|Healthcare Review: Utah Medical Products, ImmunoGen, MannKind, Abaxis Inc, Warner Chilcott Plc|
|By Staff and Wire Reports|
|Friday, 12 April 2013 14:16|
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.