Healthcare Review: Utah Medical Products, ImmunoGen, MannKind, Abaxis Inc, Warner Chilcott Plc Print E-mail
By Staff and Wire Reports   
Friday, 12 April 2013 14:16
Stocks fell on Friday, retreating from the previous session's record levels as financials were pressured by a pair of weak bank results and by a delay in the closing of a large bank deal. Wall Street was also pressured as weak retail sales and sentiment numbers were the latest data to point to weakening economic conditions, though stocks remain sharply higher on the week. Still, analysts said the gains, which have taken the S&P 500 up 11 percent so far this year, have equities vulnerable to a pullback.

Following are notable movers at mid day on Friday:

Utah Medical Products, Inc. (NASDAQ:UTMD) stock gained 6.74% to $46.43. The 52 week trading range for the company is $29.66 - $49.85. The company is in the business of producing medical devices that are, disposable and for hospital use. The Company markets a range of medical devices used in critical care areas, especially the neonatal intensive care unit (NICU), the labor and delivery (L&D) department and the women's health center in hospitals, as well as products sold to outpatient clinics and physician's offices.

ImmunoGen, Inc. (NASDAQ:IMGN) shares fell 9.96% to $16.01. The company, on April 10, disclosed for the first time today preclinical data for its EGFR-targeting ADC, IMGN289. The data are being presented at the American Association for Cancer Research (AACR) Annual Meeting 2013 in Washington, DC (abstracts# 5463, 5467, and 5483). ImmunoGen developed IMGN289 to treat EGFR-overexpressing cancers, which include many cases of squamous cell carcinoma of the head and neck (SCCHN) and non-small cell lung cancer (NSCLC), and expects to begin clinical testing of the compound later this year.

MannKind Corporation (NASDAQ:MNKD) shares fell 9.07% to $3.90. Bank of America analyst Steve Byrne reiterated a Buy rating on MannKind on Mar. 27 and raised the price target from $3.00 to $5.00. Byrne noted that they commissioned a survey of 75 primary care physicians (PCPs) to assess the market opportunity for MNKD's inhaled insulin candidate Afrezza in both type 1 and type 2 diabetes patients. Results indicated meaningful use within a year of approval.

Abaxis Inc. (NASDAQ:ABAX) stock dropped 4.39% to $46.15. ABAX’s stock was downgraded by investment analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a note issued to investors on April 12. The analysts noted that the move was a valuation call. Additionally, analysts at Zacks reiterated a “neutral” rating on shares of Abaxis in a research note to investors on Mar. 28. They now have a $49.00 price target on the stock.

Warner Chilcott Plc (NASDAQ:WCRX) stock increased 4.80% to $14.18. The company, on April 12, announced that the United States Food and Drug Administration (FDA) has approved a 200 mg strength of DORYX® (doxycycline hyclate) Delayed-Release Tablets. DORYX Delayed-Release Tablets are a tetracycline-class oral antibiotic. The Company anticipates that it will commercially launch DORYX Delayed-Release 200 mg Tablets in July 2013.




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