|Healthcare Review: Idenix Pharmaceuticals, Stereotaxis, Galena Biopharma, Array Biopharma, Coronado Biosciences|
|By Staff and Wire Reports|
|Monday, 25 March 2013 13:30|
After gaining early on Cyprus's bailout, U.S. stocks fell on Monday on a top euro zone official's comments that Cyprus was a template for handling the region's other debt-strapped countries. Investors grew cautious after Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, told Reuters and the Financial Times that when failing banks need rescuing, euro zone officials would turn to the bank's shareholders, bondholders and uninsured depositors to contribute to its recapitalization. Such an approach would be a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments. Following are notable movers at mid day on Monday:-
Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX) shares declined 15.43% and closed at $15.43. The company, on Mar. 22, announced that the United States Patent and Trademark Office Patent Trial and Appeal Board (USPTO) issued a decision in the first phase of the ongoing interference concerning one of the Company's patent applications (U.S. Patent Application 12/131,868) and an issued patent ( U.S. Patent 7,429,572) owned by Gilead Pharmasset LLC ("Gilead") that covers certain 2'-methyl- 2'-fluoro nucleoside compounds useful in the treatment of the hepatitis C virus.
Stereotaxis Inc. (NASDAQ:STXS) stock surged 57.54% to $2.82 after the company, on Mar. 25, announced that it has received regulatory approval of its Niobe® remote magnetic technology for cardiac ablations in Japan, a critical milestone in securing full market entry into the country. This approval allows the Company to begin marketing efforts, including establishing a local business infrastructure with in-country distributors, while working on obtaining reimbursement approval for full market entry, or the ability to initiate sales. Reimbursement approval is expected by the end of 2013.
Galena Biopharma Inc. (NASDAQ:GALE) shares gained 4.15% to $2.01. Research analysts at Maxim Group raised their target price on shares of GALE from $5.00 to $6.00 in a report released on Mar. 19. The firm currently has a “buy” rating on the stock.
Additionally, the company on Mar. 19 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.
Array Biopharma Inc. (NASDAQ:ARRY) shares gained 6.76% to $4.58. The company, on Mar. 21, announced the appointment of Michael N. Needle , M.D., to the position of Chief Medical Officer. Dr. Needle, a board certified hematologist / oncologist, will oversee clinical development across Array's pipeline, including its two wholly-owned cancer drugs, ARRY-520 for multiple myeloma and ARRY-614 for myelodysplastic syndromes, as well as collaborate with strategic partners to advance late-stage programs. He will report directly to Ron Squarer, Array's Chief Executive Officer.
Coronado Biosciences Inc. (NASDAQ:CNDO) shares climbed 3.78% to $9.60 in the early hour. Research analysts at Canaccord Genuity assumed coverage on shares of CNDO in a report released on Mar. 25. The firm set a “buy” rating on the stock.
Additionally, the company released its earnings data on Thursday, March 14th. The company reported ($0.36) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.27) by $0.09.