|Healthcare Review: Curis, Inc, Allscripts Healthcare Solutions, Oncolytics Biotech, Threshold Pharmaceuticals, Chelsea Therapeutics International|
|By Staff and Wire Reports|
|Wednesday, 20 February 2013 16:15|
Equities have been strong recently, to the point that the day's modest decline was the largest for the S&P 500 since February 4. The index has jumped about 7 percent so far this year and is on track for its eighth straight week of gains.
Following are notable movers at mid day on Wednesday:
Curis, Inc.(NASDAQ:CRIS) slips 5.3% after reporting a Q4 EPS loss that came up far short of consensus estimates this morning. Revenues were also below expectations, largely due to an absence of milestone payments, coming in at $1.69M, versus the analyst estimate of $2.28M. Earnings also declined Y/Y as well. In the same period last year, the company reported EPS of $0.07 on revenues of $14.1M.
Allscripts Healthcare Solutions Inc(NASDAQ:MDRX) adds to yesterday's post-session gains following a mixed Q4 report that missed estimates, but showed solid gains in bookings over the period. Baird called the quarter "horrible," "atrocious" and a "disaster," but Jefferies saw progress in the numbers, adding that a "sizable inpatient cross-sell, and a new inpatient win (both in 1Q13) will give some bulls hope." It raises its price target to $11.50 from $10 on the report. Shares of MDRX are up 13%.
Shares of Oncolytics Biotech, Inc. (USA)(NASDAQ:ONCY) tanked 14% on resumption of trading after pricing its 8M share offering at $4, a 14% discount to Tuesday's close. The drug developer's shares were halted in premarket trading as the company disclosed the details. The company, which had had about 76.8M shares outstanding before today, unveiled the offering yesterday to raise funds for its clinical-trials and manufacturing programs.
Threshold Pharmaceuticals, Inc.(NASDAQ:THLD) receives an upgrade to Overweight from Neutral from Piper Jaffray, which is impressed with the differentiation of Threshold's TH-302 drug for soft-tissue sarcoma compared with a rival product. Piper also believes that Threshold's hypoxia-activation platform will be able to be used to treat a wide range of cancers. Piper doubled the company's price target to $10. Shares of THLD are up 10.30%.
Chelsea Therapeutics International Ltd.(NASDAQ:CHTP) surges 120% after the FDA says the company's Study 306B of its Northera treatment for hpotension has "the potential to serve as the basis for a resubmission" of a New Drug Application for the medicine. Chelsea has been on a roller coaster ride since the summer, when the FDA said studies were unlikely to to provide enough evidence to support marketing approval for Northera.