|Healthcare Review: Cadence Pharmaceuticals, Kindred Healthcare, Keryx Biopharmaceuticals, Threshold, Cytori Therapeutics|
|By Staff and Wire Reports|
|Thursday, 24 January 2013 14:00|
A trio of economic reports helped buoy the market, with data showing a decline in weekly jobless claims and an increase in manufacturing, while a gauge of future economic activity climbed. The gains marked the first time the S&P 500 had risen above 1,500 since Dec. 12, 2007 and put the index on pace for its seventh straight advance, its longest streak since October 2006. Following are the notable movers at mid day on Thursday:-
Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) shares climbed 4.21% to $5.45 in the early hour after the company said that it now expects fourth-quarter sales of its intravenous fever and pain treatment Ofirmev to total about $17.1 million, exceeding its previous projection. Ofirmev is an injectable version of the drug acetaminophen, the active ingredient in Tylenol. For the full year, Cadence said it expects sales of the drug to total between $94 million and $100 million.
Kindred Healthcare, Inc. (NYSE:KND) shares gained 5.51% to $11.11 in the morning hour. The company, on Jan. 7, announced revised earnings guidance for fiscal 2013.
The Company expects consolidated revenues for fiscal 2013 will approximate $5.9 billion. Operating income, or earnings before interest, income taxes, depreciation, amortization and rent, is expected to range from $794 million to $810 million. The Company expects to report income from continuing operations for 2013 between $60 million and $70 million or $1.10 to $1.30 per diluted share (EPS). The Company's previous earnings guidance for fiscal 2013 ranged from $1.20 to $1.40 per diluted share. Analysts were expecting the Company to report revenue of $5.9 billion, net income of $67 million and EPS of $1.27 for fiscal 2013.
Keryx Biopharmaceuticals (NASDAQ:KERX) shares fell 6.28% to $3.58. The company, on Jan. 7, announced that its Japanese partner, Japan Tobacco Inc. (JT), has filed its New Drug Application (NDA) with the Japanese Ministry of Health, Labour and Welfare for marketing approval of ferric citrate in Japan for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD).
Threshold Pharmaceuticals, Inc. (NASDAQ:THLD) shares decreased 3.70% to $4.95. Analysts at Piper Jaffray started coverage on shares of Threshold in a research report issued to clients and investors on Jan. 17. The firm set a “neutral” rating on the stock.
The company last announced its earnings results on Friday, November 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $2.29 million.
Cytori Therapeutics Inc. (USA) (NASDAQ:CYTX) stock jumped 2.97% to $2.77. The company, last month, announced the sale of 7,020,000 shares of its common stock in an underwritten public offering at a price to the public of $2.85 per share. The net offering proceeds to Cytori from the sale of the shares are expected to be approximately $18.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding any exercise of the underwriters` over-allotment option.