|Healthcare Review: Threshold Pharmaceuticals, ResMed, Santarus, Oncolytics, ImmunoGen|
|By Staff and Wire Reports|
|Friday, 25 January 2013 16:33|
The Dow Jones industrial average was up 70.50 points, or 0.51 percent, at 13,895.83. The Standard & Poor's 500 Index was up 8.11 points, or 0.54 percent, at 1,502.93. The Nasdaq Composite Index was up 19.33 points, or 0.62 percent, at 3,149.71.
For the week, the Dow rose 1.8 percent, the S&P climbed 1.1 percent and the Nasdaq rose 0.5 percent. It was the fourth straight week of gains for all three indexes.
Threshold Pharmaceuticals, Inc. (NASDAQ:THLD) shares increased 1.22% to $4.97 after the company announced that Threshold's partner Merck KGaA, Darmstadt, Germany, through its division Merck Serono, initiated the global Phase 3 MAESTRO study assessing the efficacy and safety of investigational hypoxia-targeted drug TH-302 in combination with gemcitabine in patients with previously untreated, locally advanced unresectable or metastatic pancreatic adenocarcinoma.
ResMed Inc. (NYSE:RMD) stock increased 6.25 to $48.31 after the company reported an increase in quarterly net income to $77.9 million or $0.53 per share, from $62.87 million or $0.42 per share last year. Analysts expected earnings of $0.51 per share for the second quarter. Revenues for the latest second quarter were up 13% at $376.5 million, compared with $332.7 million a year ago. Analysts on consensus estimated revenues of $363.76 million.
Additionally, RMD’s stock had its price target boosted by Mizuho from $41.00 to $45.00 in a research report released today. Mizuho currently has a neutral rating on the stock.
Santarus, Inc. (NASDAQ:SNTS) shares climbed 2.29% to $12.93. Santarus Inc and VeroScience, LLC, on Jan. 23, announced publication of positive data from a double-blind, placebo-controlled, multi-center pivotal study with CYCLOSET (bromocriptine mesylate) tablets. Patient groups in the evaluable per protocol (EPP) population that added CYCLOSET to their treatment regimen achieved a 0.60% to 0.70% reduction in HbA1c (p <0.0001) relative to placebo after 24 weeks, the primary endpoint of the study. These results appear in the November/December 2012 print edition of Endocrine Practice, a peer-reviewed medical journal.
Oncolytics Biotech, Inc. (USA) (NASDAQ:ONCY) shares declined 5.04 to $3.39. Last month, the company announced positive top line data for the first endpoint in a randomized Phase III study of its Reolysin drug for head and neck cancers. The study focused on Reolysin in combination with carboplatin and paclitaxel in second-line patients with platinum-refractory, taxane-naïve head and neck cancers.
ImmunoGen, Inc. (NASDAQ:IMGN) shares fell 2.02% to $15.04 after the company reported a second quarter net loss of $24.39 million or $0.29 per share, as compared to prior year's net loss of $12.75 million or $0.17 per share. Analysts expected the company to report a loss of $0.25 per share. Revenues for the quarter plunged to $2.61 million from last year's $7.62 million that was benefited with $5 million in milestone payments. Analysts projected revenues of $6.02 per share for the quarter.