|Healthcare Review: Orexigen Therapeutics, BioCryst Pharmaceuticals, ZIOPHARM Oncology, Volcano Corporation, ACADIA Are Notable Movers|
|By Mary Davila|
|Monday, 22 October 2012 12:35|
Caterpillar's shares seesawed after the heavy equipment maker became the latest to exceed expectations on the bottom line but fall short of revenue forecasts.
Following are the notable movers at mid day on Monday:
Orexigen Therapeutics, Inc. (NASDAQ:OREX) reversed its early gain of about 5% and was recently down 1.50% to $6.06. The FDA supports exploring with Orexigen Therapeutics how the firm can speed up its application for weight loss pill Contrave. The FDA rejected the drug in January 2011, due to possible heart problems, and asked Orexigen to conduct another study. The company has so far enrolled 7,000 patients and intends to recruit another 9,000 by the year-end.
BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) shares soared 9% to $4.92 on unusual volume of 478K shares. The company has reached a definitive accord to acquire privately held Presidio Pharmaceuticals in an all-stock transaction that values the latter at around $101 million. The transaction is expected to close in the first quarter of 2013, and is subject to customary conditions, including approval by BioCryst shareholders.
ZIOPHARM Oncology Inc.(NASDAQ:ZIOP) is gaining momentum and rose 8% to $4.69. On Friday, the stock was down over 6% after a report on Forbes’ website alleged that the cancer drugmaker withheld crucial information from its investors, including a regulatory warning letter related to mid-stage trial data of its chemotherapy drug palifosfamide. The warning letter flagged by the article was from 2009 and was addressed to Sant Chawla of Santa Monica, California-based Sarcoma Oncology Center, who the report identified as the lead investigator for the trial.
Volcano Corporation (NASDAQ:VOLC) rose 6.90% without any major news. Volcano Corporation (Volcano) designs, develops, manufactures and commercializes a range of precision guided therapy tools, including intravascular ultrasound (IVUS), and fractional flow reserve (FFR), products. The Company is facilitating the adoption of functional percutaneous interventional (PCI), in which its FFR technology is used to determine whether or not a stent is necessary, and IVUS is used to guide stent placement and optimization.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is down another 6% to $2.26 after 7% in the past two trading sessions. ACADIA Pharmaceuticals Inc. is a biopharmaceutical company focused on small molecule drugs that address unmet medical needs in neurological and related central nervous system disorders. The Company has four product candidates in clinical development led by pimavanserin, which is in Phase III development as a first-in-class treatment for Parkinson's disease psychosis.