|Healthcare Review: Celsion Corporation, Illumina, Amarin Corporation, Ironwood Pharmaceuticals, IDEXX Laboratories|
|By Staff and Wire Reports|
|Tuesday, 23 April 2013 13:33|
Following are notable movers at mid day on Tuesday:
Celsion Corporation (NASDAQ:CLSN) is moving higher by 18% on comments from the company that its experimental cancer drug, Thermodox, shows it may now in fact be viable for the treatment of liver cancer. The comments come just months after the company warned of the drug's limited prospects, causing the stock to crater 81% in one day in January after the company suggested the drug failed to significantly slow the progression of liver cancer in a late-stage trial.
Illumina, Inc. (NASDAQ:ILMN) moves higher after easily beating on its Q1 yesterday. In its conference call, the company reiterates that it expects a 2% - 4% impact as a result of sequestration, suggesting the damage will likely be limited. One of the offsetting factors management mentions is that "under the continuing resolution much of the NIH allocation was at 90% of the grant amount and so that has a potential small upside effect that could neutralize any of the downside effects from sequestration." Shares of the company are up 14%.
Amarin Corporation plc (ADR)(NASDAQ:AMRN) says the FDA has accepted its supplemental new drug application for Vascepa and set a December 20 target date to complete its regulatory review. The company's seeking approval of the the cholesterol-reducing fish-oil pill as an adjunct to diet for the treatment of high triglycerides with mixed dyslipidemia.
Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) slides on a big Q1 miss this morning. Revenue dropped 73% Y/Y on weak sales of its IBS drug Linzess, while losses widened significantly as its bottom line was hit hard by a 92% rise in total costs - due largely to the rollout of Linzess - and an 11% jump in R&D expenses.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) slips after missing Q1 revenue estimates earlier today. The company is also pulling back on its initially bullish 2013 forecast, now saying it expects FY13 EPS to be around $3.40 - 3.46, below the Street's $3.54. Revenues are expected to be $1.38B to $1.39B, representing growth of 7% to 7.5% Y/Y. Organic growth is expected to come in lower, in the range of 7.5% to 8% as compared with previous guidance of 8% to 9%, which is largely due to the impact of unfavorable changes in FX rates.