Healthcare Review: Theravance Inc, Acorda Therapeutics Inc, MannKind Corporation, Cadence Pharmaceuticals, GTx Print E-mail
By Staff and Wire Reports   
Monday, 15 April 2013 13:18
Stocks fell for a second straight session on Monday with major indexes off more than 1 percent, pressured by weaker-than-expected growth figures in China that sparked a broad selloff across markets, including oil and other commodities. The Chinese data weighed heavily on oil, with U.S. crude futures down 2.7 percent at $88.83. (O/R) Chevron (CVX.N) lost 2.4 percent to $117.12 and was one of the biggest drags on the Dow. The SPDR Gold Shares ETF (GLD.P) lost almost 8 percent to $133.01 as gold prices slumped to a two-year low below $1,400 per ounce. Following are notable movers at mid day on Monday:-

Theravance Inc. (NASDAQ:THRX) shares increased 21.63% to $28.95 after after a staff report by U.S. regulators showed the once- daily lung disease treatment the company is developing with GlaxoSmithKline Plc (GSK) may be able to win approval. The medication called Breo is meant to treat chronic obstructive pulmonary disease, an umbrella term for emphysema and chronic bronchitis.

Breo would compete with similar twice-daily products Advair, from Glaxo, and Symbicort, from AstraZeneca Plc.

Acorda Therapeutics Inc. (NASDAQ:ACOR) stock jumped 8.31% to $34.14 after the company, on April 15, announced that a proof-of-concept trial found dalfampridine extended release (ER) tablets, marketed as AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg, improved walking in people with post-stroke deficits. Post-stroke deficits refer to chronic neurological deficits, such as impaired walking, motor and sensory function and manual dexterity that persist in people who have had a stroke.

MannKind Corporation (NASDAQ:MNKD) shares jumped 5.60% to $4.15. 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.

Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) shares decreased 6.56% to $6.70 in the early hour. JMP Securities initiated coverage on shares of Cadence Pharmaceuticals in a research report sent to investors on April 1. The firm issued an outperform rating and a $8.00 price target on the stock. Additionally, analysts at DA Davidson downgraded shares of Cadence Pharmaceuticals from a buy rating to a neutral rating in a research note to investors on March 12.

GTx, Inc. (NASDAQ:GTXI) stock jumped 1.40% to $4.34. The company, on April 15, announced that a per protocol safety review of unblinded safety data on Friday April 12, 2013, by an independent Data Safety Monitoring Board (DSMB), resulted in a determination that GTx continue as planned its two pivotal Phase III clinical trials of enobosarm (GTx-024) for the prevention and treatment of muscle wasting in patients with advanced non-small cell lung cancer. The DSMB has met regularly every six months to review safety data from the two pivotal Phase III clinical trials and will not meet again until the data is locked and unblinded for a final assessment of safety data from the two studies.

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