Healthcare Review: Invisalign manufacturer, Derma Sciences, Protalix, Curis, Hi-Tech Pharmacal, Bio-Reference Are Notable Movers Print E-mail
By Staff and Wire Reports   
Thursday, 06 December 2012 13:50
U.S. stocks churned between modest gains and losses Thursday, with an optimistic forecast from Broadcom Corp. bolstering technology shares as investors watched fiscal-cliff negotiations.

The weekly data come ahead of Friday’s monthly nonfarm payrolls report, with the unemployment rate likely to hold at 7.9% for November.

Following are the notable movers at mid day on Thursday:-

Align Technology, Inc.(NASDAQ:ALGN) slumped 5.32%, after saying earlier that Q4 profit and revenue will come in at the lower end of previously downbeat guidance, and that it's cutting around 25 jobs and shuffling management. The management changes follow the news that Dana Cambra, the company's VP of R&D, has left the company. Chief Executive Thomas M. Prescott will take his responsibilities on an interim basis.

Derma Sciences, Inc.(NASDAQ:DSCI) gained 6.50% after pricing its 3.06M share offering at $10.34 per share, flat with yesterday's close. The stock has a current float of around 13M shares. The medical device and pharmaceutical company says it intends to use the proceeds to fund the clinical development of its pharmaceutical wound care product DSC127, along with other general corporate purposes.

Curis, Inc.(NASDAQ:CRIS) fell 3.50%, despite the company's earlier announcement that it's been issued a patent covering a genus of compounds that includes Debio 0932, an orally-administered Heat Shock Protein 90 inhibitor, which is being developed by Curis' licensee Debiopharm.

Protalix BioTherapeutics Inc.(NYSEAMEX:PLX) signs an agreement with Pfizer (PFE) in which the latter will conduct and sponsor new trials for Protalix's Elelyso treatment for Gaucher disease, which stops cells and organs from working properly. Protalix will be eligible to receive milestone payments of up $8.3M; the company will continue to conduct existing trials of Elelyso.

Hi-Tech Pharmacal Co.(NASDAQ:HITK) shares soared 12.69% to $34.99 on hefty volume after the generic drug maker's second-quarter results surpassed Wall Street forecasts. The company said its net income fell 35 percent in the quarter ended Oct. 31, to $8.9 million, or 66 cents per share, from $13.8 million, or $1.04 per share. Revenue rose 1 percent, to $57.5 million from $56.9 million. Analysts were expecting net income of 52 cents per share and revenue of $55 million, according to FactSet.

Bio-Reference Laboratories Inc.(NASDAQ:BRLI) surged 7.50% to $29.35. The Company recorded Q4FY12 revenues of $176,052. Net income before taxes in Q4FY12 totaled $22,966; an increase of 22% compared with net income before taxes of $18,854 in Q4FY11.

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