Healthcare Review: Amedisys Inc, Arena Pharmaceuticals, Nanosphere, Synta Pharmaceuticals, Dendreon Corporation Print E-mail
By Staff and Wire Reports   
Friday, 28 June 2013 13:37
U.S. stocks gyrated Friday, capping a quarter marked by heightened volatility as investors positioned themselves for an era of less Federal Reserve support for financial markets. The volatility has been even more present in the bond markets. The yield on 10-year Treasury notes, which had been drifting higher since April, surged in the last two weeks as investors prepared for a tapering of bond purchases by the Fed. Friday, selling in the 10-year saw the yield increase to 2.515%.

Amedisys Inc. (NASDAQ:AMED) shares fell 11.51% to $11.76. AMED’s stock was downgraded by Robert W. Baird to an “underperform” rating in a research note issued on June 28.

Additionally, The Centers for Medicare & Medicaid Services proposed sharper reimbursement cuts than Wall Street expected for home health companies in coming years, sending shares of home health-care providers into a tailspin.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) stock dropped 5.55% to $8. The company on June 28 announced that it has applied for Canadian regulatory approval for its anti-obesity drug, Belviq. The application was submitted by Arena’s partner in marketing and commercialization, Japanese drug maker Eisai Inc., and its Canadian subsidiary Eisai Ltd., triggering a $500,000 milestone payment to Arena.

Additionally, 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.

Nanosphere, Inc. (NASDAQ:NSPH) stock declined 4.53% to $3.16. The company on June 21 announced the appointment of Gene Cartwright, Ph.D. and Erik Holmlin, Ph.D. to its Board of Directors. Drs. Cartwright and Holmlin each bring to Nanosphere extensive experience in leading molecular diagnostics businesses and in developing and growing market share of innovative diagnostics products. Dr. Cartwright has held leadership positions related to molecular diagnostics and digital pathology for GE and Abbott.

Synta Pharmaceuticals Corp. (NASDAQ:SNTA) shares gained 5.89% to $5.04. The company announced that the Company will present at the 8th Annual JMP Securities Healthcare Conference on Wednesday, July 10, at 3:30 p.m. (EDT) in New York.

Additionally, on June 13, 2013, SNTA filed a certificate of amendment to its Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to increase the Company's authorized shares of common stock from 100,000,000 to 200,000,000. The certificate of amendment became effective upon filing. A copy of the certificate of amendment is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Dendreon Corporation (NASDAQ:DNDN) shares increased 5.15% to $4.29. The company on June 28 announced that the European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending that PROVENGE® (autologous peripheral blood mononuclear cells activated with PAP-GM-CSF or Sipuleucel-T) be granted marketing authorization in the European Union (EU), for the treatment of asymptomatic or minimally symptomatic metastatic (non-visceral) castrate resistant prostate cancer in male adults in whom chemotherapy is not yet clinically indicated.

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