Staff and Wire Reports
Thursday, 29 November 2012 15:36
Stocks rose on Thursday as investors bought on sporadic dips in a market roiled by conflicting comments from Washington about high-stakes negotiations to solve the "fiscal cliff."
Wall Street reversed early gains and fell shortly after John Boehner, the top Republican in Congress, poured cold water on hopes that lawmakers were getting closer to a budget deal that would avert a possible recession next year. But the market rebounded by afternoon and the three major indexes were near the session highs.
Johnson & Johnson (NYSE:JNJ) shares declined 0.09% to $69.23 after an advisory panel to the U.S. Food and Drug Administration voted that an experimental Johnson & Johnson drug for multidrug-resistant tuberculosis appears to be safe and effective, but highlighted potential heart and liver-safety issues.
Additionally, Sanford C. Bernstein reaffirmed their outperform rating on shares of JNJ in a research note released today. They currently have a $78.00 price target on the stock.
WellPoint, Inc. (NYSE:WLP) stock increased 1.17% to $55.41. The U.S. Justice Department said that the company can move forward with its $4.5 billion purchase of health insurance rival Amerigroup Corp after Amerigroup alleviated antitrust concerns by selling operations in Virginia. Without the sale, the combined company would have had a monopoly in the northern Virginia suburbs outside Washington.
Hi-Tech Pharmacal Co. (NASDAQ:HITK) stock dropped 9.99% to $29.99. The company announced that the Company will release results for its second quarter of Fiscal Year 2012 ended October 31, 2012, prior to the market opening on Thursday December 6, 2012 and will hold a conference call to discuss its financial results at 10 a.m. Eastern Time.
Rexahn Pharmaceuticals, Inc. (NYSEAMEX:RNN) shares plunged 30.08% to $0.330. The company announced that Teva Pharmaceutical Industries Ltd. will provide an additional funding to Rexahn pursuant to the terms of its agreements with that company. The clinical stage pharmaceutical company commercializing potential best-in-class oncology and central nervous system therapeutics stated that pursuant to the agreement, Teva will invest $750,000 to purchase Rexahn's common stock at 120% of closing price of common stock on the last trading day preceding the closing.
Additionally, the company said that it has priced an underwritten public offering of about 19.1 million shares of its common stock and warrants exercisable for up to about 10.5 million additional shares at $0.33 per fixed combination of shares and warrants for gross proceeds of about $6.3 million.
Galena Biopharma Inc. (NASDAQ:GALE) shares climbed 13.41% to $2.03 after the company announced two presentations at the 35th Annual CTRC-AACR San Antonio Breast Cancer Symposium. The event will be held December 4-8, 2012 at the Henry B. Gonzalez Convention Center in San Antonio, Texas.
Additionally, equities researchers at Aegis began coverage on shares of Galena in a report issued yesterday. The firm set a “buy” rating and a $6.00 price target on the stock. On average, analysts predict that GALE will post $-0.63 earnings per share for the current fiscal year.
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