Healthcare Review: Hyperion Therapeutics, Gilead Sciences, Cardinal Health, ACADIA Pharmaceuticals, Questcor Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Thursday, 02 May 2013 13:25
U.S. stocks rose on Thursday amid signs the job market is still healing despite weakness in the broader economy, and as an interest rate cut by the European Central Bank, to shore up the euro zone economy, boosted investors' appetite for risky assets. After a slew of weak economic data in the past few weeks, the number of Americans filing new claims for jobless benefits fell sharply last week to its lowest since the early days of the 2007-09 recessions.

Following are notable movers at mid day on Thursday:

Hyperion Therapeutics Inc. (NASDAQ:HPTX) stock climbed 8.20% to $21.63. The company on May 2 announced the exercise of its option to acquire BUPHENYL┬«(sodium phenylbutyrate) Tablets and Powder, an FDA approved therapy for the chronic management of the most prevalent urea cycle disorders (UCD), and AMMONUL (sodium phenylacetate and sodium benzoate) Injection 10%/10%, a hospital based product used to treat UCD patients in hyperammonemic crisis, from Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX). 

Cardinal Health, Inc. (NYSE:CAH) shares jumped 5.12% to $46.19. The company on May 2 said its fiscal third-quarter earnings rose 3.6% amid a tax benefit and as stronger margins offset lower pharmaceutical sales revenue.

For the quarter ended March 31, the company reported a profit of $345 million, or $1 a share, up from $333 million, or 95 cents a share, a year earlier. Adjusted earnings from continuing operations rose to $1.20 from 94 cents. Revenue decreased 8.8% to $24.55 billion. Analysts most recently projected earnings of 95 cents on revenue of $24.72 billion.

Gilead Sciences, Inc. (NASDAQ:GILD) shares gained 5.33% to $52.81. The company, on May 2, announced plans to initiate a third Phase 3 clinical trial of the company's investigational fixed-dose combination tablet of sofosbuvir and ledipasvir for the treatment of chronic hepatitis C virus (HCV) infection. The study, called ION-3, will evaluate the once-daily fixed-dose combination of sofosbuvir and ledipasvir for eight weeks with and without ribavirin (RBV) and for 12 weeks without RBV in 600 non-cirrhotic, treatment-naïve genotype 1 HCV-infected patients.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares climbed 4.36% to $12.54. 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.

Questcor Pharmaceuticals Inc. (NASDAQ:QCOR) shares increased 8.24% to $34.35. The company on April 30 reported a first quarter net income of $39.06 million or $0.65 per share, higher than $38.54 million or $0.58 per share in the prior-year quarter. Adjusted earnings for the quarter totaled $45.83 million or $0.76 per share, compared to $40.61 million or $0.61 per share in the year-ago quarter. Analysts expected the company to report earnings of $0.96 per share for the quarter. Net sales increased 41% to $135.13 million from $95.97 million in the same quarter last year, but missed analysts' consensus estimate of $157.16 million




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