Healthcare Review: OXiGENE, Complete Genomics, Galena Biopharma, Alnylam Pharmaceuticals Are Notable Movers Print E-mail
By Staff and Wire Reports   
Tuesday, 13 November 2012 15:55
U.S. stocks drifted lower in uneven trading Tuesday as fears about the "fiscal cliff" and Greece tipped major indexes between gains and losses.

A surge in Home Depot's stock prevented a much-steeper drop for the Dow Jones industrial average. Stocks had opened lower after European leaders postponed the latest aid package for Greece. The Dow turned positive in the first hour of trading and rose solidly through the morning, gaining as much as 83 points.

Following are the notable movers at mid day on Tuesady:

OXiGENE, Inc.(NASDAQ:OXGN) soared 25% to $0.419 after reporting positive results from preclinical studies using its HepDirect liver-targeting technology platform for the treatment of hepatitis C. According to the data, LGND's HepDirect prodrug of 2'-C methylguanosine, LG-7501, may be effective in improving the effectiveness of hep C treatment while reducing systemic side effects.

Complete Genomics, Inc.(NASDAQ:GNOM) rose 3.15% on a report that it received an unsolicited $3.30 per share bid from "Party H" on November 5th. The offer follows an earlier tender offer from BGI-Shenzhen last month. Complete Genomics told Party H the bid didn't "constitute a superior proposal" and would likely not gain anti-trust clearance.

Galena Biopharma Inc(NASDAQ:GALE) climbed 21% after reporting a better than anticipated Q3 loss of $0.09 per share, narrower than the prior year's EPS loss of $0.13 and beating the Street consensus for a loss of $0.10. Operating losses decreased Y/Y, largely due to writedown's taken during Q311 due to discontinued operations, which were driven by the company's ongoing, late-stage trial for NeuVax and the spin-off of a pharmaceuticals subsidiary.

Alnylam Pharmaceuticals, Inc.(NASDAQ:ALNY) added 5% after reaching a settlement with Tekmira Pharmaceuticals resolving all litigation issues between the companies. It also signed a new licensing agreement that restructures the relationship and provides clarity on all intellectual property and licensing issues. As a result, TKMR will receive $65M within 10 days and is eligible to receive an additional $10M in near-term milestone payments in 2013.

Sequenom, Inc.(NASDAQ:SQNM) surged 8% without any news. Sequenom, Inc.  is a molecular diagnostic testing and genetics analysis company committed to providing molecular diagnostic testing services, and research use only products, services, applications, and genetic analysis products that translate the results of genomic science into solutions for biomedical research, translational research, molecular medicine applications, and agricultural, livestock, and other areas of research.



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