Healthcare Review: ACADIA Pharmaceuticals, Chembio Diagnostics, STAAR Surgical, GenMark Diagnostics, Arena Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Tuesday, 18 June 2013 13:42
Stocks extended gains as the Federal Reserve began a two-day policy meeting to discuss whether the economy has grown strong enough for the central bank to draw down its stimulus measures. Investors are awaiting word from the Fed Wednesday on whether it will begin stepping back from its $85-billion-a-month bond-buying program, a measure that has kept interest rates low in an effort to bolster growth. In recent weeks, investors had worried that growth may stall without central bank support, and interest rates on U.S. Treasurys have soared amid concern about Fed money leaving that market. Following are notable movers at mid day on Tuesday:-

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares jumped 0.79% to $19.07. The company, on June 18, presented data from its Phase III program with pimavanserin for Parkinson's disease psychosis (PDP), including data from its pivotal -020 Study and the related, open-label safety extension study, at a poster session at the 17th International Congress of Parkinson's Disease and Movement Disorders, which is taking place in Sydney, Australia from June 17 - 20, 2013.

Chembio Diagnostics Inc. (NASDAQ:CEMI) stock declined 1.80% to $4.90. The company on June 18 announced that it's SURE CHECK® HIV 1/2 Assay has received CE Mark approval from European regulators. The SURE CHECK® HIV 1/2 Assay is now cleared for commercialization within the European Union (EU) for rapid, point-of-care detection of HIV. This product is FDA-approved and distributed in the U.S. as Clearview® COMPLETE HIV 1/2 by Alere NA. Chembio is currently working with commercialization partners in Europe and expects sales of the SURE CHECK® HIV 1/2 Assay in the EU by Q1 2014.

STAAR Surgical Company (NASDAQ:STAA) shares increased 3.38% to $9.79. The company on June 17 announced that it has received regulatory approvals to market its Visian® Implantable Collamer® Lens (ICL™) with CentraFLOW™ technology from the KFDA in Korea and the ANMAT in Argentina.

Don Todd, President of the Asia Pacific Region for STAAR Surgical said of the approval in Korea, "The refractive procedure market in Korea is both significant and fast growing, so this represents a very important milestone for us. Woo Jeon VT, our Korean distributor, has successfully driven the ICL market share in the country to over 12% of all refractive procedures. In anticipation of this approval and product launch, we hired two STAAR employees to work onsite at Woo Jeon's Korean offices. This new staff will be instrumental in driving our market position even further following this critical regulatory approval. We plan the official Launch Symposium in Korea on July 27th where approximately 100 surgeons will be trained on the new technology."

GenMark Diagnostics, Inc. (NASDAQ:GNMK) shares dropped 8.34% to $10.06 in the early hour. The company on June 17 updated its annual revenue guidance for the year ending December 31, 2013. As a result of additional uncertainties relating to the future revenue contribution from its largest customer, together with persisting reimbursement and other challenges affecting the emerging pharmacogenomics market sector, the Company is updating its annual revenue guidance to approximately $30 million from its original estimate of approximately $35 million.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) stock jumped 0.26% to $7.79. The company announced that the company is scheduled to present a corporate overview at the 2013 Wells Fargo Securities Healthcare Conference on Wednesday, June 19, 2013, at 2:25 p.m. Eastern Time (11:25 a.m. Pacific Time), at the InterContinental Hotel in Boston, Massachusetts.

Additionally, Piper Jaffray reaffirmed their overweight rating on shares of ARNA in a report released on June 13. Piper Jaffray currently has a $12.50 price objective on the stock, up from their previous price objective of $9.00.

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