Healthcare Review: WellCare Health Plans, Hansen Medical, Arena Pharmaceuticals, VIVUS Are Notable Movers Print E-mail
By Staff and Wire Reports   
Wednesday, 31 October 2012 13:46
The U.S. stock market slowly returned to life on Wednesday after two days in the dark, in the wake of the massive storm Sandy that caused the market's first weather-related two-day closure since Grover Cleveland was president. The major stock indexes' early gains were short-lived as buying receded quickly. The S&P 500 was modestly lower in a session that is on track to be busier than the average day in U.S. markets, in part because of pent-up demand after the two-day closure.

Following are the notable movers at mid day on Wednesday:

WellCare Health Plans, Inc.(NYSE:WCG)
shares dropped 13.85% to $47.58 after the company reported a third quarter profit of $38.3 million, or $0.87 a share, as compared with a year-earlier profit of $88.3 million, or $2.03 a share. Adjusted per-share earnings fell to $1.05 from $2.15 in the year ago period. Revenue rose 18% to $1.82 billion for the quarter. Analysts expected earnings of $1.47 a share on $1.83 billion in revenue.

Additionally, the company also disclosed plans to acquire UnitedHealthcare’s South Carolina Medicaid business for an undisclosed amount.

Hansen Medical, Inc.(NASDAQ:HNSN)
stock soared 22.04% to $2.21. The company announced it has signed an updated license agreement with Intuitive Surgical. Under the terms of the updated agreement, Intuitive Surgical's existing co-exclusive rights to Hansen Medical's patent portfolio to certain non-vascular approaches have been extended to include patents filed by Hansen Medical subsequent to the original 2005 agreement up to and including the period three years subsequent to this update.

Arena Pharmaceuticals, Inc.(NASDAQ:ARNA)
shares declined 5.79% to $7.97. The company, this month, announced the initiation of dosing in a Phase 1 multiple dose clinical trial of APD811, a novel oral drug candidate discovered by Arena that targets the prostacyclin (IP) receptor for the treatment of pulmonary arterial hypertension (PAH). This randomized, double-blind and placebo-controlled dose titration trial is planned to enroll up to 30 healthy adult volunteers, and will evaluate the safety, tolerability and pharmacokinetics of multiple-ascending doses of APD811 and the optimal titration schedule.

VIVUS, Inc.(NASDAQ:VVUS)
stock dropped 11.42% to $15.53. The company announced that it will report financial results for the third quarter ended September 30, 2012 before the NASDAQ Market opens on Tuesday, November 6, 2012. The company will conduct a conference call and an audio webcast at 8:45am ET on the same day.

Dr. Reddy's Laboratories Limited (ADR)(NYSE:RDY)
stock increased 4.60% to $32.74. The company’s net profit grew to 4.07 billion rupees in the second quarter, with revenue jumping 27% to 28.81 billion rupees. That was better than a consensus of 3.73 billion rupees on net sales of 27.83 billion rupees. The company reported a better-than-expected 32% rise in quarterly net profit as four new generic drugs drove sales in North America, its biggest market.

Anika Therapeutics, Inc.(NASDAQ:ANIK)
stock fell 9.79% to $10.96. The company reported third quarter total revenue was $14.8 million. Operating income for the third quarter of 2012 was $2.7 million, as compared to $4.8 million in the same period in 2011. Net income declined to $1.6 million, or $0.11 per diluted share, from $3.0 million, or $0.22 per diluted share, in the third quarter a year earlier.



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