|Healthcare review: Trius Therapeutics, InVivo Therapeutics, CardioNet, Alere, Vanda Pharmaceuticals|
|By Staff and Wire Reports|
|Wednesday, 31 July 2013 13:58|
Piper Jaffray weighs in on Trius Therapeutics, Inc. (NASDAQ:TSRX), cutting the shares to Neutral from Overwieght on the back of the acquisition announcement from Cubist (CBST). Cubist (CBST) will pay $13.50 in cash plus one non-tradeable $2.00 contingent value right for TSRX. Under the terms of the deal, TSRX shareholders will receive $1 if net tedizolid sales in the U.S., Canada and Europe reach $125M in 2016 and up to another $1 paid on a pro rata basis for the next $10M in 2016 net sales up to $135M.
Shares of Invivo Therapeutics Holdings Corp. (OTCBB:NVIV) plummet after the company says plans to up-list to a national securities exchange have "been postponed indefinitely due to issues related to corporate governance." SA contributor and Zacks analyst Jason Napodano says the company wouldn't disclose to him the nature of the issues but did say that it was a minor delay.
Cardionet Inc. (NASDAQ:BEAT) soars after its Q2 easily beat estimates across the board. Adjusted EPS turned to a profit from a prior year Q2 loss for the first time in four years. Adjusted EPS turned to a profit from a prior year Q2 loss for the first time in four years. The company benefited from the acquisition of Cardiocore in Q312, which enabled it to post strong gains in its research services business both year over year and sequentially.
Alere Inc. (NYSE:ALR) sets a new 52-week high today after posting better-than-expected Q2 earnings. Total revenue grew by 9% Y/Y, driven in part by the currency adjusted organic growth rate for its professional diagnostics segment, which rose 8.6%, excluding changes in U.S. Triage and influenza revenues.
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) takes a break after gaining 44% Tuesday on FDA acceptance of an NDA for tasimelteon. Earlier, the company reported a narrower Q2 loss than the Street expected. It's not surprising to see investors taking some off the table today, but worth mentioning as a possible explanation for weakness is a piece by Adam Feuerstein (a tasimelteon critic) which calls the company's $500K milestone payment (a material financial event) to an unnamed outside consultant "weird."