Healthcare Review: Insmed Incorporated, Avanir, Nektar Therapeutics, Amarin Corporation, Novavax Print E-mail
By Staff and Wire Reports   
Thursday, 12 September 2013 13:19
U.S. stocks edged lower on Thursday after a seven-session winning streak on the S&P 500 and a jobless claims report which provided few clues into the Federal Reserve's upcoming decisions about stimulus policy. Initial claims for state unemployment benefits slipped 31,000 to a seasonally adjusted 292,000, the lowest level since 2006 and well below expectations of 330,000 new claims. But the data was skewed by technical problems in claims processing because two states were upgrading their computer systems and did not process all the claims they received during the week, muddying the last major reading on the labor market before the Federal Reserve's next meeting.

Insmed Incorporated (NASDAQ:INSM) shares climbed 6.89% to $15.98. The company on Sept. 11 announces two important patent allowances in the U.S. and Europe that strengthen the Company's global patent portfolio. Insmed is focused on the development and commercialization of ARIKACE® (liposomal amikacin for inhalation) for at least two identified orphan patient populations: cystic fibrosis (CF) patients with Pseudomonas aeruginosa lung infections and patients with non-tuberculous mycobacteria (NTM) lung infections.

Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR) shares gained 1.46% to $4.86. The company on Sept 6 announced that it has entered into a settlement agreement with Wockhardt USA, LLC and Wockhardt Ltd. (collectively, "Wockhardt") to resolve pending patent litigation in response to Wockhardt's abbreviated new drug application (ANDA) seeking approval to market generic versions of Avanir's NUEDEXTA® (dextromethorphan hydrobromide/quinidine sulfate) capsules. The settlement agreement grants Wockhardt the right to begin selling a generic version of NUEDEXTA on July 30, 2026, or earlier under certain circumstances.

Nektar Therapeutics (NASDAQ:NKTR) shares gained 4.13% to $13.86. Research analysts at Cowen and Company assumed coverage on shares of NKTR in a report released on Sept. 12. The firm set an “outperform” rating on the stock.

Additionally, the company announced its earnings results on August 8. The company reported ($0.37) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.44) by $0.07. The company had revenue of $33.86 million for the quarter, compared to the consensus estimate of $26.22 million.

Amarin Corporation plc (ADR) (NASDAQ:AMRN) stock declined 7.10% to $6.67. The company, on Sept. 9, announced that it now has 30 patents issued or allowed by the United States Patent and Trademark Office (USPTO) related to its flagship product, Vascepa® (icosapent ethyl) capsules.

Amarin recently received Notices of Allowance for U.S. Patent Application Serial Numbers 13/777,398, 13/768,897, and 13/768,869, each titled "Stable Pharmaceutical Composition and Methods of Using Same." The scope of coverage related to Vascepa represented by these applications is the broadest allowed to date.

Novavax, Inc. (NASDAQ:NVAX) shares dropped 4.73% to $3.22. The company on August 22 announced the number of shares tendered to it during the extended acceptance period for its recommended public offer to acquire all issued and outstanding shares and warrants of Isconova AB, which was first communicated on June 4, 2013, and which was extended to August 20, 2013.

Additionally, the company announced that Stanley C. Erck, President and Chief Executive Officer, will present at the 2013 Stifel Nicolaus Healthcare Conference on Thursday, September 12, 2013 at 9:45 a.m. ET in Boston, MA at the Four Seasons.


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