|Healthcare Review: Theravance Inc, Repros Therapeutics, EXACT Sciences Corporation, Cutera, Johnson & Johnson|
|By Staff and Wire Reports|
|Thursday, 18 April 2013 13:34|
Theravance Inc. (NASDAQ:THRX) shares increased 15.35% to $32.31. Federal regulators on April 15 said the safety of a proposed lung drug from GlaxoSmithKline PLC (GSK, GSK.LN) was "generally consistent" with the safety of other combination products to treat chronic obstructive pulmonary disease, or COPD. Glaxo and its partner Theravance Inc. are seeking approval from the U.S. Food and Drug Administration for a product called Breo Ellipta, a once daily inhaler to treat COPD.
Repros Therapeutics Inc. (NASDAQ:RPRX) stock gained 5.69% to $18.77. The company, on April 10, announced two patents representing potentially large commercial indications for its drug Androxal have been issued. The two patents deal with the metabolic consequences of low testosterone and the positive outcomes associated with restoration of testicular function exhibited by Androxal. The 8,377,991 patent specifically covers treatment of Type 2 diabetes, an area of high unmet medical need. The 991 issuance and patent life should have a positive impact on Androxal's long-term commercial potential.
EXACT Sciences Corporation (NASDAQ:EXAS) shares plunged 21.18% to $7.86. The company on April 18 said its molecular screening test for colorectal cancer met a late-stage trial goal of detecting the disease in more patients than other commonly used tests, but shares plummeted as the results were not as robust as some were expecting.
Exact's test, which identifies abnormal DNA in cells shed in a patient's stool, detected 92 percent of colorectal cancers and 42 percent of pre-cancerous polyps in a large late-stage study.
Cutera, Inc. (NASDAQ:CUTR) shares dropped 3.34% to $11.29 in the early hour. Zacks downgraded shares of Cutera from an outperform rating to a neutral rating in a research note released on April 18. They currently have $14.60 price target on the stock. Additionally, analysts at TheStreet upgraded shares of Cutera from a hold rating to a buy rating in a research note to investors on April 2.
Johnson & Johnson (NYSE:JNJ) shares decreased 0.69% to $83.32. The company on April 18 announced the sale to Elan Corporation plc (ELN: Quote) of about 82 million American Depositary Shares or ADS of Elan held by Janssen Pharmaceutical, an affiliate of Johnson & Johnson. The company said that the sale took place in accordance with the "Dutch Auction" tender offer commenced by Elan on March 11, 2013. The aggregate proceeds are expected to be received on or before April 30, 2013.
Additionally, the company on April 16 said it beat Wall Street's quarterly profit estimates on sharply lower taxes, strong sales of prescription drugs and a revival of over-the-counter medicines that had been recalled over quality control problems.
The company earned $3.5 billion, or $1.22 per share, compared with $3.91 billion, or $1.41 per share, in the year-earlier quarter. Excluding special items, including litigation expenses of $529 million, J&J earned $1.44 per share. Analysts, on average, expected $1.40 per share.