Healthcare Review: Prana Biotechnology, Teva Pharmaceutical, VIVUS, AMAG Pharmaceuticals, Celgene Corporation Print E-mail
By Staff and Wire Reports   
Monday, 04 March 2013 14:37
Wall Street was little changed on Monday as investors took worries about global growth and the euro zone debt crisis as opportunities to take a breather from equities that have risen near record highs. Stocks faced technical resistance as they climbed in recent weeks without a significant or prolonged pullback. The S&P and Dow are up more than 6 percent and 7 percent, respectively, for the year so far. Plans to tighten curbs on the housing market in China and a slowdown in growth of that country's services sector prompted worries about growth in the world's second largest economy. Following are notable movers at mid day on Monday:-

Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) goes on a tear after announcing encouraging new data from its clinical trial of PBT2, a treatment to reduce the damage to brain cells caused by the accumulation of the tau protein - a major protein associated with Alzheimer's Disease - and its ability to prevent subsequent cognitive impairment. Additionally, the company will be presenting an overview and update at Cowen's 33rd Annual Health Care Conference in Boston later this afternoon.

VIVUS, Inc. (NASDAQ:VVUS) slides on concerns that it may be lowering the price of Qsymia just months after commercial marketing began. Bloomberg's Andrew Berens says the company will start offering 30-days of medium-dose Qsymia for maximum out-of-pocket cost of $75, which is 70% below the current price. The move could pose risks for Arena's (ARNA) Belviq, which is a competitor to Qsymia.

Teva Pharmaceutical Industries Ltd. (ADR)(NYSE:TEVA) Milprosa" treatment proved to be "an effective and safe option" for supplementing the progesterone hormone in women undergoing IVF treatment in a Phase III trial. The study is significant for Teva, "because fertility is a meaningful new area of specialization for the company and one in which a significant unmet need exists."

AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) moves up today after JPMorgan upped the shares earlier to Neutral and bumped up its price target from $13.00 to $17.00. The firm says that fundamentals are improving and pricing for Feraheme has been trending positively over the past couple quarters. The company is also reducing its cash burn through cost savings, as well as pursuing a number of other value enhancing initiatives.

Celgene Corporation (NASDAQ:CELG) -2.2% as hopes fade that the company's Apremilast anti-inflammatory treatment can become a blockbuster. At the weekend, Celgene released disappointing results for Apremilast from a Phase III trial of patients with psoriasis, an autoimmune skin disease.

 




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