|Healthcare Review: AEterna Zentaris, Jazz Pharmaceuticals, Cardiovascular Systems, BioDelivery Sciences International, Elan Corporation|
|By Staff and Wire Reports|
|Monday, 11 March 2013 13:48|
Shares of Aeterna Zentaris Inc. (USA) (NASDAQ:AEZS) tumbled 25% after the company says an independent Data Safety Monitoring Board has recommended discontinuing ongoing Phase 3 studies comparing the efficacy and safety of perifosine in patients with relapsed or relapsed/refractory multiple myeloma. Based on its analysis, the DSMB reported that it was highly unlikely the study would achieve a significant difference in its primary endpoint.
Jazz Pharmaceuticals (NASDAQ:JAZZ) moves higher today after Cantor Fitzgerald starts coverage with a Buy rating and $86.00 price target. Cantor calls JAZZ an attractive growth story that's been held back by generic concerns over its key revenue driver, Xyrem, a drug for the treatment of narcolepsy, which represents 69% of revenue.
Cardiovascular Systems Inc. (NASDAQ:CSII) rallies after the company says Orbit II trials of its treatment therapy for patients with severely calcified coronary lesions had exceeded expectations by a significant margin. The study is reviewing the safety and effectiveness of it's orbital atherectomy technology and is the first Investigational Device Exemption study to seek approval for treating these lesions.
BioDelivery Sciences International, Inc. (NASDAQ:BDSI) gets a boost from a Piper Jaffray upgrade to Overweight. Piper calls BDSI a value-added offering for pain and expects Phase III bioequivalence data for Bunavail to show a possible superiority to its other generic opioid dependence treatment Suboxone. Bunavail's NDA filing is planned for July and Phase III readout is expected by year-end or early 2014.
Elan Corporation, plc. (ADR) (NYSE:ELN) added 3.50% after announcing Friday it will pay as much as $13/share, or a premium of 13% from Friday’s closing price, to buy back stock in a plan intended to reward stockholders who remain invested in the company following the sale of its Tysabri multiple sclerosis drug.