|Healthcare Review: Albany Molecular , VIVUS, ACADIA Pharmaceuticals, Myriad Genetics Are Notable Movers|
|By Staff and Wire Reports|
|Tuesday, 06 November 2012 15:52|
Investors awaited results of a close race that will set the country's course for the next four years on spending, taxes, healthcare and other policies. Polls showed President Barack Obama and Republican challenger Mitt Romney in a tight race, with a few battleground states expected to decide the winner. The outcome will affect industry sectors from energy to financials.
Following are the notable movers at mid day on Tuesday:
Albany Molecular Research, Inc.(NASDAQ:AMRI) shares climbed 6.66% to $3.68 after the company reported U.S. GAAP net loss of $(2.1) million, or $(0.07) per basic and diluted share in the third quarter of 2012, as compared to a net loss of $(5.9) million, or $(0.19) per basic and diluted share for the third quarter of 2011. Adjusted net loss for the third quarter of 2012 was break even, or $(0.00) per basic and diluted share. Total revenue for the third quarter of 2012 was $55.8 million, an increase of 11% compared to the third quarter of 2011.
VIVUS, Inc.(NASDAQ:VVUS) shares dropped 23.95% to $11.36 after the company reported third quarter net loss of $40.40 million from $8.63 million in the same quarter last year. Loss per share was $0.40 compared to a loss of $0.10 per share prior year.
The company also said the increase in net loss is primarily attributable to increased selling, general and administrative expenses related to pre-commercialization and commercialization activities for Qsymia. In addition, research and development expenses increased due to the start-up costs associated with the post-approval studies for Qsymia and STENDRA.
ACADIA Pharmaceuticals Inc.(NASDAQ:ACAD) shares gained 15.86% to $2.63. The company issued its quarterly earnings data yesterday. The company reported ($0.04) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.09) by $0.05. The company had revenue of $3.50 million for the quarter, compared to the consensus estimate of $1.90 million.
Myriad Genetics, Inc.(NASDAQ:MYGN) shares climbed 10.89% to $29.77 after the company reported first quarter net income of $30.1 million or $0.36 per share, as compared to $25.1 million or $0.29 per share for the year-ago quarter. Revenue for the first quarter increased 21% to $133.44 million from $110.45 million a year ago. Analysts polled by Thomson Reuters expected the company to earn $0.32 per share on revenue of $129.50 million for the first quarter.
Covance Inc.(NYSE:CVD) shares gained 5.51% to $53.41 after the company reported third-quarter net income of $37.8 million or $0.69 per share, from $40.7 million or $0.67 per share in the same quarter last year. Adjusted net income was $39.6 million or $0.72 per share, compared to $43.4 million or $0.71 per share last year. Analysts expected the company to earn $0.67 per share for the quarter. Net revenues for the quarter edged up to $544.8 million from $543.3 million last year. Analysts estimated revenues of $547.86 million for the quarter.