Movers: Affymetrix, Delcath Systems, ACADIA Pharmaceuticals, Cerus Corporation Are Notable Movers Print
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Monday, 08 October 2012 15:24
U.S. stocks declined slightly in low volume on Monday, pulling back from recent five-year highs as investors awaited the start of what many expect will be a weak earnings season.

The reporting season begins on Tuesday with results from aluminum company and Dow component Alcoa Inc, which is expected to post a decline in earnings compared with a year ago. With the lack of data and corporate earnings on Monday, trading is expected to be light due to the Columbus Day holiday. The U.S. bond market was closed.

Following are the notable movers at midday on Monday:

EXACT Sciences Corporation (NASDAQ:EXAS)
shares gained 2.67% to $11.94 after the company was featured in a weekend report by Barron’s. The company is developing a test that can detect colon cancers with more accuracy than screenings that are currently in use. If the test is eventually approved by the FDA, Exact Sciences could be acquired for upward of $20 per share, Barron's said.

Affymetrix, Inc. (NASDAQ:AFFX)
shares plummeted 15.55% to $3.64 after the company said it expects third-quarter revenue to fall short of consensus estimates as a tightening academic funding environment worldwide has hurt its gene expression and eBioscience business units. The companies forecast third-quarter revenue of about $80 million, while analysts were expecting $85 million. The company plans to report third-quarter results after the market close on Oct. 31.

Delcath Systems, Inc. (NASDAQ:DCTH)
shares climbed 8.70% to $2.25. Delcath‘s stock had its “outperform” rating restated by analysts at Cowen in a research report issued to clients and investors on Sept. 26. Separately, analysts at JMP Securities initiated coverage on shares of DCTH on September 19. They set an “outperform” rating and a $4.00 price target on the stock.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)
shares climbed 1.34% to $2.65. The 52 week trading range for the company is $0.93 - $3.06. The shares of the company soared 168% in the last one year. The company is a biopharmaceutical company focused on small molecule drugs that address unmet medical needs in neurological and related central nervous system disorders.

Cerus Corporation (NASDAQ:CERS)
shares climbed 2.38% to $3.44 in the early hour after Equities research analysts at Cowen initiated coverage on shares of Cerus in a research note issued to investors today. The firm set an “outperform” rating on the stock.

Additionally, the company announced last month that it has entered into independent partnership agreements with both the American Red Cross and
Blood Systems Incorporated (BSI) to commercialize INTERCEPT plasma for use in the orphan indication of thrombotic thrombocytopenic purpura (TTP) in the United States.



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