|Healthcare Review: Amicus Therapeutics, AbbVie Inc(,Herbalife Ltd, Momenta Pharmaceuticals, LifePoint Hospitals|
|By Staff and Wire Reports|
|Friday, 15 February 2013 16:47|
Walmart was the biggest decliner on the Dow. The stock fell $1.90, or 2.7 percent, to $68.92 after Bloomberg News published excerpts from an internal e-mail that said February sales were a "total disaster." The retailer, which reports earnings next week, said that sometimes internal communications lacked "proper context" and "are not entirely accurate."
Following were the notable movers in Friday’s session:
Amicus Therapeutics, Inc. (NASDAQ:FOLD) tanked 25.71% after reporting additional Stage 1 results from the ongoing Phase 3 study of oral migalastat HCl monotherapy in patients with Fabry disease. Initial top-line results previously reported in December, 2012 for the primary endpoint in Stage 1 did not meet statistical significance. The pre-specified primary and secondary analyses of the primary endpoint numerically favored migalastat HCl over placebo, but not enough to allay investor concerns.
AbbVie Inc. (NYSE:ABBV) moved up 2.50% today after announcing a $1.5B stock-buyback program as the company seeks to boost shareholder value. The repurchase plan, which is effective immediately, is expected to be completed over several years. The plan has no time limit and can be discontinued at any time.
Herbalife Ltd. (NYSE:HLF) rose over 2%, after soaring 20% earlier in the session following in Carl Icahn's Valentine's Day Massacre of Bill Ackman. Kid Dynamite notes Icahn has an economic interest in 13% of HLF, but does not own all that stock. Instead he has a combination of long stock, long calls and short puts. His exit strategy for the position is in question, but it's clear Icahn's goal is to create a short squeeze. Grab the popcorn.
Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA) gained 1.23% on a solid Q4 earnings beat, but losses continue to widen and total revenue declined by 57% Y/Y. Total collaboration revenue was $12.7M, down from $29.5M a year prior due to declining enoxaparin sales. The company reaffirms guidance going forward, noting that it expects total operating expenses to average $30M per quarter for 2013.
LifePoint Hospitals, Inc. (NASDAQ:LPNT) surged marginally on a Q4 earnings beat this morning. Net earnings fell 3.7% Y/Y however, as the rural hospital operator continued to see fewer admissions and surgeries, albeit slightly more revenue per patient. Guidance was also mixed, with the company forecasting FY13 earnings of $2.73 to $3.11 a share on net revenue of $3.65B to $3.75B. Street estimates are for $3.24 per share on $3.6B.