Healthcare Review: Pharmacyclics, Alimera Sciences, Endo Health Solutions, Sequenom, Dyax Corp. Print
By Staff and Wire Reports   
Monday, 13 May 2013 13:23
U.S. stocks dipped on Monday, retreating from the most recent record high, but an unexpected rise in retail sales last month muted declines. The Commerce Department said retail sales edged up 0.1 percent, coming after a 0.5 percent March decline and defying an average forecast by economists polled by Reuters for a drop of 0.3 percent. Excluding autos, gasoline and building materials, core sales rose 0.5 percent. Retail sales account for about 30 percent of U.S. consumer spending. Following are notable movers at mid day on Monday:-

Pharmacyclics, Inc. (NASDAQ:PCYC) trades higher by 7.60% at $84.97 after RBC Capital ups the shares to Outperform and raises its price target to $100 from $70. The firm cites optimism over a number of upcoming catalysts for its leukemia drug Ibrutnib, which is being jointly developed by PCYC and JNJ's Janssen Pharmaceuticals.

Shares of Alimera Sciences Inc. (NASDAQ:ALIM) ramp up 22.50% despite posting a wider than expected loss in its Q1 report on Friday, largely due to the company's announcement that Iluvien had become commercially available in the UK and Germany. The PDUFA goal date for the drug with the FDA is October 17th of this year.

Endo Health Solutions Inc. (NASDAQ:ENDP) appears to have stabilized today, albeit lower, following a couple of trading halts on volatility just prior to Friday's close after the FDA denied its petition to halt generic competition to its painkiller Opana ER on safety grounds. The ruling will mean a big hit to earnings next quarter, and likely lead exploring options to mitigate the damage. Jefferies says the FDA was wrong, and acted "irrationally inconsistent" in its decision. Nonetheless, the firm lowers its price target on the shares from $47.00 to $37.00. Shares of the company are down over 3%.

Credit Suisse upgrades Sequenom, Inc. (NASDAQ:SQNM) to Neutral and raises its price target to $4.50 from $4, citing decreased risk stemming from the company's five-year agreement with Blue Cross and Blue Shield (see CC) for the MaterniT21 PLUS test. Analyst Vamil Divan notes that "following daily moves in [the stock] can get one dizzy" — today is no exception — but CS sees SQNM running 175K tests in FY13 versus company projections of 150K and says that ultimately, robust volumes are enough to support the story at least for the foreseeable future. Shares of SQNM rose 6%.

Dyax Corp. (NASDAQ:DYAX) pops 5% after pricing its approximately 8.9M shares registered direct offering with RA Capital, Venrock, Federated, and one other institutional investor at $2.30, nearly in line with Friday's close, for total gross proceeds of nearly $30M.


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