Healthcare Review: Achillion Pharmaceuticals, Acura Pharmaceuticals, DaVita HealthCare, Generex Biotechnology, Peregrine Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Tuesday, 02 July 2013 14:49
U.S. stocks erased gains as the Standard & Poor’s 500 Index failed to hold above its average from the past 50 days, a technical level watched by traders to gauge the momentum of market moves. Treasuries were little changed while commodities gained and the yen weakened. The S&P 500 reversed gains after momentarily rising above its 50-day moving average near 1,624. The benchmark gauge also pared gains yesterday after briefly exceeding the technical level. Stocks climbed earlier as factory orders topped estimates and the Federal Reserve’s William Dudley reiterated that the central bank may prolong bond purchases if needed.

Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) shares plunged 23.92% to $6.36. The company on July 1 announced that the Company has received notice from the U.S. Food and Drug Administration (FDA) that a clinical hold has been placed on sovaprevir after elevations in liver enzymes associated with significantly higher than anticipated exposures to atazanivir and sovaprevir were noted in a Phase 1 healthy subject drug-drug interaction (DDI) study evaluating the effects of concomitant administration of sovaprevir with ritonavir-boosted atazanavir.

Acura Pharmaceuticals, Inc. (NASDAQ:ACUR) shares increased 8.51% to $2.03. The company on July 1 said that Pfizer Inc. ( PFE ) will expand commercialization of a pain drug that uses the specialty pharmaceutical company's tamper-resistant technology to health-care providers in the fourth quarter of 2013. Acura has exclusively licensed its Aversion technology to Pfizer in the U.S., Canada and Mexico for use in Oxecta, an immediate-release oxycodone with a tamper-resistant design that inhibits recreational use of the drug.

DaVita HealthCare Partners Inc. (NYSE:DVA) stock declined 3.71% to $116.66. DVA’s stock was downgraded by analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on July 2.

Additionally, DaVita, a division of DaVita HealthCare Partners Inc. (NYSE: DVA) and a leading provider of kidney care services, on June 25 learned that it has received the prestigious Secretary of Defense Employer Support Freedom Award.

Generex Biotechnology Corporation (PINK:GNBT) shares gained 1.43% to $0.0355. The company, on July 1, announced that it will be hosting a conference call featuring members of the Antigen Express, Inc. ( Scientific Advisory Board.  The conference call will focus on recent advances in cancer immunotherapy relevant to the positioning of the Antigen Express lead product AE37 as well as the proprietary Ii-Key technology platform upon which it is based. 

Peregrine Pharmaceuticals (NASDAQ:PPHM) shares gained 7.46% to $1.44. The company, on June 27, provided an update on its bavituximab oncology program including financing activities focused on advancing its lead program into a pivotal Phase III trial and adapting its clinical development plan in accordance with the recent increased understanding of the immune-stimulatory properties of bavituximab.

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