MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 23, 2013
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7:45 AM More on Alkermes' (ALKS) FQ4 : Revenues from five key commercial products rise +26% Y/Y and free cash flow jumps to $48M from $8.4M. For the full year (the first full year that reflects the Elan Drug merger) revenues and (non-GAAP) net income rise 48% and 285% to $575.5M and $1.31/share respectively. AMPYRA/FAMPYRA revenues were $65M for the full year vs. $24.6M for FY12 and VIVITROL revenues rose 41% Y/Y to $58.1M. Operating expenses ex a one-time restructuring charge were essentially flat. (PR) Comment!
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7:24 AM Medtronic (MDT) announces regulatory approval for VIV procedures using CoreValve and CoreValve Evolut TAVI systems in degenerated bioprosthetic surgical aortic valves. It's the first-ever approval for VIV procedures, a minimally-invasive option for at-risk patients. Shares -1% premarket. Comment!
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Wednesday, May 22, 2013
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6:19 PM Apricus Biosciences (APRI) gets slammed in the post session after anouncing a public offering of common stock and warrants, with a 30-day option to purchase additional shares and warrants to cover over-allotments, if any. Lazard Capital Markets is acting as sole book-running manager. Shares -13% AH. Comment!
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3:49 PM Thermo Fisher (TMO -1.5%) rolls over in a bout of profit taking today after touching a new 52-week high earlier today. The company reaffirmed its FY13 EPS guidance at an analyst meeting today, saying it expects to earn between $5.27 and $5.39 per share, bracketing consensus EPS estimates of $5.34. Revenues are still expected to be $12.84B - $13B, in line with the consensus of $12.94B. Comment!
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2:38 PM Varian Medical (VAR -1.5%) says it's received FDA 501(k) clearance for its Nexus DRF Digital X-Ray Imaging System, a diagnostic X-ray imaging processing workstation that combines radio frequency and digital radiography. Comment!
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2:14 PM Boston Scientific (BSX -1%) slides in spite of reporting positive results earlier today from a pre-specified analysis of the first 60 patients enrolled in its trial evaluating the performance and safety of the Lotus Valve System in symptomatic patients with severe aortic valve disease considered at high risk for surgical valve replacement. The results showed the trials met primary endpoints in both performance and safety. Comment!
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2:07 PM After an early 5% pop to the upside, Amarin (AMRN -0.9%) reverses course to trade lower after the company said the USPTO published a notification tied to its combination product of Vascepa and Statin Therapy. The application is part of AMRN's expansive portfolio, which includes 23 patent applications either issued or allowed, and over 30 applications pending in the U.S. 2 Comments
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1:35 PM Citing an FDA warning letter and the company's revised FY13 guidance among other factors, Moody's puts Hospira's (HSP -0.8%) long-term debt rating on review for downgrade. The ratings agency says "cash payouts associated with [HSP's new medical device] strategy, remediation costs, and the potential for lost sales once its branded injectible sedative, Precedex, loses patent protection" could hurt liquidity and tighten credit metrics. Comment!
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1:34 PM Ironwood Pharmaceuticals (IRWD -5%) slips after pricing its previously announced 10.5M share offering at $13 per share. All shares are being offered by the company, and proceeds are expected to be around $136.5M. The company intends for net proceeds to support the commercial launch of Linzess as well as support general research and development within the Company's pipeline. Comment!
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1:08 PM Insmed (INSM +16.9%), which is now up a cool 74.5% since April 23, gets its price target hiked to $22 from $13 at Leerink Swann and $17 from $12 at Canaccord. Leerink cites the now all-too-familiar Arikace Phase 3 data catalyst and notes that "…after speaking with multiple MEDACorp KOLs and performing an extensive review of applicable literature, we have developed more conviction that Arikace is poised to be become a first-in-line treatment for non-tuberculous mycobacteria infections, [which may] present an even more compelling market opportunity than cystic fibrosis." Comment!
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12:47 PM A takeover of MannKind (MNKD +15.9%) is "highly probable" SA contributor George Rho says, in an article published this morning which suggests $27.50/share as a ballpark figure (that's a 413% upside from Tuesday's close if you're inclined to keep score). Rho also notes that his "assumptions and projections would have to be considerably off the mark for the stock not to have substantial upside potential." Meanwhile, in the options market, an investor rolled a short position in January $5 strike calls up to the January $9 strike — 31K contracts traded at those two strikes this morning. Comment!
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12:40 PM LipoScience (LPDX +3.4%) trades up today after announcing the availability of its NMR lipoprotein particle testing using the Vantera Clinical Analyzer through Mayo Medical Laboratories. The analysis provides physicians and patients with a detailed assessment of cardiovascular disease risk from a single blood test that measures the concentration of low-density lipoprotein particles and other lipoprotein information. Comment!
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11:20 AM GlaxoSmithKline (GSK +1%) says it's been awarded up to $200M by the U.S. government to develop new antibiotics. Under the terms of the agreement, GSK will collaborate with the Biomedical Advanced Research and Development Authority, which is part of the U.S. Department of Health and Human Services, to develop several antibiotics to fight antibiotic resistance and bio-terrorism. GSK will receive $40M for the initial 18-month agreement and up to a total of $200M if the agreement is renewed over five years. 1 Comment
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11:09 AM Syneron Medical (ELOS +2.3%) moves up after reporting a slightly better Q1 on the top line. Total revenue decreased on a Y/Y basis however, largely due to lower PAD segment revenue in EMEA and Japan, which was partially offset by moderate revenue growth in all other geographies and growth in EBU segment revenue. The company also said its board of directors has appointed Amit Meridor as the company's new president, reporting directly to CEO, Shimon Eckhouse. Existing board member David Schlachet has also been appointed as chairman. Comment!
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10:37 AM Rigel Pharmaceuticals (RIGL +0.4%) says it's made clinical advancement in three programs currently in development. The first program is R348, a topical ophthalmic formulation of a JAK/SYK inhibitor being developed to treat dry eye disease. The company notes that the drug was well tolerated in Phase 1 trials, and it plans to initiate Phase 2 trials soon. The other two are oncology programs being conducted by corporate partners, including an AXL kinase inhibitor under development by BerGenBio AS and a ligase inhibitor by Daiichi Sankyo (DSNKY.PK). Comment!
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8:24 AM Kindred Healthcare (KND) +2.25% premarket after getting an upgrade to Positive from Neutral at Susquehanna. The shares are up ~20% so far this month after the company beat earnings on May 1. Comment!
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