|Healthcare Review: StemCells, Peregrine Pharmaceuticals, Achillion Jump, Oncolytics Fall|
|By Staff and Wire Reports|
|Friday, 31 August 2012 15:38|
Also, media reports suggest that the European Commission plans to provide the European Central Bank supervisory powers over the euro-area banking sector, according to Sheldon. The Dow Jones Industrial Average was up 81 points, or 0.62%, to 13,081, off session high of 13,151.87, The S&P 500 rose 6.43 points, or 0.47%, to 1,405.91 and The Nasdaq Composite gained 15.20 points, or 0.5%, to 3,064.
Several healthcare stocks are making notable news at mid day on Friday:
StemCells, Inc. (NASDAQ:STEM) stock jumped 11.17% to $2.18 after the company announced that Armin Curt, MD, Professor and Chairman of the Spinal Cord Injury Center at Balgrist University Hospital, University of Zurich, and principal investigator for the Company's Phase I/II clinical trial in chronic spinal cord injury, will make an oral presentation on the progress of the trial on Monday, September 3 at the 51st Annual Scientific Meeting of the International Spinal Cord Society (ISCOS), which is being held in London, England, on September 3-5, 2012.
Peregrine Pharmaceuticals (NASDAQ:PPHM) stock increased 3.98% to $2.61. The company said it has secured a $30 million term loan from Oxford Finance, which was the lead lender, MidCap Financial, and Silicon Valley Bank. Under the loan facility, the company received initial funding of $15 million and has an option to receive an additional $15 million.
Additionally, the company announced that Steven King, president and CEO, will present at the 2012 Stifel Nicolaus Healthcare Conference at The Four Seasons Hotel in Boston, Massachusetts on Wednesday, September 5, 2012 at 2:40 PM Eastern Daylight Time.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) shares climbed 7.76% to $7.08 in the early hour after the company said it has entered into a definitive agreement with funds managed by QVT Financial LP for the sale of 6,367,853 shares of its common stock. The investors have agreed to purchase the shares of common stock at a price of $6.57 per share, resulting in gross proceeds to Achillion, before deducting estimated offering expenses, of approximately $41.8 million. The sale and issuance of the shares is expected to close on or about September 4, 2012, subject to customary closing conditions.
Additionally, Piper Jaffray & Co. restated its Overweight rating on Achillion Pharmaceuticals but slightly lowered its price target from $17.00 to $16.00.
Oncolytics Biotech, Inc. (USA) (NASDAQ:ONCY) shares declined 3.25% to $2.68 in the morning hour after Equities research analysts at Stifel Nicolaus started coverage on shares of Oncolytics Biotech in a research note issued to investors yesterday. The firm set a “buy” rating and a $6.00 price target on the stock.
Geron Corporation (NASDAQ:GERN) stock climbed 2.66% to $2.70. The company announced that John A. Scarlett, M.D., President and Chief Executive Officer, will present an overview of the company at 10:55 a.m. ET on Wednesday, September 5, at the Stifel Nicolaus 2012 Healthcare Conference in Boston.
Additionally, Analysts at Stifel Nicolaus initiated coverage on shares of Geron and the firm set a “buy” rating and a $4.00 price target on the stock.