MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 22, 2012
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1:31 PM RBC Capital questions DaVita's (DVA -3.4%) $4.4B decision to merge with HealthCare Partners, saying it's unsure whether the merger will produce a company that's worth more than the sum of its parts. Comment!
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1:10 PM Alexion Pharmaceuticals (ALXN +5.2%) pops after Standard & Poors announces it will replace Motorola Mobility (MMI) in the S&P 500 index after the close of trading on Thursday, May 24. Comment!
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12:15 PM Roth Capital takes advantage of a 66% price drop over the past year to upgrade Uroplasty (UPI -2.1%) to Buy on valuation. Roth says the company is well positioned for higher relative growth and has better margins versus its peers. Comment!
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11:53 AM CareFusion (CFN +0.2%) receives an FDA warning letter regarding a manufacturing site in Mexico where it found violations and that a company follow up dated February 13 was not adequate. The FDA claims that CFN's facility, Productos Urologos de Mexico SA, failed to uphold adequate procedures in regards to correcting issues related to device errors. Comment!
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11:48 AM Genetic Technologies (GENE) +39% after the Aussie biotech releases a positive business update for BREVAGen, which is used to test for certain genetic variations that are associated with an increased risk of developing breast cancer. Comment!
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11:03 AM Hanger Orthopedic (HGR -1.2%) slips after saying its CEO Thomas Kirk, has decided to retire. In accordance with its succession plan, current President and COO Vinit Asar, has been appointed to succeed Mr. Kirk and has joined the board of directors. Comment!
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10:32 AM Humana (HUM +2.4%) gets a boost from an upgrade to Outperform on valuation at Wells Fargo. The firm says the company is well positioned to gain market share from Medicare Advantage, as well as the growing senior demographic. In addition HUM's niche business insulates it from the upcoming Supreme Court ruling on health reform, making it a less risky alternative compared to its peers. Comment!
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10:09 AM Arena Pharmaceuticals (ARNA) +4.7% to $6.24 after it yesterday completed its secondary public offering and underwriters fully exercised their option to purchase additional stock. Arena sold almost 12.65M shares at $5.50 each, raising nearly $70M. Comment!
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9:56 AM FDA reviewers recommend rejecting Pfizer's Tafamidis for treating a rare neurodegenerative disease, as the data doesn't prove that the drug works well enough. An advisory panel is set to vote on Tafamidis tomorrow, after which the agency will make a final decision at a later date. Comment!
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7:50 AM Medtronic on (MDT) FQ4: Net profit rises to $991M from $776M, benefiting from growth across MDT's businesses and geographies - particularly in emerging markets - and strong product launches. Guidance: FY 2013 revenue growth 2%-4%, EPS of $3.62 to $3.70 vs. consensus of $3.66. Shares +2.65%. Comment!
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7:23 AM Medtronic (MDT): Q4 EPS of $0.99 beats by $0.01. Revenue of $4.3B (+3% Y/Y) beats by $70M. (PR) 2 Comments
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4:54 AM Bayer (BAYRY.PK) and Onyx Pharmaceuticals (ONXX) announce a Phase 3 trial of Nexavar tablets in patients with certain lung cancers did not meet its primary endpoint of improving overall survival. Comment!
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Monday, May 21, 2012
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6:28 PM After Allscripts' (MDRX) CEO refused to resign, Healthcor, one of MDRX's largest shareholders, announces it's suing and seeking a proxy fight. 1 Comment
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4:34 PM Acadia Healthcare (ACHC) says its closed its follow-on offering of 8.25M shares at $15.50 per share. Prior to closing, the underwriters exercised in full their option to purchase an additional 1,237,500 shares of common stock from the Company. As a result, the total offering size was 9,487,500 shares of common stock. Comment!
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4:19 PM Syntha Pharmaceuticals (SNTA +7.9%) gets a pop today after Jefferies initiated the shares with a Buy rating and a price target of $7. Comment!
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2:30 PM Merck (MRK -0.5%) says its follow-up study on an AIDS vaccine trial that had to be stopped early has confirmed the worst fears of researchers: The vaccine made it more likely, not less, that some men would become infected with H.I.V. Comment!
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12:11 PM Myriad Genetics (MYGN +3.8%) gains on an upgrade to Outperform at Leerink Swann, saying believes concerns over the company's reimbursement risk and intellectual property are overdone and that the drug developers product lines are continuing to grow. The firm also raised its price target range to $30 - $31 from $27 - $30. Comment!
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11:44 AM Humana (HUM +1.4%) cuts Q2 and FY guidance, citing costs to resolve a previously disclosed lawsuit. For Q2 it expects EPS of $1.98-$2.08 vs. $2.15-$2.25 previously and $2.27 consensus. For the FY it forecasts $7.38-$7.58 vs. $7.55-$7.75 and $7.92 consensus. Comment!
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11:24 AM Dara Biosciences (DARA -2.3%)) slips after reporting a Q1 net loss of $2M, or $0.29 cents per share, compared to a net loss of $1.3M, or $0.26 cents per share in the same period last year. The higher net loss was due primarily to business acquisition costs and the hiring of experienced staff to help execute its new oncology-focused business strategy. Comment!
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10:44 AM Achillion (ACHN +10.4%), possibly because of the release of positive results from a Phase Ib trial of ACH-2684 for the Treatment of Hepatitis C. Last week, the FDA fast-tracked ACH-3102, also for Hepatitis C. (PR) Comment!
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