|Healthcare Review: Medicis Pharmaceutical, Biosante, StemCells Jump, MannKind & Pfizer Fall|
|By Staff and Wire Reports|
|Tuesday, 04 September 2012 10:39|
The ECB meeting Thursday “is shaping up to be a very contentious meeting centering on the ECB’s next policy moves including the launch of a short-term bond-buying program,” Fred Dickson , chief investment strategist at Davidson Cos., wrote in an emailed note.
The Institute for Supply Management’s factory gauge declined to 49.6 in August from 49.8 the month before.
Several healthcare stocks are making notable news at mid day on Monday:
Medicis Pharmaceutical Corp (NYSE:MRX) shares soared 38.02% to $43.56 after Valeant Pharmaceuticals International said it agreed to buy Medicis Pharmaceutical Corp in a transaction valued at about $2.6 billion. Valeant said it would acquire all Medicis shares outstanding for $44 each in cash.
Moreover, Canaccord Genuity reissued their hold rating on shares of MRX in a research report released this morning.
Biosante Pharmaceuticals Inc (NASDAQ:BPAX) stock gained 7.43% to $1.59 after the company announced that the independent Data Monitoring Committee (DMC) has completed the ninth unblinded review of the LibiGel Phase III cardiovascular events and breast cancer safety study. The independent DMC has recommended that the LibiGel safety study should continue as per the FDA-agreed protocol, without modifications.
MannKind Corporation (NASDAQ:MNKD) shares dropped 8.52% to $2.47. JMP Securities upgraded shares of MNKD from a market perform rating to a market outperform rating in a research report released last month. The 52 week trading range for the company is $1.57 - $3.95. The shares of the company fell 14% in the last one year. The company is a development-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer.
StemCells, Inc. (NASDAQ:STEM) stock gained 7.97% to $2.34 after the company announced that interim six-month data from the first patient cohort in the Company's Phase I/II clinical trial of its proprietary HuCNS-SC product candidate (purified human neural stem cells) for chronic spinal cord injury continues to demonstrate a favorable safety profile, and shows considerable gains in sensory function in two of the three patients compared to pre-transplant baselines.
Pfizer Inc. (NYSE:PFE) stock declined 0.25% to $23.80 after the company announced that the European Commission (EC) has granted marketing authorization for INLYTA (axitinib) for the treatment of adult patients with advanced renal cell carcinoma (RCC), a type of kidney cancer, after failure of prior treatment with sunitinib or a cytokine. INLYTA, a kinase inhibitor, is an oral therapy that was designed to selectively inhibit vascular endothelial growth factor (VEGF) receptors 1, 2 and 3, which are proteins that can influence tumor growth, vascular angiogenesis and progression of cancer (tumor spread).