|Healthcare review: Sunesis Pharmaceuticals , VIVUS, Amicus Therapeutics, Edwards Lifesciences, AngioDynamics Are Notable Movers|
|By Staff and Wire Reports|
|Tuesday, 09 October 2012 13:20|
Earnings reports for S&P 500 companies, which begin later on Tuesday, may show the first quarterly drop in three years, according to analysts' estimates.
Following are the notable movers at mid day in Tuesday’s session:
VIVUS, Inc. (NASDAQ:VVUS) shares gained 1.76% to $20.80. Yesterday, the stock was up over 10% after the company said that pharmacy benefit manager Express Scripts Holding has joined the Qsymia Certified Home Delivery Pharmacy Network.
The company, last week, announced the dismissal of a putative class action lawsuit captioned Kovtun v. Vivus, Inc., et al., Case No. 4:10-CV-04957-PJH, filed in November 2010 against the company and two of its officers alleging securities fraud.
Amicus Therapeutics, Inc. (NASDAQ:FOLD) shares climbed 13.12% to $5.85 in the early hour. The 52 week trading range for the company is $2.10 - $7.29. The shares of the company soared 54% in the last one year. The company is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule drugs known as pharmacological chaperones for treating a range of diseases, including lysosomal storage diseases and diseases of neurodegeneration.
Edwards Lifesciences Corp. (NYSE:EW) stock plunged 17.85% to $88.24 after EW‘s stock had its “outperform” rating reiterated by equities research analysts at Leerink Swann in a research note issued to investors today.
Additionally, the company said third-quarter revenue would fall short of its own estimates because of weak transcatheter heart valve sales. The company expects third-quarter revenue of $448 million, well below the forecast $465 million to $485 million range it provided in July. Analysts estimated sales of $476.5 million.
AngioDynamics, Inc. (NASDAQ:ANGO) shares dropped 12.09% to $11.27 after the company posted first-quarter net loss of $721 million, or $0.02 a share, as compared to $1.3 billion, or $0.05 a share in the year ago period. . Adjusted earnings were $0.10 a share in the most recent period. Revenue for the first quarter jumped 53% to $83.4 million from $54.4 million a year ago. Analysts had anticipated earnings of $0.10 a share on revenue of $85.3 million.
Additionally, the company also said it's agreed to purchase privately held Vortex Medical Inc. for $15 million in cash. Norwell, Mass.-based Vortex develops medical devices for the removal of blood clots from occluded blood vessels.
Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) shares declined 8.83% to $5.78 in the morning hour. The company, last week, announced two management promotions, effective October 1, 2012. Deborah A. Thomas, Ph.D., has been promoted to Vice President, Regulatory Affairs and Gene C. Jamieson has been promoted to Vice President, Chemistry, Manufacturing and Controls (CMC).
Additionally, SNSS’s stock had its “outperform” rating reaffirmed by research analysts at Cowen in a report released on Oct. 5.
Affymax, Inc.(NASDAQ:AFFY) stock gained 4.48% to $23.56 after Affymax stock had its price target boosted by Lazard Capital from $20.00 to $28.00 in a research report released today. Lazard Capital currently has a buy rating on the stock. Additionally, analysts at Piper Jaffray reiterated an overweight rating on shares of Affymax in a research note to investors on October 1. They now have a $26.00 price target on the stock.