Healthcare Review: Obagi Medical Products, Sucampo Pharmaceuticals, Repligen Corporation, Tenet Healthcare Corp, Albany Molecular Research Print E-mail
By Staff and Wire Reports   
Wednesday, 03 April 2013 13:09
Stocks fell on Wall Street Wednesday after weak reports on hiring and growth at service companies dampened the outlook for the U.S. economy. U.S. service companies kept growing at a solid pace in March, but the expansion was less than economists were expecting. The Institute for Supply Management's index of service companies fell to 54.4 from 56 a month earlier. The report was the weakest in seven months and fell short of what analysts were expecting.

Following are notable movers at mid day on Wednesday:

Obagi Medical Products, Inc. (NASDAQ:OMPI) shares increased 9.64% to $25.08. The company today announced that Obagi and Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) have executed an amendment to their Agreement and Plan of Merger, dated March 19, 2013. The expiration date of the tender offer will remain 12:00 midnight, New York City time, on April 23, 2013.

Sucampo Pharmaceuticals, Inc. (NASDAQ:SCMP) shares grew 7.27% to $6.79. The company announced that it will webcast its corporate presentation at the 20th Annual Future Leaders in the Biotech Industry Conference on Friday, April 5 at 3:00 pm Eastern.

Additionally, analysts at Cantor Fitzgerald initiated coverage on shares of Sucampo Pharmaceuticals in a research report issued to clients and investors on April 3. The firm set a “buy” rating and a $9.00 price target on the stock.

Repligen Corporation (NASDAQ:RGEN) shares climbed 3.63% to $7.33. The Company, on March 7, reported total revenue for the three-month period ended December 31, 2012 of $18,814,000, an increase of $11,649,000 as compared to total revenue of $7,165,000 for the same period in 2011. Operating expenses for the three-month period ended December 31, 2012 were $12,403,000 compared to $8,703,000 for the same period in 2011, an increase of $3,700,000 or 43%.

Tenet Healthcare Corp. (NYSE:THC) shares declined 5.54% to $45.16. THC‘s stock had its “overweight” rating restated by equities researchers at JPMorgan Chase in a report issued on Mar. 25. They currently have a $55.00 target price on the stock, up from their previous target price of $41.00.

Additionally, the company posted its quarterly earnings results on February 26. The company reported $0.45 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.68 by $0.23. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.34 billion.

Albany Molecular Research, Inc. (NASDAQ:AMRI) shares fell 5.27% to $9.70. AMRI’s stock had its price target lifted by Sterne Agee from $8.50 to $12.00 in a research report sent to investors on Mar. 8. The firm currently has a buy rating on the stock.

Additionally, the company released its earnings data on Tuesday, February 12th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.09 by $0.08. The company had revenue of $59.10 million for the quarter, compared to the consensus estimate of $56.49 million.

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