Healthcare Review: Akorn, MAKO Surgical & Zalicus Jump, Eli Lilly & Co. Underperforms Print
By Staff and Wire Reports   
Tuesday, 07 August 2012 13:18
icon_MarketReportUPThe broader market jumped on Tuesday, extending its gain for the third straight session boosted by strong earnings form blue chip companies. Several healthcare stocks are making notable news at mid day on Tuesday:

Akorn, Inc. (NASDAQ:AKRX) shares gained 6.66% to $14.25 after the company posted preliminary financial results for the second quarter of 2012, subject to further review by the Company and its auditors.

The company reported second quarter consolidated revenue of $63.3 million, up 97% from $32.1 million in the year period. Net income for the second quarter of 2012 was $10.6 million, or $0.10 per diluted share, as compared to net income of $17.9 million, or $0.17 per diluted share in the comparable prior year quarter.

MAKO Surgical Corp. (NASDAQ:MAKO) stock increased 7.99% to $14.32. Equities research analysts at Mizuho lowered their price target on shares of MAKO Surgical from $15.00 to $13.00 in a research note issued to investors last week. The firm currently has a “neutral” rating on the stock. The 52 week trading range for the company is $11.99 - $45.15. The shares of the company fell 40% in the last one year.

PSS World Medical, Inc. (NASDAQ:PSSI) stock climbed 5.02% to $21.98. The company last week announced the closing of its offer to exchange $250 million of outstanding 6.375% Senior Notes due 2022 issued in a private placement on February 24, 2012 for an equal principal amount of newly issued 6.375% Senior Notes due 2022, which have been registered under the Securities Exchange Act of 1933, as amended.

Eli Lilly & Co. (NYSE:LLY) shares fell 2.31% to $42.70 in the early hour after the company announced data from a Phase III trial comparing the effects of FORTEO® (teriparatide [rDNA origin] injection) and risedronate on back pain in postmenopausal women with osteoporotic vertebral fractures. The study showed no difference between FORTEO and risedronate on the primary endpoint of at least a 30 percent reduction in worst back pain from baseline to six months of therapy, as assessed by a numeric rating scale in each treatment group.

Zalicus Inc (NASDAQ:ZLCS) shares climbed 10.71% to $1.24 after the company reported second quarter revenue of $2.9 million, as compared to $1.8 million in the year ago period. For the quarter ended June 30, 2012, net loss was $10.3 million, or $0.09 per share, compared to a net loss of $11.3 million, or $0.11 per share, in the quarter ended June 30, 2011.

Shares of Amarin Corporation plc (NASDAQ:AMRN) were up 4.11% to $11.64+0.46 after trading as low as $10.86 during the morning session. Technically speaking, accumulation indicators on the stock had been dropping since the FDA announced approval of Vascepa, but several analysts have said the weakness has created a buying opportunity in the stock as investors await a decision by the FDA on potential to obtain New Chemical Entity status (NCE) which ensures no generic competition for at least 5 years. "The de-risking event of Vascepa's approval goes a long way toward an acquisition, and taking advantage of the weakness in the stock today may be the way to make money on AMRN," wrote one biotech analyst recently.

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