|Healthcare Review: Horizon Pharma, Rite Aid Corporation, WuXi PharmaTech, Gentium Are Notable Movers|
|By Staff and Wire Reports|
|Thursday, 20 September 2012 13:09|
Weak data on the U.S. labor front followed reports illustrating slowing growth in China and Europe, with figures from the Labor Department showing first-time jobless claims fell by 3,000 last week to 382,000, slightly above the 375,000 economists’ estimates. Several healthcare stocks are making notable news at mid day on Thursday.
Horizon Pharma Inc (NASDAQ:HZNP) stock plunged 25.36% to $3.43 after the company announced the pricing of an underwritten public offering of 21.43 million units, with each unit consisting of one share of its common stock and a warrant to purchase 0.5 of a share of its common stock. The shares of common stock and warrants are being offered at a combined price to the public of $3.50 per unit.
Rite Aid Corporation (NYSE:RAD) stock fell 3.82% to $1.26 after the company recorded a second quarter loss of $38.8 million, or $0.05 a share, from the year-ago loss of $92.3 million, or $0.11 a share. Revenue dropped 0.6% to $6.23 billion. Analysts projected a loss of $0.07 a share on revenue of $6.21 billion.
WuXi PharmaTech (Cayman) Inc. (ADR)(NYSE:WX) stock gained 3.01% to $14.36 after Credit Suisse upgraded shares of WuXi PharmaTech to an outperform rating in a research report released today. The company last released its earnings data on August 13. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.03. WX’s revenue was up 28.9% compared to the same quarter last year.
Gentium S.p.A. (ADR)(NASDAQ:GENT) shares declined 5.73% to $10.37 in the early hour after the company reported financial results for the first half of 2012 and the second quarter ended June 30, 2012. Defibrotide usage in the six- and three-month periods ended June 30, 2012 increased by 38% and 47%, respectively, when compared to the six and three-month periods ended June 30, 2011.
Additionally, the company's investigational drug - Defibrotide, for the treatment of severe Veno Occlusive Disease, inches closer to EU approval, it might be worth keeping an eye on this stock.
Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) shares gained 4.65% to $2.25 after the company announced that several abstracts related to KRYSTEXXA (pegloticase) in the treatment of patients with Refractory Chronic Gout (RCG) will be presented at the 2012 ACR/ARHP Annual Meeting taking place in Washington D.C., from November 9-14, 2012.