.6%) shares see notable strength following positive comments on the potential of the company's Alzheimer's drug Bapineuzumab: The FDA is signalling "they will be very reasonable about getting something to patients that has a modicum of benefit," Chairman Robert Ingram says. Also goosing shares is mention of ELN as a takeover target: "If an offer comes, we can't ignore it..." Comment!
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11:36 AM SunOpta (STKL -0.5%) says it's selling its Canadian natural health products distribution business to an affiliate of Banyan Capital Partners for CDN $14.7M. Banyan will pay cash on closing of CDN $14M and provide a CDN $700K note which is contingent on future EBITDA earnings targets. The deal is expected to close early in June. Comment!
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10:58 AM Shares of PDI (PDII +3.1%) are higher this morning after the company says it's landed a contract with a new customer to provide promotional services across multiple communications channels that will target primary care physicians. The contract, subject to FDA product approval, is expected to generate total revenue to PDII of approximately $57M over the next two years, with $10M - $12M to be recorded in H212. Comment!
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10:27 AM Uroplasty (UPI +9.6%) pops after its FQ4 results beat estimates on narrower losses. Global sales increased 39% Y/Y, while sales in the U.S. grew by 63%. The higher U.S. numbers were driven by a 79% increase in sales of its Urgent PC Neuromodulation System, and a 53% jump in sales of its Macroplastique. Separately, JMP Securities upgraded the shares to Outperform on the back of the better-than-anticipated report. Comment!
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10:10 AM Goldman recommends buying Allergan (AGN +0.2%) on its recent pullback, saying the company is well positioned with its diversified portfolio, emerging market exposure, and high growth potential. The firm reiterates its Buy rating with a $106 price target. 1 Comment
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8:15 AM Rosetta Genomics (ROSG) -10.4% premarket to $14.59 after saying it will sell 570,755 shares to investors at $11.50/share, a 29% discount to its Thursday closing price. The molecular diagnostics firm's stock has skyrocketed tenfold since May 16 and more than doubled in just the past two days. Comment!
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12:43 AM Express Scripts Holding (ESRX) is less than two months into digesting its massive Medco purchase but is already seeing some early benefits. From the large (lower-priced deals from manufacturers) to the small (adopting Medco's postage-rate strategy), chief medical officer Steven Miller says "there's much more of their stuff coming over than in a typical integration." Comment!
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Thursday, May 24, 2012
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7:21 PM 3D Systems (DDD) acquires Bespoke Innovations, a startup based in San Francisco, California that develops proprietary, integrated scan, design and print technology designed to deliver custom fit prosthetics, orthotics and orthopedic devices, for an undisclosed sum. The company also reafirms its forecast, saying the acquisition will not be material to its revenue for the remainder of 2012. Shares -3% AH. Comment!
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7:14 PM Delcath Systems (DCTH) said it plans to sell shares of its common stock and warrants to purchase shares to raise funds to develop and commercialize its medical devices and specialty pharmaceutical products. Comment!
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2:43 PM Shares of Dynasil (DYSL +24%) soar after announcing that it's entered into a technology collaboration agreement with the Mayo Clinic to develop therapeutic hypothermia core cooling technology designed to protect the brain during cardiac arrest and traumatic brain injury. Separately, Dynasil and Mayo Clinic are also working together on a blood storage technology designed to extend the shelf life of blood products. Comment!
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