Healthcare Review: Anacor Pharmaceuticals, Avanir Pharmaceuticals, Celgene Corporation, AbbVie Inc, Abaxis Inc. Print E-mail
By Staff and Wire Reports   
Friday, 26 April 2013 13:34
U.S. stocks slipped on Friday after data showed the pace of economic growth fell short of expectations and a separate report on consumer sentiment showed a drop from the previous month. The Commerce Department said gross domestic product expanded at a 2.5 percent rate, increasing from 0.4 percent in the fourth quarter but shy of estimates for growth of 3 percent. The data could raise doubts about the ability of the economy to absorb government spending cuts and higher taxes, and may fuel speculation on the possibility of more Federal Reserve measures to boost growth, or at least keep its current stimulus plans in place.

Following are notable movers at mid day on Friday:-

Anacor Pharmaceuticals Inc. (NASDAQ:ANAC) shares climbed 5.80% to $6.75. The company, on April 26, announced that it has priced an underwritten public offering of 3,129,890 shares of its common stock at a price to the public of $6.39 per share for gross proceeds of $20.0 million. Anacor has also granted the underwriters a 30-day option to purchase up to 15 percent of the shares of common stock offered in the public offering to cover over-allotments. Anacor expects to use the net proceeds from the sale of the shares for research and development activities, working capital and general corporate purposes.  

Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR) shares jumped 2.81% to $3.29. The company on April 26 announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion for NUEDEXTA® (dextromethorphan hydrobromide and quinidine sulfate), recommending NUEDEXTA be approved for the treatment of pseudobulbar affect (PBA), irrespective of neurologic cause. In addition, the CHMP also recommended approval of two dose strengths of NUEDEXTA; 20/10 mg and 30/10 mg capsules.

Celgene Corporation (NASDAQ:CELG) shares gained 1.36% to $119.58. The company on april 25 reported a first quarter profit of $384.9 million, or 89 cents a share, down from $401.5 million, or 90 cents, a year earlier. Excluding items such as stock-based compensation, per-share earnings rose to $1.37 from $1.08 a year earlier, exceeding analysts' expectations. Total costs and expenses rose 27%, with much of the increase attributed to the launch of Pomalyst.

AbbVie Inc (NYSE:ABBV) shares increased 2.62% to $45.40. On April 23, results from "Aviator," AbbVie's phase IIb clinical trial of its investigational direct-acting antivirals (DAAs) for the treatment of hepatitis C virus (HCV) infection, continue to demonstrate high sustained viral response (SVR) rates against genotype 1 HCV, across patient types.

Additionally, the company on April 26 posted its quarterly earnings results. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. The company posted revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.17 billion. AbbVie’s revenue was up 3.7% compared to the same quarter last year.

Abaxis Inc (NASDAQ:ABAX) stock dropped 7.80% to $41.11. The company posted its quarterly earnings results on April 25. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.04. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $52.47 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis.


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