|Healthcare review: Anthera Pharmaceuticals, Galectin Therapeutics, Santarus, ARCA Biopharma, AcelRx Pharmaceuticals|
|By Staff and Wire Reports|
|Tuesday, 05 March 2013 14:31|
The Dow Jones Industrial Average surged to a record high on Tuesday, breaking through levels last seen in 2007 as equities jumped 1 percent in a broad rally. Investors poured money into blue-chip stocks in expectation of more gains amid signs of a strengthening U.S. economy. With the day's advance, the Dow has gained nearly 9 percent so far this year, ahead of the S&P 500 and Nasdaq Composite Index. Ten of the Dow's 30 component stocks reached new 52-week highs on a day when 418 stocks hit new yearly highs on the New York Stock Exchange. Following are notable movers at mid day on Tuesday:-Anthera Pharmaceuticals Inc. (NASDAQ:ANTH) gains 9% today after Jefferies initiates coverage with a Buy rating and a $2 price target. Jefferies says that despite positive trial results for its lupus treatment, the stock trades at a discount to EV, and key interim catalysts over the next 12 - 18 months may turn out to be value drivers for the stock.
Galectin Therapeutics Inc. (NASDAQ:GALT) ramps higher after saying it's received the go ahead from the FDA to proceed with Phase 1 clinical trials of GR-MD-02, a treatment for non-alcoholic fatty liver disease with advanced fibrosis. The study will be conducted in up to seven centers in the U.S., with enrollment and infusion of the first cohort to begin in May, 2013.
Santarus, Inc. (NASDAQ:SNTS) continues to rally this morning on the back of a blowout Q4. Net earnings nearly tripled as the specialty-biopharmaceutical company reported double-digit revenue growth and gave upbeat earnings guidance for FY13, now expecting to earn $320M to $325M in revenues and net income of $50M to $54M.
Arca Biopharma Inc. (NASDAQ:ABIO) trades up after announcing a 6-for-1 reverse split of its common stock, which became effective after the close yesterday, and trading on the NASDAQ on a split adjusted basis as of today. The reverse split reduces ABIO's number of shares issued and outstanding from approximately 19.1M shares to approximately 3.2M shares.
AcelRx Pharmaceuticals Inc. (NASDAQ:ACRX) jumps 4% after saying yesterday that its Sufentanil NanoTab drug-device combination met the primary endpoint of a Phase III trial by significantly reducing pain in patients who had just received major open abdominal surgery. AcelRx expects to release the results of another Phase III trial of NanoTab in Q2.