|Healthcare Review: Palatin Technologies, Nanosphere, EntreMed Inc, Intuitive Surgical, Anacor Pharmaceuticals|
|By Staff and Wire Reports|
|Friday, 01 March 2013 14:36|
U.S. stocks edged higher on Friday as strong economic figures more than offset growth concerns out of China and Europe and as investors shrugged off expected across-the-board U.S. government spending cuts. Stocks opened sharply lower as Asian factories slowed and European output fell, but most of the losses disappeared after a report showed U.S. manufacturing activity expanded last month at its fastest clip in 20 months. U.S. consumer confidence also rose in February as Americans turned more optimistic about the job market.
Following are notable movers at mid day on Friday:-
Palatin Technologies, Inc. (NYSEAMEX:PTN) trades up 2% after it says its bremelanotide 1.25 mg and 1.75 mg doses significantly increased sexual arousal, sexual desire and the number of sexually satisfying events, and decreased associated distress in premenopausal women with female sexual dysfunction.
Nanosphere, Inc. (NASDAQ:NSPH) gets a boost of 15% from an initiation at Canaccord with a Buy rating and a $5 price target. Canaccord says NSPH is poised to capture a big chunk of the molecular diagnostics business after revamping its strategic approach last year ago to focus on blood stream infections. The company garnered FDA approval of its Gram-Positive Blood Culture Nucleic Acid Test in June 2012, and has become an early leader in the rapid detection of sepsis, which kills around 200K Americans annually and infects over 750K.
Shares of EntreMed Inc. (NASDAQ:ENMD) gets smacked today after agreeing to sell around 5M shares of stock and 2.5M warrants in a registered direct offering. Each unit will be sold for $2.40, and the company says it's already received commitments from institutional investors, including Kleiner Perkins China Fund II and IDG-Accel China Growth Fund III to purchase approximately $10.7M. ENMD expects to net out around $10.3M proceeds once the deal is closed. Shares of the company are down 13.22%.
Intuitive Surgical, Inc. (NASDAQ:ISRG) reverses yesterday's post-close plunge, with Cantor Fitzgerald calling the FDA probe reaction way overdone and upping the shares to Buy. Janney has spoken to those in the know who say the FDA investigation is not about safety issues on the da Vinci robots. Bair's Ben Andrews calls the probe routine post-market surveillance and says the stock should be bought aggressively under $550.
Anacor Pharmaceuticals Inc. (NASDAQ:ANAC) announces positive preliminary results from the second of two Phase 3 trials of tavaborole, a topical anti-fungal for the treatment of onychomycosis, a fungal infection of the nail and nail bed that affects approximately 35M people in the U.S. Results from the first Phase 3 trial were announced on January 29, and in both studies, achieved statistically significant and clinically meaningful results on all primary and secondary endpoints.