|Healthcare review: Bioanalytical Systems, Questcor Pharmaceuticals, Oculus Innovative Sciences, Cardica, Depomed Inc|
|By Mary Davila|
|Thursday, 27 December 2012 15:55|
U.S. stocks fell for a fourth day on Thursday, sliding to session lows at midday as a measure of investor anxiety hit its highest in five months after a top Senate Democrat warned that an agreement to avoid fiscal austerity measures would not be reached by the end-of-year deadline.
The comments by Senate Majority Leader Harry Reid just days before the hefty tax hikes and spending cuts go into effect pushed stocks down to the day's lows. The S&P 500 is now down 2.7 percent over the last four days, its worst such run in over a month.
Following are the notable movers at mid day on Thursday:
Bioanalytical Systems, Inc.(NASDAQ:BASI) slides 6% after reporting a big miss on it Q4 earnings earlier today. Quarterly revenue slid 19.7% Y/Y to $6.54 million, well under the $7.07 million the Street was expecting. The company blames the miss on about about $2.51M in restructuring charges, primarily consisting of U.K. exit costs, during the quarter. It notes however, that this is expected to be the final charge associated with the company's restructuring.
Questcor Pharmaceuticals, Inc.(NASDAQ:QCOR) gets hit today after Blue Cross/Blue Shield of Michigan denies coverage of it's Acthar Gel for steroid-responsive conditions, saying the clinical need has not been demonstrated. Coverage will continue to be provided however, for treatment of infantile spasms, which is one of its FDA approved indications. Shares of the company are down 6.20%.
Oculus Innovative Sciences, Inc.(NASDAQ:OCLS) rose 5% as the company says it's been issued a new patent for the use of Microcyn Technology in the treatment of skin ulcers. Microcyn Technology can be delivered to skin ulcers via washing, irrigation and soaking or through application of a wound dressing saturated in the treatment.
Cardica, Inc.(NASDAQ:CRDC) says it's shipped its first batch of commercial MicroCutter cutting/stapling devices and cartridges to Dach Medical Group, its distributor for Germany, Austria and Switzerland. CRDC says the ramp up in European commercial sales is part of a focused effort to prepare for a planned U.S. regulatory submission. Shares of CRDC rose 2%.
Depomed Inc(NASDAQ:DEPO) says that its lawsuits against two filers of Abbreviated New Drug Applications for Gralise have been dismissed at its own request. The dismissal was requested after Watson Laboratories (WPI) withdrew its application, and Par Pharmaceutical (PRX) amended its to no longer seek approval prior to the expiration of DEPO's Gralise patents listed for in the FDA's Orange Book.