Healthcare Review: Sucampo Pharmaceuticals, Cardinal Health, AmerisourceBergen Corp, Hospitality Properties, Arena Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Tuesday, 19 March 2013 13:57

Stocks fell on Wall Street as investors fretted about the latest chapter in Europe's debt saga. Markets slumped worldwide Monday after Cyprus and its European partners announced a proposal to seize money from depositors' accounts to help pay for a bailout of the country's banks.

Investors sold stocks on concern that the plan would cause a run on banks in the countries using the euro. The Cypriot parliament was to vote later Tuesday on the plan. European officials have said that without it, the country's main banks will collapse and the country could end up having to leave Europe's joint currency.


Following are notable movers at mid day on Tuesday:-

Sucampo Pharmaceuticals, Inc. (NASDAQ:SCMP) shares gained 6.13% to $5.71 in the early hour after Equities research analysts at Maxim Group initiated coverage on shares of SCMP in a research note issued to investors on Mar. 19. The firm set a “buy” rating and a $10.00 price target on the stock.

Additionally, the company posted its quarterly earnings results on March 13. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.12 by $0.20. The company reported revenue of $34.90 million for the quarter, compared to the consensus estimate of $32.21 million.

Cardinal Health, Inc. (NYSE:CAH) shares fell 6.87% to $42.95 in the morning hour after the company yesterday said it completed the $2.07 billion acquisition of privately-held AssuaraMed. The company said the acquisition enhances its ability to serve the growing population of aging and chronically ill patients. Twinsburg, Ohio-based AssuraMed is a direct-to-home medical supplies distributor. AssuraMed generated annual sales of about $1 billion in 2012. AssuraMed serves more than 1 million patients in US with more than 30,000 products.

AmerisourceBergen Corp. (NYSE:ABC) shares gained 5.61% to $51.01. The company today announced that it is entering into a strategic, long-term relationship with Walgreen Co. and Alliance Boots GmbH, which will streamline the distribution of pharmaceuticals to Walgreens' stores and leverage global supply chain efficiencies while improving patient access to affordable pharmaceuticals to increase the efficiency of the healthcare system.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares dropped 4.44% to $7.53. The company, on Mar. 4, said it lost $21.3 million in the fourth quarter, compared to $23.7 million of 2011. Total interest and other expense in the fourth quarter of 2012 decreased to $1.0 million, compared to $5.4 million in the fourth quarter of 2011. Total interest and other expense in the full year ended December 31, 2012, increased to $28.4 million, compared to $26.4 million in full year ended December 31, 2011.

Hospitality Properties Trust (NYSE:HPT) shares decreased 3.68% to $26.19. The company today announced that it priced a public offering of 14,000,000 common shares at a price to the public of $25.55 per share. The settlement of this offering is expected to occur on Friday, March 22, 2013. HPT expects to use the net proceeds of this offering to repay amounts outstanding under its unsecured revolving credit facility and for general business purposes. The underwriters have been granted a 30-day option to purchase up to an additional 2,100,000 common shares.

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