|Healthcare Review Cerner Corporation, Skilled Healthcare, Endologix, Osiris Therapeutics Are Notable Movers|
|By Staff and Wire Reports|
|Friday, 26 October 2012 13:39|
Data had the U.S. economy expanding more than forecast in the third quarter and consumer sentiment rose in October from the prior month. The government reported the U.S. economy picked up speed in the third quarter, growing 2% versus a 1.3% in the second quarter. Analysts had expected the initial reading on growth in gross domestic product for the third quarter to come in at 1.7%.
Following are the notable movers at mid day on Friday:
Cerner Corporation (NASDAQ:CERN) stock climbed 11.07% to $76.05 after the company announced results for the 2012 third quarter that ended September 29, 2012, delivering strong levels of bookings, revenue, earnings and cash flow. Bookings in the third quarter of 2012 were $769.9 million, an all-time high for a third quarter and an increase of 18% compared to third quarter 2011 bookings of $650.3 million.Third quarter revenue was a record $676.5 million, an increase of 18%, as compared to $571.6 million in the year-ago period. On a U.S. GAAP basis, third quarter 2012 net earnings were $98.9 million and diluted earnings per share were $0.56. Third quarter 2011 GAAP net earnings were $78.8 million and diluted earnings per share were $0.45.
Additionally, Jefferies upgraded Cerner’s shares from Hold to Buy with a price target of $82.00 (from $80.00).
Skilled Healthcare Group, Inc. (NYSE:SKH) stock gained 10.74% to $7.63. The company announced today that it expects to release its results for the quarter ended September 30, 2012 after the market closes on Monday, November 5, 2012. A conference call and webcast will be held Tuesday, November 6 at 9:00 a.m. Pacific Time (12:00 noon Eastern Time) to discuss the company's results and outlook for the future.
Endologix, Inc. (NASDAQ:ELGX) stock increased 5.76% to $13.95. The company announced details relating to the release of its third quarter 2012 financial results, which will take place on Thursday, October 25, 2012 after the close of the market.
Additionally, the company announced that it has entered into a comprehensive settlement agreement with Cook Incorporated in the patent infringement lawsuit filed against the Company in October 2009 and which involved two Cook Incorporated patents which have subsequently expired. The case had previously been scheduled to go to trial at the end of October 2012.
Osiris Therapeutics, Inc. (NASDAQ:OSIR) shares climbed 6.11% to $10.08. The company announced it has promoted Lode Debrabandere, Ph.D. to the role of Chief Operating Officer (COO) reporting directly to Chief Executive Officer, C. Randal Mills, Ph.D. Dr. Debrabandere has been with Osiris since 2006 in various leadership positions, most recently serving as Senior Vice President for Therapeutics.
ImmunoGen, Inc. (NASDAQ:IMGN) shares declined 14.51% to $11.78 in the morning hour after the company reported a first quarter loss of $25.19 million or $0.30 per share from $19.48 million or 26 cents per share last year. Revenue for the quarter increased to $4.09 million from $2.53 million in the prior year period. Analysts expected the company to report a loss of 25 cents per share on revenues of $4.10 million.