|Healthcare review: Centene, Cynosure & XenoPort Are Notable Gainers|
|By Staff and Wire Reports|
|Tuesday, 24 July 2012 13:29|
Centene Corp (NYSE:CNC) shares rose 6.50% despite the company posted higher than estimated second quarter loss, while revenue topped analysts’ target. However, the company forecast it would return to profit in Q3 and it maintained its FY EPS outlook. The company reported net loss of $35 million, or 68 cents a share, recovered from a year ago loss of $28.4 million, or 54 cents. On an adjusted basis, loss came in at 16 cents a share, missing analysts’ forecast of a loss of 11 cents. Revenue jumped 61% to $2.11 billion, fueled by the company's move into new markets, topping Wall Street expectations.
Cynosure, Inc. (NASDAQ:CYNO) is among the top gainers and soared 12.36% after hitting a new 52-week high of $24.84. The company reported net income of $2.7 million, or $0.20 per diluted share, compared with a net loss of $1.3 million, or $0.10 per basic and diluted share, for the second quarter of 2011. Revenues increased 50% to a record $39.6 million in the second quarter of 2012 from $26.3 million for the same period in 2011.
XenoPort, Inc. (NASDAQ:XNPT) announced that the first subjects have been dosed in a Phase 1, randomized, double-blind, two-period crossover, food effect comparison study of XP23829 in healthy adults. The trial is designed to assess the pharmacokinetics, safety and tolerability of a single dose of XP23829 administered in both fasted and fed conditions. Shares of XNPT jumped 6.30% to $6.41.
Elan Corporation, plc (NYSE:ELN) plunged 14.51% after Elan Corporation announced that Pfizer has issued a top-line result in the first of four Bapineuzumab Phase 3 studies carried out by Pfizer and Janssen AI. Deutsche Bank reduced the price target for Elan to $12.40.
Zogenix, Inc. (NASDAQ:ZGNX) lost 4% after unveiling plans to offer 32.5M shares of common stock at $2/share. It plans to use proceeds to repay debt, fund development of its Zohydro chronic pain drug and ongoing commercialization of its Sumavel DosePro needle-free delivery system, as well as for working capital and other general corporate purposes.