|Healthcare Review: Orexigen Therapeutics , McKesson Corporation, PSS World Medical, Nymox Pharmaceutical Are Notable Movers|
|By Staff and Wire Reports|
|Thursday, 25 October 2012 14:50|
Business investment showed signs of stalling in September, while overall U.S. durable goods orders rose more than expected, though orders excluding volatile defense goods and aircraft were unchanged.
Following are the notable movers at mid day on Thursday:
Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares gained 2.36% to $5.65 after the company announced that it has priced an underwritten public offering of 11,000,000 shares of its common stock at a price of $5.50 per share. Net proceeds, after underwriting discounts and commissions and estimated expenses, will be approximately $56.5 million.
The company has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock. The offering is expected to close on or about October 30, 2012, subject to satisfaction of customary closing conditions.
McKesson Corporation (NYSE:MCK) stock dropped 3.80% to $92.91 after the company reported second-quarter net income of $401 million from $296 million in the same quarter last year. Second-quarter earnings per share were $1.67 compared to $1.18 a year ago. Second-quarter Adjusted Earnings per share was $1.92. Revenues decreased to $29.85 billion from $30.22 billion last year. Analysts expected the company to report profit of $1.78 per share on revenue of $30.91 billion for the quarter. The company expects Adjusted Earnings per share of $7.15 to $7.35 for the fiscal year ending March 31, 2013. Analysts expect the company to report fiscal year profit per share of $7.26.
PSS World Medical, Inc. (NASDAQ:PSSI) shares climbed 32.69% to $28.66. McKesson Corp. agreed to buy PSS World Medical Inc. for about $2.1 billion to expand in medical supplies and services. The $29-a-share agreement for PSS World includes the assumption of debt. McKesson will acquire PSS World’s distribution of medical products to physician offices and long-term care homes and gain the company’s $2.1 billion in annual sales. Cost savings will be about $100 million a year within four years.
Nymox Pharmaceutical Corporation (NASDAQ:NYMX) stock gained 15.02% to $7.20. The company announced that the Independent Data Monitoring Committee for the company's Phase 2 study of NX-1207 for low risk localized prostate cancer or NX03-0040 has reported a second positive analysis of safety data from the clinical trial. The Independent Data Monitoring Committee assessed patients to date who have received high dose NX-1207 for treatment of their localized prostate cancer.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares increased 8.03% to $2.36. The 52 week trading range for the company is $0.93 - $3.06. The shares of the company soared 92.92% in the last one year. The company is a biopharmaceutical company focused on small molecule drugs that address unmet medical needs in neurological and related central nervous system disorders.