|Healthcare Review: Vanda Pharmaceuticals, EntreMed, Myrexis, Telik, Novartis AG|
|By Staff and Wire Reports|
|Wednesday, 23 January 2013 13:53|
IBM's and Google's earnings, released after Tuesday's close, were the latest reassuring fourth-quarter results that pushed the Dow and S&P 500 to five-year highs as worries about the "fiscal cliff" and euro zone debt crisis faded and earnings became the market's main focus. International Business Machines Corp forecast better-than-anticipated 2013 results and also posted fourth-quarter earnings and revenue that beat expectations.
Following are the notable movers at mid day on Wednesday:
Vanda Pharmaceuticals Inc.(NASDAQ:VNDA) moves higher by 3.50% after reporting positive results from its second Phase III study of tasimelteon, a treatment for Non-24-Hour Disorder, which is a circadian rhythm disorder that affects most totally blind individuals who can't reset their master body clock to the 24-hour day. Results showed Tasimelteon-treated patients maintained their clinical benefits while placebo-treated patients showed significant deterioration in measures of nighttime sleep, daytime naps, and timing of sleep.
EntreMed, Inc.(NASDAQ:ENMD) gains 10.50% today after making the announcement that it's commenced single-center Phase 2 studies of oral ENMD-2076, a treatment for patients with advanced or metastatic soft tissue sarcoma. The study is sponsored by Princess Margaret Cancer Centre and will evaluate the safety and efficacy of the drug with a 6 month progression-free survival rate as the end point of the study.
Myrexis Inc(NASDAQ:MYRX) trades up by 4.70% after saying that its board of directors has has decided to no longer pursue its previously announced plan of complete liquidation and dissolution, and has cancelled the special meeting of its shareholders. The board plans to instead implement new arrangements, including the declaration of a special cash distribution to shareholders of $2.86 per share, payable to shareholders of record at the close of business on Feb 4.
Shares of Telik, Inc.(NASDAQ:TELK) settle in to trade solidly higher after a volatile open on heavy volume after the company announced late yesterday that it had reached an agreement with the FDA on its Phase 3 Telintra design. Shares of TELK climbed 5% to $1.88, although off session high of $2.18.
Citigroup likes what it sees in Novartis AG (ADR)(NYSE:NVS) today, upgrading the European drug giant to Buy on the back of a solid quarter and significant management changes. Citi says the departure of Dr. Vasella could lead to shareholder friendly activity, including; a streamlining of the company's group structure, monetization of its Roche (RHHBY.PK stake and a possible re-initiation of its buyback program. Shares of NVS added 3.50%.