Healthcare Review: Peregrine Pharmaceuticals, WuXi PharmaTech, Corcept Therapeutics, MannKind Corporation, Medifast Print E-mail
By Staff and Wire Reports   
Friday, 08 March 2013 15:35
Stocks edged higher on Friday on a much stronger-than-expected payrolls report, but gains were capped as investors sold some bank shares to book profits in the wake of the Federal Reserve's "stress tests" results. Hiring in the United States jumped in February with non-farm payrolls adding 236,000 last month, easily beating expectations for a gain of 160,000 jobs. The unemployment rate fell to 7.7 percent, the lowest since December 2008. Following are notable movers ate mid day on Friday:-

Peregrine Pharmaceuticals (NASDAQ:PPHM) shares gained 12.15% to $1.57. The company announced that it will report financial results for the third quarter of the fiscal year (FY) 2013 on March 12, 2013 after market and will host a conference call and webcast at 1:30 PM Pacific Daylight Time (4:30 PM Eastern Daylight Time).

Additionally, Piper Jaffray, on Mar. 6, initiated coverage on PPHM with an Overweight rating and $2.50 price target.

WuXi PharmaTech (Cayman) Inc. (ADR) (NYSE:WX) stock jumped 2.95% to $17.81. The company, on Mar. 5, announced a second agreement to expand WuXi's use of OMT's OmniRat(TM) and OmniMouse(TM) technologies to strengthen the development and commercial opportunities for WuXi's Asian regional and global clients. The OmniRat platform has now been duplicated at WuXi's Shanghai facility, enabling WuXi to generate antibodies for customers from its own laboratories.

Corcept Therapeutics Incorporated (NASDAQ:CORT) stock increased 8.56% to $2.03 after the company yesterday reported its financial results for the fourth quarter and full year ended December 31, 2012. The company reported a net loss of $11.1 million, or $0.11 per share, for the fourth quarter of 2012, compared to a net loss of $9.9 million, or $0.12 per share for the same period in 2011. For the fiscal year ended December 31, 2012, Corcept reported a net loss of $38.0 million, or $0.41 per share, compared to a net loss of $32.4 million, or $0.39 per share, for the full year 2011.

MannKind Corporation (NASDAQ:MNKD) shares increased 9.48% to $3.08. The company, on Feb. 11, reported financial results for the fourth quarter and year ended December 31, 2012. For the fourth quarter of 2012, total operating expenses were $33.5 million, compared to $30.6 million for the same quarter of 2011, an increase of $2.9 million. Net loss for fiscal year 2012 was $(169.4) million, or $(0.94) per share, compared to net loss of $(160.8) million, or $(1.32) per share based on 121.8 million weighted average shares outstanding for fiscal year 2011.

Medifast, Inc.(NYSE:MED) shares  fell 6.64% to 22.78 after the company yesterday reported fourth-quarter net income of $1.9 million or $0.13 per share, compared to $1.2 million or $0.08 per share in the year-ago period. Adjusted net income for the quarter was $3.9 million or $0.28 per share, up from $1.2 million or $0.08 per share in the prior year quarter. Analysts expected the company to earn $0.25 per share for the quarter. Revenue for the latest fourth quarter rose to $83.24 million from $69.57 million in the comparable quarter last year, while analysts had consensus revenue estimate of $82.90 million for the quarter.




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