Healthcare Review: Intuitive Surgical, Amarin Corporation, CytRx Corporation, Dynavax, VIVUS Print E-mail
By Staff and Wire Reports   
Tuesday, 09 July 2013 13:55
U.S. stocks rose for a fourth straight session Tuesday as upbeat results from Alcoa helped get the earnings reporting season off to a good start. Shares of Alcoa advanced 0.8% after the Dow component reported second-quarter adjusted earnings that were higher than analysts expected. Revenue was in line with forecasts. The company also affirmed its forecast that global aluminum demand is likely to increase by 7% this year.

Intuitive Surgical, Inc. (NASDAQ:ISRG) shares decreased 16.99% to $415.39. The company on July 8 said it expects second-quarter revenue below analysts' expectations. The company on July 8 said it expects revenue for the quarter of about $575 million, up 7 percent from a year ago but well below the average analyst forecast of $629.6 million. The company said second-quarter revenue from its da Vinci surgical systems was expected to slide 6 percent from a year earlier to about $215 million. The company expects second-quarter net income of about $160 million, up from $155 million in the same quarter a year ago.

Amarin Corporation plc (ADR) (NASDAQ:AMRN) stock declined 8.02% to $5.68. The company, on July 8, announced that it is offering to sell 21,700,000 American Depositary Shares ("ADSs") in an underwritten public offering. Amarin has also granted the underwriters a 30-day option to purchase an additional 3,255,000 ADSs.

Citigroup Global Markets Inc. and Jefferies LLC will act as joint book-running managers and underwriters in this offering, and propose to offer the ADSs at prevailing market prices or otherwise from time to time through the Nasdaq Global Market, the over-the-counter market, negotiated transactions or otherwise.

CytRx Corporation (NASDAQ:CYTR) shares surged 25.45% to $2.76. The company on July 9 announced that aldoxorubicin, its more potent version of the widely used chemotherapeutic agent doxorubicin, demonstrated statistically significant efficacy (p<.0001) in the treatment of rapidly growing human brain (glioblastoma) cancer in the brains of animals. Complete results from this favorable confirmatory trial, which was conducted in collaboration with Louisiana State University (LSU) School of Medicine, will be presented at the European Society for Medical Oncology being held September 29-October 1 2013 in Amsterdam.

Dynavax Technologies Corporation (NASDAQ:DVAX) shares increased 9.43% to $1.16. The company, on July 2, announced that it will present at the JMP Securities Healthcare Conference in New York on Wednesday, July 10 at 9:00 a.m. EDT (6:00 a.m. PDT). Michael Ostrach, Chief Business Officer of Dynavax, will provide a corporate overview presentation.      

VIVUS, Inc. (NASDAQ:VVUS) shares gained 4.47% to $13.09. The company on July 9 responded to First Manhattan Co.'s (FMC) July 2, 2013 open letter to VIVUS stockholders: responded to First Manhattan Co.'s (FMC) July 2, 2013 open letter to VIVUS stockholders:

While the VIVUS Board and management team continue to deliver real results and execute on a real plan, FMC continues to make promises. FMC's "plan" - to the extent they have one - appears to revolve solely around doing things that the VIVUS Board and management team are already doing, "fixing" things that aren't broken, or making wholesale changes without an understanding of the challenges of our business and industry. FMC's nominees just do not have the necessary experience. Bottom line: When you cut through FMC's rhetoric, all they are really offering is uncertainty and delay.


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