Healthcare Review: ABIOMED, Gentiva Health Services, Prestige Brands Holdings, Hansen Medical, Pain Therapeutics Are Notable Movers Print E-mail
By Staff and Wire Reports   
Thursday, 01 November 2012 12:51

U.S. stocks shot higher on Thursday, boosted by bullish job market and consumer confidence data as trading continued to return to normal following storm Sandy's devastating sweep through the U.S. North East.

Technology and industrial sector shares led gains as data showed U.S. companies added jobs in October at the fastest pace in eight months, and consumer confidence hit its highest in more than four years. The numbers paint a rosier economic picture ahead of a key government report on nonfarm payrolls due on Friday.

Following are the notable movers at mid day on Thursday:-

ABIOMED, Inc.(NASDAQ:ABMD)
stock dropped 29.82% to $13.91 after the company reported second quarter revenue of $37.4 million, up 27% as compared to revenue of $29.5 million in the same period of fiscal 2012, and GAAP net income of $5.5 million or $0.13 per diluted share in the second quarter of fiscal 2013, compared to GAAP net income of $0.6 million or $0.02 per diluted share in the same period of fiscal 2012.

Additionally, the company said a federal investigation is examining its marketing and labeling of Impella, its temporary heart product.

Gentiva Health Services, Inc.(NASDAQ:GTIV)
shares increased 22.09% to $11.44 after the company reported third quarter adjusted income from continuing operations of $0.32 per share, which beat the consensus estimate of $0.28. The company also raised its 2012 full-year outlook for adjusted income from continuing operations to a range of $1.20 to $1.30 per share. The consensus estimate is for EPS of $1.25.

Prestige Brands Holdings, Inc.(NYSE:PBH) stock gained 13.74% to $19.78 after the company reported second quarter adjusted net income of $0.42 per share, as compared to $0.26 per share in the previous year. The consensus estimate was for EPS of $0.33. The company also increased its full year 2013 EPS forecast to between $1.37 and $1.42, from prior guidance of $1.22 to $1.32. The consensus estimate is for EPS of $1.34.

Hansen Medical, Inc. (NASDAQ:HNSN)
stock increased 6.56% to $2.42. 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.

Pain Therapeutics, Inc. (NASDAQ:PTIE)
shares plunged 35.33% to $3.02 in the early hour as partner Pfizer (NYSE:PFE) noted Thursday on its earnings call that Remoxy, PTIE's lead product, is a "challenging" asset and that new studies are required to support resubmission of the drug in the U.S. Recall that many had expected Pfizer to resubmit the NDA for Remoxy in the near-term based on encouraging results from recently completed biostudies and an expected meeting with the FDA in 2H12.

Additionally, PTIE’s stock has been upgraded by TheStreet Ratings from sell to hold. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, compelling growth in net income and largely solid financial position with reasonable debt levels by most measures.




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