Active Stocks: Stereotaxis, Amarin, Immunomedics, C.R. Bard, Delcath Systems
By Staff and Wire Reports   
Wednesday, 23 October 2013 13:41
U.S. stocks fell on Wednesday, putting the S&P 500 on track to snap a four-day streak of record highs, as shares of Caterpillar and a number of chipmakers tumbled in the wake of their results. The earnings of two Dow components underlined how the corporate reporting season has been mixed, with investors concerned about revenue growth and outlooks. About a third of S&P 500 companies have reported thus far, with 66.3 percent topping profit expectations, a rate that is slightly higher than the historical average. Roughly 54 percent have beaten on revenue, below the long-term average of 61 percent.

Stereotaxis ($STXS) is off to the races today after announcing preliminary Q3 results ahead of a rights offering. Revenues are expected to come in at $10.6-11.1M (system revenue of $4.4-4.6M and recurring revenue of $6.2-6.5M).STXS reports one new Niobe system order and an estimated capital backlog of $5.2-5.6M."While we continued to be challenged to grow utilization, we believe our release of the Vdrive with V-Sono system in the U.S. and full entry of the Niobe platform into the Japan market ... provide us with potentially significant growth opportunities," interim CEO William Mills says. (PR)Speaking of Niobe and Japan, the country's Ministry of Health, Labor and Welfare has given the system a C2 classification, "the highest of five reimbursement categories for medical devices in Japan."A temporary technical fee for Niobe procedures is set at $3,500 (permanent fee to be determined in April 2014).

Not surprisingly, Amarin ($AMRN) is having a rough session. The company said Tuesday it will cut around 50% of its global staff after the disappointing FDA Ad Com outcome. AMRN will retain "its highest performing sales professionals," will take a $3M restructuring expense tied to the layoffs, and says with $226M in cash and expected cash burn of $80M next year, it "has no plans for raising additional capital at this time."

Immunomedics ($IMMU) posts double-digit gains on the session. The company says a median OS of more than 5 months was observed in patients with metastatic pancreatic cancer that received multiple cycles of clivatuzumab tetraxetan labeled with yttrium-90 therapy in combination with low-dose gemcitabine. The results are reminiscent of findings announced back in July.

C.R. Bard ($BCR) gets a pair of upgrades on the heels of Tuesday's Q3 top and bottom line beat (see here and here)."Simply put, the elements driving our Sell thesis are getting resolved," Goldman's David Roman notes, adding that "organic growth has ticked up the past two quarters and ... the company looks to have sustainable new growth drivers. "Roman lifts BCR to Neutral from Sell and raises its price target to $132 from $106.Also: Piper upgrades the shares to Overweight from Neutral.

Delcath Systems ($DCTH) says it is raising around $7.5M in an offering of nearly 21M shares and warrants (exercise price is $0.44) for up to 9.432M shares. Price is $0.36/share and related warrant.




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