|Healthcare Review: Celldex Therapeutics, Geron, Brookdale Senior Living, Dynavax Technologies, Idenix Are Notable Movers|
|By Staff and Wire Reports|
|Friday, 16 November 2012 14:35|
All three major U.S. stock indexes erased losses to turn higher following comments by Republican House Speaker John Boehner and others who discussed with Obama ways to avert sharp tax increases and spending cuts that would take effect next year. Analysts have said the fiscal cliff could tip the economy into recession.
Following are the notable movers at mid day on Friday:
Celldex Therapeutics, Inc.(NASDAQ:CLDX) stock gained 1.77% to $5.18. The company announced the presentation of three-year survival data from the Phase 2 rindopepimut clinical program in EGFRvIII-positive glioblastoma--a more aggressive form of glioblastoma typically associated with reduced long-term survival in comparison to the glioblastoma population as a whole.
Geron Corporation(NASDAQ:GERN) stock climbed 2.48% to $1.24. The company announced that the company has entered into a non-binding letter of intent (LOI) with BioTime, Inc. and BioTime's recently formed subsidiary, BioTime Acquisition Corporation (BAC). The LOI contains broad terms of a potential transaction through which Geron would contribute to BAC its intellectual property and other assets related to Geron's discontinued human embryonic stem cell programs.
Brookdale Senior Living, Inc.(NYSE:BKD) shares increased 9.82% to $23.67 in the early hour. The company reported third-quarter net loss of $12.0 million or $0.10 per share, compared to $7.0 million or $0.06 per share in the same quarter last year. Total revenue for the third quarter grew 13.1% to $696.5 million from $615.7 million in the same quarter last year. Analysts expected loss of $0.03 per share on revenues of 691.92 million.
Additionally, Deutsche Bank reconfirmed their buy rating on shares of Brookdale in a research note released today.
Dynavax Technologies Corporation(NASDAQ:DVAX) shares plunged 50.32% to $2.30 after the company’s Hepatitis vaccine Heplisav did not secure the backing of a U.S. Food and Drug Administration panel for its safety. However, the committee voted in favor of the drug on the efficacy aspect. The FDA's Vaccines and Related Biological Products Advisory committee voted 13 to one, supporting the efficacy of the vaccine, terming the data as adequately demonstrating its immunogenicity.
Idenix Pharmaceuticals, Inc.(NASDAQ:IDIX) shares declined 2.69% to $4.53 in the morning hour. The company announced the presentation of safety and antiviral activity results for the Company's clinical-stage hepatitis C virus (HCV) drug candidates - IDX719, a next-generation pan-genotypic NS5A inhibitor, and IDX184, a nucleotide polymerase inhibitor. Idenix presented updated clinical findings from a three-day proof-of-concept study, which demonstrated that IDX719 was well-tolerated at daily doses up to 100 mg and showed potent antiviral activity across HCV genotypes 1-4, with mean maximal viral load reductions up to approximately 4.0 log10 IU/mL.