|Heathcare Review: Halozyme Therapeutics, Vanda Pharmaceuticals, Celsion Corporation, Endo Health, CEL-SCI Surprises Investors|
|By Staff and Wire Reports|
|Thursday, 31 January 2013 14:10|
The Dow Jones industrial average fell 33 points to 13,877 as of noon EST. The index has gained 6 percent so far this month, putting it in line for its best January performance since 1989, according to data from S&P Dow Jones Indices. The Standard and Poor's 500 fell four points to 1,498, paring its advance for the month to 5 percent. The Nasdaq composite fell 1 point to 3,141. Following are the notable movers at mid day on Thursday:
Halozyme Therapeutics, Inc. (NASDAQ:HALO) spikes lower again today after Wedbush takes its cue from comments Roche (RHHBY.PK) made to cut the shares to Neutral and reduce its price target to $13 from $17. Wedbush no longer thinks the subcutaneous version of Herceptin will get approval this year, which would've triggered a milestone payment to HALO. Additionally, during its call yesterday, Roche noted that it's lessened its perceived importance on the drug, saying it plans on "completely replacing it with our follow on products." Shares of HALO slumped 12%.
Shares of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) take a hit in early trading after announcing earlier that it's depression disorder treatment tasimelteon had failed to meet its endpoint in Phase IIb/III trials. Shares of VNDA fell 10.60%.
Keryx Biopharmaceuticals (NASDAQ:KERX) prices an offering of 8.2M shares at $8.49 each, which is where the stock closed yesterday. Including a greenshoe option of 1.2M shares, Keryx could raise up to $80.4M; the biotech plans to use the net proceeds to fund the launch of its kidney disease drug Zerenex. Shares of KERX are up 6%.
Celsion Corporation (NASDAQ:CLSN) -78.1% premarket on news that ThermoDox in combination with radiofrequency ablation did not meet the primary endpoint of the Phase III HEAT Study in patients with primary liver cancer. The study was designed to show a 33% improvement in progression-free survival. CLSN is conducting additional analyses of data from the trial to assess the future strategic value of ThermoDox. Shares of CLSN slumped 81%.
Endo Health Solutions Inc. (NASDAQ:ENDP) is up another 1% following a report that it has held buyout discussions with potential suitors such as Warner Chilcott (WCRX) and Valeant (VRX). Endo, which is looking for a CEO and has a market cap of $3.6B, is not holding an official auction process at the moment.
CEL-SCI Corporation (NYSEAMEX:CVM) shares gained 2.3% and saw great volume after announcing that its longstanding collaboration with Northeast Ohio Medical University has produced a new investigational breast cancer vaccine which prevents and treats a HER-2/neu expressing breast cancer tumor in a mouse model of the disease. In addition to finding an absence of tumors in lymph nodes or peritoneal membranes, the vaccine also demonstrated a reduction in the number of tumors and tumor mass.