Healthcare Review: Peregrine Pharmaceuticals, Inovio Pharmaceuticals, Catalyst Pharmaceutical, Ariad Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Friday, 12 July 2013 12:54
The broad U.S. stock market took a break on Friday after a six-day climb, although bank stocks gained slightly after strong earnings from big lenders JPMorgan Chase and Wells Fargo. Both the Dow industrials and the S&P 500 Index closed at all-time highs on Thursday on reassurance from Federal Reserve Chairman Ben Bernanke that the U.S. central bank will keep monetary policy loose for some time. Over the past three weeks, the benchmark S&P 500 has erased the nearly 6 percent selloff triggered by the Fed chairman in late May, when he first raised the prospect of trimming the central bank's $85 billion in monthly bond purchases.

Peregrine Pharmaceuticals (NASDAQ:PPHM) shares declined 7.85% to $1.41. The company on July 11 reported fourth-quarter net loss of $8.45 million or $0.06 per share, compared to net loss of $10.88 million or $0.10 per share last year. Total revenues for the quarter grew to $4.25 million from $2.07 million last year. Analysts expected the company to report a loss of $0.06 per share on revenues of $3.57 million for the period.

Inovio Pharmaceuticals Inc. (NYSEMKT:INO) shares dropped 6.92% to $1.21. INO’s stock had its target price lifted by Maxim Group from $1.00 to $2.00 in a research note released on July 11. They currently have a buy rating on the stock.

Additionally, the company on July 10 announced peer-reviewed publication of results from two phase I trials (HVTN 070 and HVTN 080) of its PENNVAX-B preventive HIV DNA vaccine delivered with a DNA adjuvant and with or without Inovio's proprietary CELLECTRA electroporation delivery device. The studies were conducted by the HIV Vaccine Trials Network (HVTN).

Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) shares gained 8.02% to $1.01. The company on June 27 provided an update on its progress with its lead investigational product, FIRDAPSETM.

"Over the past six months, we have made great strides in our advancement of Firdapse for the treatment of Lambert-Eaton Myasthenic Syndrome (LEMS). We have recently achieved several important milestones in our development plan, and we therefore feel that this is an appropriate time to report our progress to investors and other stakeholders," said Patrick J. McEnany, Chief Executive Officer of Catalyst Pharmaceutical Partners, Inc.

Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) shares jumped 5.01% to $20.15. The company on July 2 said that European Union regulators approved the marketing of its leukemia pill Iclusig. Iclusig was approved for use against treatment-resistant chronic myeloid leukemia and for patients with acute lymphoblastic leukemia with a type of chromosome abnormality. The Food and Drug Administration approved Iclusig in December as a treatment for both of those conditions.

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