|Healthcare Review: Unilife Corp, Galena Biopharma, Vanda Pharmaceuticals, Amedisys Inc, Community Health Systems|
|By Staff and Wire Reports|
|Tuesday, 18 December 2012 14:03|
The gains followed a rally on Monday that lifted the S&P 500 to its highest point in nearly two months. Investors remain confident that Washington will come to an agreement to avoid a series of spending cuts and tax hikes before the end of the year that could hurt economic growth.
Following are the notable movers at mid day on Tuesday:
Unilife Corp. (NASDAQ:UNIS) shares gained 9.30% to $2.35 in the morning hour after analysts at Cantor Fitzgerald initiated coverage on shares of Unilife in a research report issued to clients and investors yesterday and the firm set a “buy” rating and a $7.50 price target on the stock. Separately, analysts at Ladenburg Thalmann initiated coverage on shares of Unilife Corp. in a research note to investors on November 29. They set a “buy” rating and a $4.75 price target on the stock.
Galena Biopharma Inc. (NASDAQ:GALE) stock fell 16.58% to $1.56. The company announced the pricing of an underwritten public offering of 15,156,250 units at a public offering price of $1.60 per unit, or total gross proceeds of $24.25 million. Each unit consists of one share of common stock, and a warrant to purchase 0.5 share of common stock at an exercise price of $1.90 per share. The warrants are immediately exercisable and expire on the fifth anniversary of the date of issuance.
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) shares increased 20.87% to $3.86. The company announced positive results from the SET (Safety and Efficacy of Tasimelteon) Phase III study, evaluating tasimelteon, a circadian regulator for the treatment of Non-24-Hour Disorder. Tasimelteon succeeded in the primary endpoint of Entrainment of the melatonin rhythm as compared to placebo.
Amedisys Inc. (NASDAQ:AMED) stock increased 6.24% to $12.25. As of December 13, 2012, representatives of Amedisys will begin making presentations at investor conferences using slides. The Company expects to use these slides, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during 2012.
Community Health Systems (NYSE:CYH) stock climbed 4.78% to $31.77 after JP Morgan initiated coverage on Community Health with an Overweight rating and a $38 price target.
Additionally, the company has announced an ex-dividend date of December 13, 2012 and a cash dividend payment of $0.25 per share scheduled for December 28, 2012. Shareholders who purchased CYH stock prior to the ex-dividend date are eligible for the cash dividend payment.