|Healthcare Review: Fonar Corporation, Celldex Therapeutics, Acura Pharmaceuticals, Peregrine Pharmaceuticals, Osiris Therapeutics|
|By Staff and Wire Reports|
|Wednesday, 06 March 2013 17:48|
Fonar Corporation (NASDAQ:FONR) gains 7% today on news that one of its units has acquired a business managing 12 stand-up MRI and centers and other scanning facilities in Florida and New York for $34.4M. This makes the image device maker the country's largest network of such standup facilities. The new company will be known as Health Diagnostics Management.
Acura Pharmaceuticals, Inc. (NASDAQ:ACUR)) gives back a chunk of Tuesday's 48% rise that followed the drug-maker's announcement of a deal with the Kerr Drug store chain to carry the Nexafed, a decongestant that's designed to be very difficult converting into methamphetamine.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) moves up 2% after being initiated by Leerink Swann with an Outperform rating and a price target of $18 a share. Leerink cites the strength of the drug developer's portfolio, saying 6 wholly owned clinical-stage biologics assets make its breadth rare among small and mid-cap biotech companies. The coverage also comes just a day before the company is expected to announce plans for a late stage study of CDX-011, a treatment for metastatic breast cancer - which should be a key catalyst for the stock.
Peregrine Pharmaceuticals (NASDAQ:PPHM) gains 6% after Piper Jaffray initiated the shares with an Overweight rating and $2.50 price target. Piper says PPHM is advancing two cancer drug candidates that, combined with its hybrid business model, present an attractive risk-reward opportunity. Additionally, the negative press over its lead drug candidate bavituximab has created a potential entry point to pick up the shares at a discount.
Osiris Therapeutics, Inc. (NASDAQ:OSIR) soars 30% after the company easily beat the Street with a narrower Q4 loss and better revenues. The company posted Q4 loss of $0.08 per share, versus the consensus for a $0.15 loss. Revenues were $3.1M, nearly a fourfold increase from the prior year, and better than analysts estimates of $2.91M. Gross margin also grew to 70% compared to 58% in Q411.