Staff and Wire Reports
Wednesday, 30 January 2013 15:05
U.S. stocks were little changed on Wednesday as data showing the economy unexpectedly contracted in the fourth quarter was offset by upbeat parts of the report and strong results from Boeing and Amazon.
Economists stressed that the 0.1 percent contraction in U.S. gross domestic product, caused partly by a plunge in government spending and lower business inventories, is not an indicator of recession.
Following are the notable movers at mid day on Wednesday:
Keryx Biopharmaceuticals (NASDAQ:KERX) climbed up 14.83% to $9.60 on a traded volume of 20.47 million shares. The Company has started a $55 million underwritten public offering of shares of its common stock. Keryx expects to grant to the underwriters a 30-day option to purchase additional shares of common stock, equal to up to 15% of the number of shares of common stock sold in the offering. J.P. Morgan is acting as the sole book-running manager in the offering.
The Company plans to use the net proceeds from the sale of common stock to fund pre-launch/launch inventory build-up and select pre-commercial/commercial activities related to Zerenex and other general corporate purposes.
ISIS Pharmaceuticals Inc. (NASDAQ:ISIS) increased 14.13% to $15.27 on a traded volume of 4.49 million shares. Genzyme and Isis Pharmaceuticals Inc. announced that the U.S. Food and Drug Administration have approved its New Drug Application for KYNAMROTM injection. KYNAMRO has been approved as an adjunct to lipid-lowering medications and diet to reduce low density lipoprotein-cholesterol, apolipoprotein B, total cholesterol and non-high density lipoprotein-cholesterol in patients with homozygous familial hypercholesterolemia.
Depomed Inc. (NASDAQ:DEPO) soared 6.04% to $6.67 on a traded volume of 354k shares. The 52-week range for the stock is $4.75 and $7.15. The Company has Price/Sales ratio of 4.62 and Price/Book ratio of 4.12. The 50-Day Moving Average and 200-Day Moving Average prices is $6.15 and $5.79 respectively. Depomed is a specialty pharmaceutical company initially focused on neurology, pain and other diseases of the central nervous system. In January 2011, the United States Food and Drug Administration approved Gralise once-daily tablets for the management of postherpetic neuralgia.
Haemonetics Corporation (NYSE:HAE) went down 7.85% to $40.95 on a traded volume of 825k shares. The Company announced third quarter results. The net revenue increased 29% to $247.4 million. GAAP net income was $9.9 million or $0.19 diluted earnings per share in the third quarter. Cash on hand was $193 million in the third quarter.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) went down 4.63% to $44.24 on a traded volume of 1.59 million shares. The Company released fourth quarter results. The net loss was $76 million or $0.35 per share compared to net income of $158.6 million or $0.74 per share in the previous year period. Revenues for the quarter were $334 million compared to $563 million in the prior year period. The analysts on consensus estimated the company to report a loss of $0.07 per share on revenues of $318.50 million for the quarter. R&D expenses were $213 million in the quarter compared to $186.4 million last year.
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