|Healthcare Review: Allergan, ACADIA Pharmaceuticals, AVEO Pharmaceuticals, Humana Inc, Regeneron Pharmaceuticals|
|By Staff and Wire Reports|
|Wednesday, 01 May 2013 13:24|
U.S. stocks fell on Wednesday after a batch of economic data indicated weaker-than-expected growth in the world's top economies a day after the S&P 500 index closed at a record high. U.S. private employers added 119,000 jobs in April, well below economists' expectations, and a separate report showed the U.S. manufacturing sector expanded only modestly in April.
Allergan, Inc. (NYSE:AGN) shares dropped 5.77% to $107. The company on May 1 said its first-quarter earnings slumped as the company posted a disposal write-down of $259 million tied to its planned sale of its Lap-Band obesity-prevention unit.
The company reported a profit of $12.5 million, or four cents a share, down from $229.8 million, or 74 cents a share, a year earlier. Adjusted earnings from continuing operations were up at 98 cents from 83 cents. The company in February projected 94 cents to 96 cents, below analysts' estimates at the time. Revenue increased 8.4% to $1.43 billion. Analysts recently expected $1.44 billion.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares fell 5.66% to $12.16. The company, on April 11, announced that the U.S. Food and Drug Administration (FDA) has agreed that the data from the pivotal Phase III -020 study, together with supportive data from other studies with pimavanserin, are sufficient to support the filing of a New Drug Application (NDA) for the treatment of Parkinson's disease psychosis (PDP). As a result, ACADIA will no longer conduct the Phase III -021 study that was planned as a confirmatory trial and was scheduled to be initiated later this month.
Additionally, the company announced that it will report its unaudited financial results for the first quarter ended March 31, 2013 on Tuesday, May 7, 2013, after the U.S. financial markets close.
AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) shares climbed 7.83% to $5.51. The company on April 29 reported first quarter 2013 financial results. Total revenue for the first quarter of 2013 was approximately $0.3 million compared with $0.9 million for the first quarter of 2012. Net loss for the first quarter of 2013 was $34.1 million, or basic and diluted net loss per share of $0.69, compared with a net loss of $33.2 million, or basic and diluted net loss per share of $0.77, for the first quarter of 2012.
Humana Inc. (NYSE:HUM) shares jumped 4.66% to $77.56. The company on May 1 said its first-quarter earnings rose 91% as the company incurred lower benefit expenses and increased its membership. The company reported a profit of $473 million, or $2.95 a share, up from $248 million, or $1.49 a share, a year earlier. The company's February projection was earnings of $1.75 to $1.85 a share. Revenue jumped 2.6% to $10.49 billion, topping the analysts' $10.25 billion forecast.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) shares jumped 16.86% to $250. The company announced that it will report its first quarter 2013 financial and operating results on Friday, May 3, 2013, before the U.S. financial markets open. The Company will host a conference call and simultaneous webcast at 8:30 AM Eastern Time that day.