Staff and Wire Reports
Friday, 21 December 2012 14:48
U.S. stocks tumbled more than 1 percent on Friday after a Republican proposal for averting the "fiscal cliff" failed to pass, diminishing hopes that a deal would be reached soon in Washington.
Late on Thursday, Republican House Speaker John Boehner failed to muster enough votes from his party to pass a tax bill, dubbed "Plan B," to avert the so-called fiscal cliff, $600 billion of tax hikes and spending cuts due to start in January.
If U.S. lawmakers don't agree soon on a budget that avoids the cliff, the U.S. economy could tip into recession. Following are the notable movers at mid day on Friday:
Halozyme Therapeutics, Inc. (NASDAQ:HALO) shares gained 25% to $6.90 after the company announced that it has entered into a worldwide Collaboration and License Agreement with Pfizer Inc. the purpose of developing and commercializing products combining proprietary Pfizer biologics with Halozyme's Enhanze technology. Enhanze is Halozyme's proprietary drug delivery platform and is based on the Company's patented recombinant human hyaluronidase enzyme (rHuPH20).
Hemispherx BioPharma, Inc. (NYSEAMEX:HEB) shares fell 22.25% to $0.280. Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Hemispherx. The investigation focuses on whether the Company and its executives violated federal securities laws.
On December 18, 2012, a government report questioned whether the company's treatment for chronic fatigue syndrome works. The FDA made public a sharply critical clinical review of Ampligen in which agency staff raised "multiple concerns" with the efficacy and safety of the drug.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) stock increased 3.54% to $11.70 after the company announced surpassing the primary endpoint in the pivotal, registrational Phase 2 BELIEF trial of belinostat, a pan-histone deacetylase (HDAC) inhibitor. The BELIEF trial is evaluating the efficacy and safety of intravenous belinostat for the treatment of patients with relapsed/refractory peripheral T-cell lymphoma (PTCL).
Amicus Therapeutics, Inc. (NASDAQ:FOLD) stock decreased 8.82% to $2.79. Amicus Therapeutics and GlaxoSmithKline announced the 6-month primary treatment period results from the first Phase 3 study of oral migalastat HCl monotherapy in males and females with Fabry disease. The study did not achieve statistical significance according to the pre-specified primary endpoint analysis.
Additionally, FOLD’s stock was downgraded by research analysts at Wedbush from a “neutral” rating to an “underperform” rating in a report released today. They currently have a $1.50 target price on the stock, down from their previous target price of $6.00.
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