Healthcare Review: Apricus Biosciences, Incyte Corporation, Intuitive Surgical, Northwest Biotherapeutics, Galena Biopharma Print E-mail
By Staff and Wire Reports   
Monday, 18 March 2013 14:50
U.S stocks fell on Monday after a Cypriot plan to tax bank accounts as part of a larger scheme to avoid a bankruptcy triggered a selloff in European financial shares, and rekindled fears about an escalation in the euro-zone crisis. The weekend announcement out of Cyprus came after the S&P 500 ended its 10th positive week in the last 11, and investors on Wall Street took the chance to cash in some of the recent gains. Including Monday's modest decline, the S&P 500 is on track to post its best quarter in a year. Cypriot ministers were trying to revise a plan to seize money from bank deposits before a parliamentary vote on Tuesday that will secure the island's financial rescue or could lead to its default.

Following are notable movers at mid day on Monday:-

Apricus Biosciences Inc. (NASDAQ:APRI) shares dropped 1.57% to $2.50. The company will host a conference call at 1:00 PM ET Today, March 18, 2013, to discuss its fourth quarter 2012 earnings results.

Additionally, the company today said that it has appointed Richard Pascoe as Chief Executive Officer, effective March 18. In addition to his role as CEO, Pascoe has also joined the company's Board of Directors. With Pascoe's appointment, Steve Martin, Interim Chief Executive Officer, will resume his responsibilities as Senior Vice President and Chief Financial Officer.

Incyte Corporation (NASDAQ:INCY) shares fell 6.38% to $23.25. Jefferies analyst Thomas Wei reiterated a Buy rating and $36.00 price target on Incyte today.

Additionally, the company disclosed in a regulatory filing that it was informed last week of a case of progressive multifocal leukoencephalopathy, or PML, in a 75 year old male patient from the United Kingdom with myelofibrosis treated with ruxolitinib.

Additionally, The Law Offices of Todd M. Garber on Mar. 16 announces that a class action lawsuit has been filed in the United States District Court for the Delaware District Court on behalf of all purchasers of the common stock of Incyte Corporation (“Incyte” or the “Company”) (INCY) between April 26, 2012 and August 1, 2012, inclusive (the “Class Period”).

Intuitive Surgical, Inc. (NASDAQ:ISRG) shares increased 4.43% to $479.09 after ISRG‘s stock had its “buy” rating reiterated by equities research analysts at Goldman Sachs in a research note issued to investors today. They currently have a $715.00 price target on the stock.

Additionally, the company  will hold its quarterly conference call to discuss First Quarter 2013 results, Thursday, April 18, at 4:30 p.m. Eastern Time.

Northwest Biotherapeutics, Inc. (NASDAQ:NWBO) shares jumped 1.94% to $3.67 in the early hour after the company today announced that it has been issued a key U.S. patent (#8389278) covering novel processes for manufacturing human dendritic cells.  The cells produced through these processes are much more potent in their capacity to activate the immune system than those produced by the standard methods used throughout academia and industry today to produce dendritic cells.

Galena Biopharma Inc. (NASDAQ:GALE) shares jumped 4.69% to $2.01 after the company today announced it has entered into an agreement with Orexo AB, a specialty pharmaceutical company based in Sweden, to acquire Abstral Sublingual Tablets for sale and distribution in the United States. Galena Biopharma will pay Orexo $10 million upfront and $5 million within the first twelve months of closing, plus low double digit royalties and one-time milestone payments based on pre-specified net sales.

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