|Healthcare Movers: Sunshine Heart , Regeneron Pharmaceuticals, Rockwell Medical, Optimer Pharmaceuticals, Patterson Are Notable Movers|
|By Staff and Wire Reports|
|Tuesday, 20 November 2012 15:08|
Bernanke, in comments before the Economic Club of New York, said the Fed does not have the tools to offset the damage that would result if politicians fail to strike a deal to prevent going off the fiscal cliff. If a solution isn't approved in time, then mandatory tax increases and spending cuts will go into effect early next year. Bernanke said he does not believe the possible benefits of cutting the interest it pays on bank reserves are sufficient to outweigh the risk of trouble in money markets.
Following are the notable movers at mid day on Tuesday:
Sunshine Heart Inc. (NASDAQ:SSH) shares gained 0.80% to $6.64 in the morning hour. The company said it received unconditional approval from the Food and Drug Administration to start its pivotal U.S. trial for its flagship C-Pulse Heart Assist System.
Rockwell Medical Inc. (NASDAQ:RMTI) stock increased 7.93% to $6.26. The company’s sales increased 6% to $12.7 million, compared to almost $12 million in the same quarter last year. Net loss was $17.9 million compared to $5.0 million in third quarter of 2011 primarily due to higher R&D expense.
Additionally, RMTI’s stock had its target price trimmed by Stifel Nicolaus to $13.00 in a research note issued to investors on Nov. 9.
Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) stock jumped 5.92% to $169.94. The company plans a $70 million expansion that will add 300 biotech jobs to its upstate New York operation. The company will build a 65,000-square-foot plant to add capacity for manufacturing products for clinical trials and potential sales and expand an existing facility, both at its East Greenbush site in Rensselaer County.
Optimer Pharmaceuticals, Inc. (NASDAQ:OPTR) shares climbed 6.87% to $9.95 in the early hour. The company reported total revenues for the three months ended September 30, 2012 and 2011 of $17.9 million and $11.1 million, respectively, an increase of $6.8 million. The company reported a net loss for the third quarter of 2012 of $26.8 million, or $0.56 per share on both a basic and diluted basis, as compared to a net loss for the third quarter 2011 of $26.4 million, or $0.57 per share on both a basic and diluted basis.
Additionally, OPTR‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Nov. 5. They currently have a $10.00 target price on the stock.
Patterson Companies, Inc. (NASDAQ:PDCO) shares declined 7.25% to $33.41. The company reported a second quarter net income of $45.5 million or 44 cents per share. Analysts expected the company to earn 48 cents per share. Revenue edged up 1% to $867.2 million, missing analysts' average estimate of $895.5 million by a wide margin.