|Healthcare Review: Pharmacyclics, Novogen Limited, Novogen Limited, Infinity Pharmaceuticals, Gilead Sciences, Humana Inc.|
|By Staff and Wire Reports|
|Tuesday, 19 February 2013 15:01|
Equities have resisted a pullback as investors use dips in stocks as buying opportunities. The S&P is up about 7 percent so far in 2013 and has climbed for the past seven weeks in its longest weekly winning streak since January 2011, though most of the weekly gains have been slim. More than $158 billion in deals has been announced thus far in 2013.
Following are the notable movers at mid day on Tuesday:
Pharmacyclics, Inc. (NASDAQ:PCYC) slips 5% after being downgraded to Market Perform at Leerink Swann on the back of its recent run. Leerink says that a number of key catalysts have already been realized, and further upside beyond its current valuation while possible, will require stronger sales numbers from ibrutinib than what's currently available. The firm raised its price target on the stock to $97 from $80.
Novogen Limited (ADR) (NASDAQ:NVGN) soars a whopping 238% after lab studies show that its CS-6 compound quickly killed ovarian cancer stem cells at low concentrations, and it destroyed regular cancer cells. The stem cells are almost totally resistant to radiotherapy and standard anti-cancer treatments, with studies identifying ovarian cancer stem cells as the source of the disease returning, the main cause of death in patients]
Infinity Pharmaceuticals Inc. (NASDAQ:INFI) added 16% after Morgan Stanley initiates coverage with an Overweight rating and a price-target of $47. "Infinity's wholly-owned early stage IPI-145 for blood cancers has shown positive early data and is on track to figure significantly in an emerging BCR drug class with multi-billion dollar potential. 2013 holds multiple catalysts to further validate IPI-145's efficacy/safety,"
Gilead Sciences, Inc. (NASDAQ:GILD) once-daily Sofosbuvir hepatitis C drug met the goals of a fourth Phase III study, this time in patients who had failed prior treatments. With all four trials providing positive results, Gilead is on track to file regulatory applications in the EU and U.S. in Q2.
Humana Inc. (NYSE:HUM) says that preliminary 2014 Medicare Advantage benchmark payment rates, which were announced on Friday, will fall by mid-single digits. The company had expected the Medicare rate to be flat to slightly down, and it's now working out how it's going to pull off the trick of growing its Medicare membership and its earnings in 2014. Shares of HUM slumped over 6%.