Healthcare Review: Synergy & Pluristem Jump, InterMune Slumps On Earnings Print E-mail
By Staff and Wire Reports   
Monday, 23 July 2012 15:12
icon_MarketReportDOWNU.S. stocks slumped on Monday pressured by rising soaring yields on Spain’s 10-year bond past 7.5% on Monday as government debt extended a selloff from Friday. Also, Spanish and Italian regulators imposed a short-selling ban on Monday. There were several healthcare stocks which showed impressive strength at mid day on Monday.

 

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) is bucking the market trend and rose 3% to $4.47 after agreed to acquire Callisto Pharmaceuticals, a development stage bio-pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases.

Pluristem Therapeutics Inc. (NASDAQ:PSTI) extended its past week’s gain of 35% and rose another 3% to $3.49. The company plans to apply for FDA authorization of its stem cell treatment for aplastic bone marrow as an orphan drug or rare-disease treatment. The benefits of orphan-drug status include an accelerated regulatory process, possible grant money and tax credits. Pluristem also intends to apply for similar designations outside the U.S.

Speculators who had been holding out hope for some buy-out news at Obagi Medical Products, Inc. (NASDAQ:OMPI) dropped shares as low as $14.75 before other investors began to dive in for the suddenly discounted shares. The market has saw a steady accumulation of shares in anticipation of the financial results for the second quarter since the realy morning drop. That earnings call is expected August 2 after market close. A recent report listed the firm as one of six rallying healthcare stocks with strong receivable trends and observers expect to see positive numbers from the company.

InterMune, Inc. (NASDAQ:ITMN) shares slumped 15% after posting weak revenue in the latest quarter. The company posted revenue of $5.5 million, missing analysts’ target of $40 million. Loss from continuing operations came in at $50.9 million, or 78 cents per share, again missing analysts’ estimates of a loss of 23 cents per share. The company expects full-year revenue from Esbriet to be between $20 million and $25 million, while analysts estimate revenue of $77.9 million.

Repligen Corporation (NASDAQ:RGEN) climbed 7% to $4.16 on unusual volume. Last week, the company has received a Complete Response Letter  from the U.S. Food & Drug Administration (FDA) regarding the Company’s New Drug Application for RG1068 (synthetic human secretin).




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