Healthcare Review: Fonar Corporation, Celldex Therapeutics, Acura Pharmaceuticals, Peregrine Pharmaceuticals, Osiris Therapeutics Print E-mail
By Staff and Wire Reports   
Wednesday, 06 March 2013 17:48
The Dow hit another intraday record high on Wednesday on signs of improvement in the U.S. labor market, but the broader market was little changed as investors became cautious that the rally may soon run its course. The stock market's rally this year has been fueled by signs of a strengthening U.S. economy, continued support from the Federal Reserve and fairly attractive equity valuations compared with other assets. Following are notable movers at mid day on Wednesday:-

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.

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