|Healthcare Review: Dehaier Medical& Sunesis Pharmaceuticals Jump, Sequenom & Peregrine Pharmaceuticals Slump|
|By Staff and Wire Reports|
|Tuesday, 11 September 2012 15:03|
In a statement Tuesday, Moody’s Investors Service said the United States stands to lose its top credit rating unless lawmakers reach agreement to cut the amount of debt relative to gross domestic product in budget talks next year. Several healthcare stocks are making notable news at mid day on Tuesday.
Dehaier Medical Systems Ltd (NASDAQ:DHRM) shares climbed 45.62% to $2.33 in the early hour after the company announced that it has obtained State Food and Drug Administration approval for DHR-CPAP-C5, one of Dehaier's homecare medical devices. The period of validity for the SFDA approval is four years.
Sunesis Pharmaceuticals, Inc.(NASDAQ:SNSS) shares soared 31.82% to $3.48 after Cantor Fitzgerald restated their buy rating on shares of SNSS and the firm currently has a $8.00 target price on the stock.
Additionally, the company will implement a one-time, 225-patient sample size increase to its Phase 3 VALOR trial of vosaroxin in acute myeloid leukemia (AML), bringing target enrollment to 675 patients. This is in response to the recommendation of the trial's independent Data and Safety Monitoring Board (DSMB) following their completion yesterday of a single, pre-planned interim analysis of unblinded efficacy and safety data sets from VALOR.
Sequenom, Inc.(NASDAQ:SQNM) shares declined 9.74% to $3.53 after the company announced that it intends to offer, subject to market and other considerations, $100.0 million aggregate principal amount of Convertible Senior Notes due 2017 (the Convertible Notes) in a private offering. The company intends to use the net proceeds from the offering to fund the commercialization of the MaterniT21 PLUS laboratory-developed test, as well as for other general corporate purposes, which may include research and development expenses, capital expenditures, working capital and general administrative expenses.
Compugen Ltd. (USA)(NASDAQ:CGEN) shares gained 6.16% to $4.14 after the company announced that pre-clinical findings presented at the 3rd European Congress of Immunology provide additional support for the potential of CGEN-15001 to effectively treat autoimmune disease. Mode of action studies for CGEN-15001 demonstrated both the active suppression of pathogenic immune responses and the reestablishment of immune balance by increasing anti-inflammatory mediators and promoting inducible regulatory T cells (iTregs).
Peregrine Pharmaceuticals (NASDAQ:PPHM) shares dropped 12.33% to $3.81. The company announced that interim results from its Phase IIb trial in patients with refractory non-small cell lung cancer showed a statistically significant improvement in overall survival and a doubling of median overall survival in the bavituximab-containing arms, compared to the control arm.
Additionally, Roth Capital restated their buy rating on shares of PPHM and the firm currently has a $5.00 price target on the stock.