|In Healthcare Healthways, Pharmacyclics, Synta Pharmaceuticals, Cardiome Pharma, BG Medicine, Somaxon Pharmaceuticals Are Notable Movers|
|By Staff and Wire Reports|
|Tuesday, 11 December 2012 13:55|
The Dow jumped 119 points to 13,288 as of 11:52 a.m. The Dow posted modest increases over the previous four days. Twenty nine of the 30 stocks in the index advanced, with only McDonald's edging lower. Following are the notable movers at mid day on Tuesday:
Healthways, Inc.(NASDAQ:HWAY) slips 6% after Citigroup initiated the shares today with a Sell and a $9 price target, saying that expectations for any margin improvement at the health-care provider are too high. Citi notes that contract losses, lower margins on new business, and less favorable rates on renewed contracts will wind up disappointing the Street consensus, and leave limited upside.
Pharmacyclics, Inc.(NASDAQ:PCYC) says that follow-up findings from an ongoing Phase II study suggest that its investigational oral agent ibrutinib resulted in "high and durable responses" and was generally well toleratedin patients with relapsed or refractory mantle cell lymphoma. Shares of PCYC are up 6.21%.
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) saw shares rise over 9% after a news article pointed to several pending upcoming catalysts and insider buying in the stock. The biopharmaceutical company focusing on discovering, developing, and commercializing small molecule drugs to extend and enhance the lives of patients with severe medical conditions, including cancer and chronic inflammatory diseases.
Cardiome Pharma Corp(NASDAQ:CRME) soared 36% after the company says it's reached a deal with Merck (MRK +0.6%) to settle its debt obligations stemming from it's collaboration on vernakalant - a treatment for atrial fibrillation - which it signed in April 2009. Under the terms of the settlement, CRME will pay MRK $20M to settle its outstanding debt of $50M, and MRK will terminate a $100M credit facility it had made available to CRME.
BG Medicine, Inc.(NASDAQ:BGMD) rose 139% today after the company says it's CardioSCORE test has been awarded a CE Mark enabling it for commercial sale in the EU and other countries that recognize the CE Mark. The CardioSCORE is a patented diagnostic blood test designed to improve risk prediction of major cardiovascular events. The test isn't yet available in the U.S., however the company is currently in discussions with the FDA to obtain 510(k) clearance.
Somaxon Pharmaceuticals, Inc.(NASDAQ:SOMX) +climbed up 78% to $2.62 on hefty volume after agreeing to be acquired by Pernix Therapeutics (PTX) in a stock-for-stock transaction valued at $25M.