|Healthcare Review: Venaxis Inc, Durata Therapeutics, Dynavax Technologies, Mead Johnson, Atossa Genetics|
|By Staff and Wire Reports|
|Monday, 25 February 2013 14:36|
The center-right coalition led by former prime minister Silvio Berlusconi was leading in the race for the Italian Senate, dashing hopes of a pro-reform, center-left victory seen as crucial to dig the euro zone out of a debt crisis. The market had hoped for a center-left victory because it would continue the path to pay down Italian debt, said Art Hogan, managing director of Lazard Capital Markets in New York.
Following are notable movers at mid day on Monday:
Shares of beaten-down Venaxis Inc. (NASDAQ:APPY) are soaring today after Canaccord upgraded the stock to Buy and nearly tripled its price target to $7.00 from $2.50. The firm says that APPY's pursuit of a blood test to identify those at low risk for appendicitis is compelling, considering that appendicitis is the most-common non-traumatic childhood surgical disease. FDA approval could come before mid-2014 and the U.S. market alone could be nearly $700M.
Durata Therapeutics Inc. (NASDAQ:DRTX) shares jumped 10% after announcing positive results from a late-stage study of its treatment under investigation for the treatment of certain skin infections. DRTX says preliminary top-line results for its Phase 3 study of the antibiotic dalbavancin met the primary endpoint.
Dynavax Technologies Corporation (NASDAQ:DVAX) slumped 32% after the FDA rejects its hepatitis B vaccine Heplisav, citing the need for additional safety data in healthy adults. DVAX says it's confident it can meet the request for more information, but it may also fast-track a refiling by first seeking approval for sick patients.
Mead Johnson Nutrition Co. (NYSE:MJN) slips 4% this morning after the Hong Kong government imposed a regulation designed to limit the flow of milk products out of the territory in an attempt to curb smuggling. Effective on March 1, travelers between the territories will be permitted to bring just 32 ounces of milk formula when they travel with children up to 36 months of age. Approximately 30% of MJN's sales in the region originate in Hong Kong.
Atossa Genetics Inc. (NASDAQ:ATOS) slips today after saying it's received a warning letter from the FDA saying the company needs to reapply for additional regulatory clearance for certain breast cancer diagnostic tests due to changes in use instructions on the product labels and concerns about marketing and manufacturing practices. The company says it disagrees with the findings, but it plans to work with the FDA to resolve all issues.