MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, June 19, 2013
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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!
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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!
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11:54 AM Danaher's (DHR -0.1%) subsidiary Beckman Coulter says the FDA has granted 510(k) clearance to its new Access AccuTnI+3 troponin I assay for use on its Access 2 immunoassay system, designed to assist physicians with the diagnosis of heart attacks. Comment!
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11:35 AM Genetic Technologies (GENE -1.1%) says its subsidiary Phenogen Sciences has executed an agreement with FedMed to use its national provider network. FedMed's network includes more than 550K, 60K ancillary care providers and 4K hospitals nationwide, with more than 40M covered individuals. Comment!
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11:23 AM bluebird bio (BLUE) opens for trade at about $25, nearly 50% higher than the IPO price of $17. The IPO itself priced above the expected $14-$16 range and was upsized from 5M to 5.9M shares. Comment!
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10:58 AM Teva Pharmaceutical (TEVA -0.5%) says it's settled a a class action lawsuit in Israel resulting in the generic drug titan disclosing the compensation of senior executives and directors on an individual basis starting with this year's annual report. The drugmaker also agreed to reimburse $1.1M for the plaintiffs' legal fees and other expenses in the case, which aimed to increase transparency at the company. Teva also will pay $200K in compensation to the plaintiffs. Comment!
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10:43 AM Kyprolis sales update for Onyx Pharmaceuticals' (ONXX -3.1%) shareholders courtesy of Jefferies' Biren Amin: Data shows sales of ~$22M for May meaning the multiple myeloma treatment should meet Q2 estimates of $65-66M assuming sales in June do not surprise to the downside. The shares are reiterated at Buy (PT $104). Comment!
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10:12 AM In addition to the $1.75B public offering of common stock, Valeant Pharmaceuticals (VRX +0.1%) announces a $3.2B offering of senior unsecured notes by a wholly owned subsidiary. (PR) Comment!
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9:35 AM Jefferies' Biren Amin hikes the price target on Celldex Therapeutics (CLD +0.7%) to $19 from $15 citing potential royalties from rindopepimut and CDX-011. 1 Comment
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9:30 AM Pluristem Therapeutics (PSTI +2.15%) suspends trials in Germany for its placenta-based cell treatment for artery disease after the FDA halted Phase II testing in the U.S. earlier this month following "a serious allergic reaction" in one patient. To expedite the FDA's review, process, Pluristem has sent the agency information that it thinks might be relevant. (PR) Comment!
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9:24 AM More on J.P. Morgan's Keryx BioPharma (KERX) initiation: Zerenex (I, II) has "pharmacoeconomic advantages [that] could drive rapid uptake in the price sensitive end stage renal disease market," analyst Cory Kasimov says. Additionally a "deep dive" analysis has JPM "increasingly comfortable" with the issues that have weighed on the shares recently. Comment!
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9:07 AM Gene therapy company bluebird bio (BLUE) has raised $101M in its Nasdaq IPO by selling a greater-than-planned 5.9M shares at $17 each, above the expected range of $14-16. The price values the firm at $389M. What's unusual about the IPO is that bluebird has no significant, if any, clinical data behind it. (previous) Comment!
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8:38 AM Vanda Pharmaceuticals (VNDA) sinks 14% premarket after Adam Feuerstein raises questions about the design of the company's Phase 3 trial for Tasimelteon (previous) which he says has "changed numerous times." Specifically, Feuerstein notes that the company changed the primary endpoint to a measure it created which "has never been used before in sleep-drug clinical trials [and is not ] endorsed by the FDA." Comment!
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8:29 AM Vivus' (VVUS +4.3%) Stendra drug for erectile dysfunction demonstrated a statistically significant improvement vs a placebo a trial of 440 patients between the ages of 40 and 70, with the aim being for the medication to take effect within 15 minutes of being consumed. A major problem with other treatments is that patients are advised to wait 1-2 hours for the drugs take effect, or they have to be consumed daily. (PR) Comment!
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8:04 AM EU antitrust regulators have fined nine drug makers a combined €146M for blocking the supply of cheaper drugs through "pay-for-delay" deals in which brand name companies pay generic manufacturers not to enter the market with their products. Denmark's Lundbeck (HLUKF.PK) received the biggest penalty of €94M. The punishment highlights how authorities on both sides of the Atlantic are coming down on "pay for delay," with the U.S. Supreme Court recently ruling that the FTC can take action against such deals. Comment!
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5:50 AM The American Medical Association has voted to recognize obesity as a disease, a move that could prompt more insurers to pay for it - and define a third of Americans as being ill. SA author Spencer Osborne points out that companies that could benefit include Arena (ARNA), Vivus (VVUS) and Orexigen (OREX), whose prescription drugs are on the market or are in the FDA approval process. However, it's worth noting that the AMA's decision has no legal standing. 2 Comments
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