Healthcare Review: TearLab Corp, Insmed Incorporated, Inovio Pharmaceuticals, Edwards Lifesciences, Arena Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Tuesday, 14 May 2013 13:21
Wall Street stocks rose to record highs on Tuesday on hopes steady U.S. growth will extend their stellar run, while the strengthening dollar curbed the appetite for oil and gold. U.S. equities have risen the past three weeks, racking up a 14 percent gain so far this year on some better-than-expected company earnings and the Federal Reserve's ultra-easy monetary policy to support the economic recovery. Following are notable movers at mid day on Tuesday:-

TearLab Corp. (NASDAQ:TEAR) stock gained 12.69% to $8.97. TEAR) was upgraded by research analysts at Sidoti from a “neutral” rating to a “buy” rating in a report released on May 14.

Additionally, the company posted its quarterly earnings results on May 13. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.12) by $0.18. The company posted revenue of $2.47 million for the quarter, compared to the consensus estimate of $2.18 million.

Insmed Incorporated (NASDAQ:INSM) shares climbed 4.34% to $9.25 in the early hour. The company on May 14 announced that the European Patent Office intends to grant E.U. Patent No. 1909759 for ARIKACE(R) (liposomal amikacin for inhalation). Once granted, the composition of matter patent provides exclusivity in any of the European Patent Office's member states where Insmed chooses to file at least through July 19, 2026. The Company's liposomal amikacin for inhalation is in clinical development to treat cystic fibrosis (CF) patients with Pseudomonas aeruginosa lung infections and patients with nontuberculous mycobacteria (NTM) lung infections.

Inovio Pharmaceuticals Inc. (NYSEMKT:INO) shares jumped 6.05% to $0.658 in the morning hour. The company on May 14 announced that in a preclinical study of Inovio's SynCon(®) DNA vaccine against Ebola and Marburg filoviruses, labeled "Category A" bioterrorism agents by the U.S. government, the vaccine induced strong and broad immune responses and demonstrated 100% protection against death following a challenge with multiple variants of the pathogen in two animal models.

Additionally, the company on May 10 posted first-quarter net loss of $8.86 million or $0.06 a share, compared with $8.3 million or $.06 a share last year. Revenue for the quarter fell to $1.5 million from $1.7 million a year ago, hurt by the timing of work performed under a contract with the National Institute of Allergy and Infectious Diseases. Analysts estimated a loss of $0.04 a share on revenues of $1.01 million.

Edwards Lifesciences Corp. (NYSE:EW) stock increased 4.56% to $70.41. The company on May 14 announced that its chief financial officer, Thomas Abate, plans to retire later this year. Abate, who turns 60 in August, plans to remain chief financial officer until his successor is in place. The company said it has retained Peter Crist of Crist/Kolder Associates to assist in the chief financial officer search.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) stock gained 0.63% to $8.01. Investment analysts at Credit Suisse cut their target price on shares of Arena Pharmaceuticals from $6.00 to $5.00 in a note issued to investors on May 6.

Additionally, the company issued its quarterly earnings data on April 30. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.11 by $0.02. The company had revenue of $2.37 million for the quarter, compared to the consensus estimate of $50.36 million.

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