Healthcare Review: GTx, Novavax, Rigel Pharmaceuticals, SIGA Technologies, Dendreon Corporation Print
By Staff and Wire Reports   
Friday, 05 April 2013 15:01
Stocks fell on Wall Street Friday after the government reported that U.S. employers added the fewest jobs in nine months in March and more people gave up looking for work. The report was worse than economists were expecting. U.S. employers added just 88,000 jobs in March, according to the Labor Department's monthly survey. That's half the pace of the previous six months. The report was a disappointment for investors following positive signs on housing and the job market over the winter.

GTx, Inc. (NASDAQ:GTXI) stock jumped 8.84% to $4.31 after Stifel Nicolaus started coverage on shares of GTXI in a research note issued on April 5. The firm set a “buy” rating on the stock.

Additionally, the company, on March 19, announced that its poster presentation entitled, "GTx-758, an ERa agonist, reduces serum free testosterone lower than can be achieved by leuprolide with a significantly lower rate of hot flashes in men with advanced prostate cancer", was selected as one of the best posters at the 28th Annual European Association of Urology Congress held in Milan, Italy, which commenced March 15, 2013.

Novavax, Inc. (NASDAQ:NVAX) shares increased 5.26% to $2.40. The company, on April 2, announced that top-line data from the Phase II dose-ranging clinical trial of its respiratory syncytial virus (RSV) vaccine candidate in women of childbearing age accomplished the trial's protocol-specified objectives and supports progression to the next stage of advanced clinical testing. The trial represents an important step towards establishing the safety and immunogenicity of the vaccine candidate for use in a maternal immunization strategy.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares decreased  36.11% to $4.81 after  its experimental rheumatoid arthritis medicine being developed with AstraZeneca Plc (AZN) showed mixed results in a trial. The treatment, fostamatinib, showed statistically significant improvement in a measure of arthritis signs and symptoms in the study known as Oskira-1, London-based AstraZeneca said in a statement today. Fostamatinib didn’t show improvement in an X-ray that tracks the progression of joint damage, the company said.

The company’s stock was downgraded by equities research analysts at Wells Fargo to a “market perform” rating in a research note issued to investors on April 5.

SIGA Technologies, Inc. (NASDAQ:SIGA) stock gained 5.37% to $3.53. The company, on Mar. 12, announced the first of a series of deliveries of its proprietary smallpox antiviral drug, Arestvyr(TM), to the United States Government's Strategic National Stockpile under SIGA's contract with the Biomedical Advanced Research and Development Authority (BARDA).

Dendreon Corporation (NASDAQ:DNDN) shares declined 3.18% to $4.57. The company, on Feb. 25, provided a quarterly loss versus a year-ago profit as revenue fell and restructuring costs weighed on the biotechnology company. The fourth-quarter loss was $38.7 million, or 26 cents per share, compared with a profit of $38.1 million, or 26 cents per share. Quarterly revenue fell to $85.5 million from $202.1 million a year ago.

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