Healthcare review: Endocyte, Chelsea Therapeutics International, Genomic Health, Viropharma Inc, Orexigen Therapeutics Print E-mail
By Staff and Wire Reports   
Wednesday, 27 March 2013 15:34
U.S. stocks dipped on Wednesday as soft demand at an Italian debt auction kept concerns about the financial stability of the euro zone at the center of investor focus. The stalemate over the formation of a new government in Italy and the fiscal upheaval in Cyprus were reflected in a rise in Italian bond yields, with the five-year debt costs at the highest level since October. But equities pared earlier losses after a Greek newspaper reported Cyprus plans to ban cashing checks and limit the amount of cash that can be taken out of the country under a series of measures to avert a run on the country's crippled banks.

Following are notable movers at mid day on Wednesday:-

Endocyte, Inc. (NASDAQ:ECYT) stock gained 6.79% to $11.48 after Robert W. Baird upgraded shares of ECYT from a neutral rating to an outperform rating in a research note issued to investors on Mar. 25. The firm currently has $13.00 target price on the stock, up from their previous target price of $9.00.

Chelsea Therapeutics International Ltd. (NASDAQ:CHTP) shares increased 9.15% to $2.02. The Company, on Mar. 7, reported financial results for the fourth quarter and full year ended December 31, 2012. For the quarter ended December 31, 2012, CHTP reported a net loss of $2.2 million or ($0.03) per share versus a net loss of $12.5 million or ($0.20) per share for the same period in 2011.  For the twelve months ended December 31, 2012, Chelsea reported a net loss of $31.7 million or ($0.47) per share compared to a net loss of $50.5 million or ($0.84) per share for the same period in 2011.

Genomic Health, Inc. (NASDAQ:GHDX) stock climbed 6.66% to $28.50 after GHDX’s stock was upgraded by equities research analysts at Leerink Swann from a “market perform” rating to an “outperform” rating in a research note issued to investors on Mar. 27.

Additionally, the company, on Mar. 13, announced positive results of a large study that demonstrates the Oncotype DX® Recurrence Score® result to be a robust predictor of loco-regional recurrence (LRR) in node-positive (N+), estrogen receptor (ER) positive patients treated with adjuvant hormonal therapy and chemotherapy.

Viropharma Inc. (NASDAQ:VPHM) shares climbed 4.27% to $24.44 in the early hour. The company, on Feb. 27, reported a fourth-quarter GAAP net loss of $3.9 million or $0.06 per share compared to a GAAP net income of $53.1 million or $0.65 per share in the fourth quarter of 2011. However, on an adjusted basis the company posted a profit of $7.1 million, or $0.10 per share. Meanwhile, net sales fell to $106.49 million for the fourth quarter, from $145.57 million in the same three months of 2011. Analysts expected the company to report earnings of $0.03 per share on revenues of $103.06 million for the quarter.

Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares gained 3.36% to $5.84. The company, on Mar. 13, posted fourth-quarter net loss of $32.5 million or $0.41 per share, wider than $4.3 million or $0.09 per share in the previous year quarter. Total revenues for the quarter were $857 thousand, flat with last year. Analysts expected the company to report a loss of $0.44 per share on revenues of $910 thousand.




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