Healthcare Review: Arena Pharmaceuticals, Idenix Pharmaceuticals, Biosante Pharmaceuticals, Ironwood Pharmaceuticals, Orexigen Therapeutics Print E-mail
By Staff and Wire Reports   
Friday, 21 June 2013 12:40
U.S. stocks fluctuated between gains and losses following the biggest drop since 2011 for the Standard & Poor’s 500 Index after Federal Reserve Chairman Ben S. Bernanke said the central bank may phase out stimulus. Share prices have slumped since Wednesday, when Federal Reserve Chairman Ben Bernanke laid out the Fed's plans to pull back on its $85 billion in monthly asset purchases. The drop to seven-week lows in US equities following a two-day selloff seemed to entice investors and equity futures traded sharply higher early in the session. But the enthusiasm failed to hold into morning trading and indexes set the day's highs early on. Following are notable movers at mid day on Friday:-

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) stock jumped 4.79% to $7.88. Eisai Inc. and Arena Pharmaceuticals, Inc., on June 20 announced that data from the BELVIQ(R) (lorcaserin HCl) Phase 3 clinical trial program will be presented at the American Diabetes Association's 73rd Scientific Sessions on June 21-25, 2013. BELVIQ is believed to decrease food consumption and promote satiety by selectively activating serotonin 2C receptors in the brain. The exact mechanism of action of BELVIQ is not known.

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.

Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX) shares plunged 28.65% to $3.67. The company, on June 20 announced the Company has received verbal communication from the U.S. Food and Drug Administration (FDA) requesting additional preclinical safety information for IDX20963, Idenix's lead uridine nucleotide prodrug candidate. Initiation of clinical trials for IDX20963 is on hold and the Company must provide a satisfactory response to the FDA before clinical trials can begin in the United States.

Biosante Pharmaceuticals Inc. (NASDAQ:BPAX) shares declined 2.39% to $1.23 in the morning hour. The company on June 21 announced that on June 20, 2013, it received a letter from NASDAQ informing BioSante that, since the merger with ANIP Acquisition Company d/b/a ANI Pharmaceuticals, Inc. constituted a business combination resulting in a change of control under Listing Rule 5110(a), BioSante was required to meet the initial listing criteria for the NASDAQ Global Market.

Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) shares declined 0.53% to $11.25. Research analysts at Credit Suisse began coverage on shares of IRWD in a report released on June 21. The firm set an “outperform” rating on the stock.

Additionally, the company, on June 4, announced that the underwriters of its previously announced public offering of shares of Class A common stock have partially exercised their option to purchase an additional 704,948 shares at a public offering price of $13.00 per share. These shares were purchased pursuant to the underwriters' option to purchase up to 1,575,000 additional shares in the offering.

Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares dropped 1.83% to $5.90. The company on June 20 announced the schedule of its upcoming Contrave® (naltrexone sustained release (SR) /bupropion SR) clinical data presentations taking place at the American Diabetes Association (ADA) 73rd Scientific Sessions, June 21-25, 2013.


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