Healthcare Review: Agenus Inc, Health Management Associates, Bio-Reference Laboratories, Peregrine Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Wednesday, 10 April 2013 14:23
The S&P 500 rose to a historic high on Wednesday as stocks advanced 1 percent in a broad rally, with technology shares among the strongest of the day. For the second day in a row, cyclical shares advanced as investors bought into the sector, which has lagged other sectors recently. As these groups are closely tied to the pace of economic growth, many investors viewed the advance as a sign that the rally has staying power.

Following are notable movers at mid day on Wednesday:

Agenus Inc. (NASDAQ:AGEN) shares increased 11.03% to $4.63. The company today reported that Orin Bloch, MD, Clinical Instructor, Department of Neurological Surgery, University of California San Francisco (UCSF), will present an abstract that reports on outcomes with HSPPC-96 vaccination in patients with newly diagnosed glioma at the 81st American Association of Neurological Surgeons (AANS) Annual Scientific Meeting in New Orleans, Louisiana, April 27-May 1, 2013. Dr. Bloch's presentation will be given during Plenary Session III of the AANS meeting on May 1, 2013 at 10:19 am ET.

Health Management Associates Inc. (NYSE:HMA) shares declined 16.28% to $10.54. The company, on April 9 , provided lackluster earnings and revenue outlook for the first quarter, as the company suffered a decline in patient admissions. The company expects to report first-quarter earnings from continuing operations in the range of $0.08 to $0.09 per share, with adjusted earnings in the order of $0.12 to $0.13 per share. Revenues are projected at approximately $1.48 billion. nalysts, based on consensus, currently expect the company to earn $0.24 per share on revenues of $1.77 billion.

Bio-Reference Laboratories Inc. (NASDAQ:BRLI) shares decreased 5.81% to $24.62. BRLI’s stock had its price target lifted by Benchmark Co. from $32.00 to $36.00 in a research note released on Mar. 13. They currently have a buy rating on the stock.

The company is principally engaged in providing laboratory testing services, primarily to customers in the greater New York metropolitan area, as well as to customers in a number of other states.

Peregrine Pharmaceuticals (NASDAQ:PPHM) shares fell 0.37% to $1.34. The company today highlighted data presented at the Annual Meeting of the American Association for Cancer Research (AACR). Data was presented this week from preclinical studies investigating the immune-stimulating mechanism of action of Peregrine's lead phosphatidylserine (PS)-targeting oncology clinical candidate bavituximab and the anti-tumor and imaging potential of other PS-targeting molecules.

Gilead Sciences, Inc. (NASDAQ:GILD) shares climbed 2.73% to $49.61. The company, on April 8, announced that the company has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for approval of sofosbuvir, a once-daily oral nucleotide analogue for the treatment of chronic hepatitis C virus (HCV) infection.

The data submitted in this NDA support the use of sofosbuvir and ribavirin (RBV) as an all-oral therapy for patients with genotype 2 and 3 HCV infection, and for sofosbuvir in combination with RBV and pegylated interferon (peg-IFN) for treatment-naïve patients with genotype 1, 4, 5 and 6 HCV infection.

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