Healthcare Review: Synta Pharmaceuticals , Sunshine Heart, Avanir Pharmaceuticals, Threshold Pharmaceuticals Are Notable Losers Print E-mail
By Staff and Wire Reports   
Monday, 01 October 2012 14:13

U.S. stocks pared gains, with the Nasdaq turning negative on Monday as Federal Reserve Chairman Ben Bernanke delivered a broad defense of the central bank's controversial bond-buying stimulus plan.


Several healthcare stocks are making notable news at mid day on Monday.


Synta Pharmaceuticals Corp.(NASDAQ:SNTA) shares increased 12.34% to $8.56 after the company announced results from an interim analysis of the Phase 2b portion of the GALAXY trial, a global, randomized, multi-center Phase 2b/3 study designed to evaluate the efficacy and safety of the Company’s lead Hsp90 inhibitor, ganetespib, as second-line treatment for advanced non-small cell lung cancer (NSCLC). The results showed good tolerability for the combination of ganetespib (G) and docetaxel (D), as well as meaningful improvements in overall survival (OS) in adenocarcinoma patients receiving docetaxel plus ganetespib compared to those receiving docetaxel alone.

Ariad Pharmaceuticals, Inc.(NASDAQ:ARIA) shares declined 1.03% to $23.96. The company, on Sept. 27, announced it has completed the rolling submission of the New Drug Application (NDA) for its investigational BCR-ABL inhibitor, ponatinib, to the U.S. Food and Drug Administration (FDA). The company is seeking U.S. marketing approval of ponatinib in patients with resistant or intolerant chronic myeloid leukemia (CML) and Philadelphia-chromosome positive acute lymphoblastic leukemia (Ph+ ALL). The Company has requested accelerated approval and a priority review of the ponatinib application by the FDA.

Additionally, Equities research analysts at Summer Street upped their price target on shares of ARIA from $21.00 to $34.00 in a research note issued to investors today. The firm currently has a “buy” rating on the stock.

Sunshine Heart Inc(NASDAQ:SSH)
stock increased 4.32% to $8.70 after the company announced that the US Food and Drug Administration, or the FDA has granted conditional approval to or an Investigational Device Exemption, or IDE, for the company's flagship C-Pulse Heart Assist System.

The company further added that following the receipt of the FDA approval, it intends to initiate a pivotal trial in North America in the fourth quarter of 2012.

Stryker Corporation(NYSE:SYK) shares fell 0.56% to $55.35 in the early hour after the company today said that it is expanding the recall for certain models of its Neptune Waste Management System, noting these devices don't currently have the required clearance from the Food and Drug Administration. The company had initiated a Class 1 recall in June for certain models of its Neptune Waste Management System, which is used to collect and dispose of surgical fluid waste.

Avanir Pharmaceuticals, Inc.(NASDAQ:AVNR)
shares climbed 9.84% to $3.52 after Cowen began coverage on shares of Avanir Pharmaceuticals today and the firm issued an outperform rating on the stock. The 52 week trading range for the company is $1.77 - $4.05. The shares of the company climbed 23% in the last one year.

Threshold Pharmaceuticals, Inc.(NASDAQ:THLD)
shares dropped 12.36% to $6.34 after the company announced preliminary data from an ongoing dose-escalation Phase 1/2 clinical trial of its investigational hypoxia-targeted drug TH-302 in combination with bevacizumab in patients with recurrent glioblastoma. The company said that the vo dose-limiting toxicity has been reported to date in the first two dose cohorts (240 mg/m2 TH-302 plus bevacizumab and 340 mg/m2 TH-302 plus bevacizumab); dose escalation is ongoing.

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