|Healthcare Review: Arena Pharmaceuticals, Rexahn Pharmaceuticals, Coronado Biosciences, Hansen Medical, ACADIA Pharmaceuticals|
|By Staff and Wire Reports|
|Tuesday, 22 January 2013 15:33|
U.S. stocks mostly edged up on Tuesday after ending last week at five-year highs, but gains were limited with investors showing caution as the earnings season picks up speed.
Both the Dow and the Standard & Poor's 500 closed at five-year highs on Friday, boosted by better-than-expected results in the early part of the earnings season. Although major companies have issued bullish statements, many investors remain wary
that economic uncertainty in the fourth quarter dented earnings and revenues.
Following are the notable movers at mid day on Tuesday:
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares dropped 9.11% to $8.88. In March 2012, Arena Pharmaceuticals filed a Marketing Authorization Application, or MAA, through the Centralized Procedure with the European Medicines Agency, or EMA, for the marketing approval of BELVIQ (lorcaserin HCl) in the European Union, or EU. The proposed indication for BELVIQ in the EU is as an adjunct to diet and exercise for weight control in patients over the age of 18 years old who are obese (BMI ³ 30 kg/m2), or are overweight (BMI>27 kg/m2) with associated risk factor(s), such as hypertension, dyslipidemia, cardiovascular disease, type 2 diabetes, or sleep apnea.
Rexahn Pharmaceuticals, Inc. (NYSEAMEX:RNN) shares gained 5.6% to $0.326 after the company announced that it has appointed Dr. Peter D. Suzdak as its new Chief Executive Officer (CEO). He succeeds Dr. Chang Ahn, who will move into the role of Chief Scientist and will remain as Chairman of the Board.
Coronado Biosciences Inc (NASDAQ:CNDO) shares increased 6.29% to $6.93 after Roth Capital reaffirmed their buy rating on shares of CNDO in a report issued on Jan. 22. They currently have a $24.00 target price on the stock.
Additionally, the company appointed a new CEO Harlan Weismanon Jan. 2. Weisman reported the company's first insider buy of the year, totaling 20,000 shares according to GuruFocus Insider Buys. Weisman purchased the shares at $5.71 a piece. The transaction came up to $114,200.
Hansen Medical, Inc. (NASDAQ:HNSN) shares climbed 7.96% to $2.44. The company named Robert Cathcart as Senior Vice President of Global Sales, a newly created position with immediate effect. Hansen Medical through the creation hopes to efficiently execute its global sales strategy. Prior to Hansen Medical, Cathcart served as the Chief Commercial Officer of surgical medical device start-up, HyperBranch Medical technology. Earlier, he served as the President and CEO of FlowCo, Inc./3DT Holdings.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares increased 6.51% to $5.56 after the company announced the election of Stephen R. Biggar, M.D., Ph.D., to its board of directors. Dr. Biggar will fill a vacancy on ACADIA's board and serve as a Class II director. The terms of the Class II directors will expire at the annual meeting of stockholders in 2015.