|Healthcare Review: Amarin, Gilead Sciences, XOMA Corporation, NuVasive, United Therapeutics, Discovery Laboratories Are Market Movers|
|By Staff and Wire Reports|
|Wednesday, 24 October 2012 14:29|
Shares of Amarin Corporation (Nasdaq: AMRN) bounced back from a hit piece by a biotech blogger two days ago after a report in the U.K.’s Daily Mail revealed that AstraZeneca PLC (NYSE: AZN) is planning to launch a cash bid for the U.S. based biopharmaceutical firm. Shares showed gains as high as $12.48 (+ 6%) during mid-day trading. Reportedly, AstraZeneca, along with other larger pharmaceutical companies such as Merck, Pfizer, Abbott and Eli Lilly, would apparently love to get their hands on Amarin for Vascepa, a prescription medicine which helps with the treatment for cardiovascular disease.
Gilead Sciences, Inc.(NASDAQ:GILD) stock gained 5.96% to $68.78 after the company posted a third quarter profit of $675.5 million, or $0.85 a share, down from $741.1 million, or $0.95 a share, a year earlier. Adjusted per- share earnings fell to $1 from $1.02 a year ago. Analysts projected earnings of 94 cents a share.The company’s revenue jumped 14% on the strength of its blockbuster HIV drug franchise, but research and development costs ate into profit, which fell 8.9% from a year earlier.
XOMA Corporation (NASDAQ:XOMA) shares declined 5.59% to $3.04 in the early hour after the company announced that it is offering to sell, subject to market and other conditions, shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. XOMA also expects to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover over-allotments, if any.
NuVasive, Inc.(NASDAQ:NUVA) shares increased 12.33% to $14.21 after the company posted third quarter profits of $2.4 million, or $0.05 per share, on sales of $148.4 million during the 3 months ended Sept. 30., ad compared to losses of $67.6 million, or $1.69 per share, and an 11.7% sales increase compared with Q3 2011.
United Therapeutics Corporation(NASDAQ:UTHR) stock dropped 13.32% to $46.16. The Food and Drug Administration has declined to approve United Therapeutics new drug application for an oral formulation of a drug to treat high blood pressure. The company received a complete response letter from the FDA that declined to approve the company's application for oral treprostinil for the treatment of pulmonary arterial hypertension in its current form.
Discovery Laboratories, Inc.(NASDAQ:DSCO) stock decreased 14.29% to $2.34. The company reports a commercial update for SURFAXIN and AFECTAIR. The Company has initiated commercial launch activities for both products by training and deploying its newly-formed commercial and medical affairs organizations with the goal of securing hospital formulary acceptance for SURFAXIN, expected to be commercially available in the second quarter of 2013, and adoption of AFECTAIR with an anticipated product availability in December 2012.