|Healthcare Review: Geron Corporation, Life Technologies, Sunesis Pharmaceuticals, Amarin Corporation, Infinity Pharmaceuticals|
|By Staff and Wire Reports|
|Friday, 18 January 2013 13:05|
General Electric and Morgan Stanley rose after turning in better report cards, while a 27 percent drop in earnings sank Intel's stock. GE led the 30 stocks in the Dow after the conglomerate reported stronger quarterly earnings, helped by orders from Brazil, Angola and other developing countries. Profits increased at all seven of its industrial segments, including oil and gas, energy management, aviation and transportation.
Following are the notable movers at mid day on Friday:
Geron Corporation (NASDAQ:GERN) shares jumped 1.81% to $1.69 after Piper Jaffray initiated coverage on Geron with a Overweight rating and a $3.00 price target.
Additionally, the company, on Jan. 10, announced that it has signed an Asset Contribution Agreement with BioTime, Inc. (BTX) and BioTime's recently formed subsidiary, BioTime Acquisition Corporation (BAC). Per the terms of the agreement, Geron’s stem cell assets will be divested to BAC on the closing of the deal. The deal is scheduled to close by September 30, 2013.
Life Technologies Corp. (NASDAQ:LIFE) shares gained 10.66% to $60.82. The company announced it will report its fourth quarter and fiscal year 2012 financial results on Monday, Feb. 4 after market close. The company executives will conduct a webcast on the same day at 4:30 p.m. ET to discuss operating results, as well as future expectations.
Additionally, Jefferies Group reaffirmed their buy rating on shares of Life Technologies in a report issued on Jan. 18. They currently have a $58.00 target price on the stock.
Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) stock gained 4.46% to $4.22. The company, on Jan. 10, announced that Daniel Swisher, Chief Executive Officer of Sunesis, provided a corporate update, including a clinical trial enrollment update and overview of 2013 major corporate milestones, in a presentation at the 31st Annual J.P. Morgan Healthcare Conference in San Francisco.
Amarin Corporation plc (ADR) (NASDAQ:AMRN) shares dropped 5.79% to $8.63. The company, on Jan. 11, announced that the United States Patent and Trademark Office (USPTO) has published notification of Notice of Allowance for U.S. Patent Application Serial Number 13/610,217. This application includes claims intended to protect the Vascepa® (icosapent ethyl) indication approved by the U.S. Food and Drug Administration (FDA) based on Amarin's MARINE clinical trial results.
Additionally, the company, on Jan. 2, announced the submission of a Supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) seeking approval for Chemport, Inc. as an additional Vascepa (icosapent ethyl) active pharmaceutical ingredient (API) supplier.
Infinity Pharmaceuticals Inc. (NASDAQ:INFI) stock climbed 3.34% to $35.54. The company, on Jan. 7, said it expects a net loss of $115 million to $125 million for 2013 while operating expenses are expected to range between $115 million and $125 million. The company further announced its second potent, oral PI3K-delta,gamma inhibitor, IPI-443, non clinical studies of which are underway and expected to enable the initiation of Phase 1 clinical development.