Healthcare Review: Cardionet, GTx, Catalyst Pharmaceutical, Geron Corporation, Cubist Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Tuesday, 24 September 2013 13:01
U.S. stocks edged higher after three straight declines on Tuesday after housing data pointed to a slowly improving economy, while investors grew more cautious over the possible impact of budget negotiations in Washington. The S&P 500 index had dropped for three straight sessions, its longest losing streak in a month and only the fifth time this year the index has suffered such an extended decline.

Cardionet Inc. (NASDAQ:BEAT) shares jumped 11.87% to $10.27. The company on Aug. 1 announced that their holding company reorganization, which was approved by shareholders on July 25, 2013, was effective as of 5:00pm, Wednesday July 31, 2013. As a result, BioTelemetry, the new public company, will begin to trade on the NASDAQ Stock Market under the ticker "BEAT" upon the opening of the market on August 1, 2013. At the effective time of the reorganization, each outstanding share of CardioNet common stock was automatically converted into one share of BioTelemetry common stock. From a shareholder perspective, the delisting of CardioNet and simultaneous listing of BioTelemetry will be seamless and effectively amount to a name change.

GTx, Inc. (NASDAQ:GTXI) stock gained 8.53% to $2.29. The company on Sept. 24 announced that top line results from the two Phase 3 trials (POWER1 and POWER2) on the effects of enobosarm for the prevention and treatment of muscle wasting in non-small cell lung cancer patients will be presented on September 28, 2013, at the European Cancer Congress 2013 (September 27-October 1, 2013) in Amsterdam.

Jeffrey Crawford, M.D., Chief, Division of Medical Oncology at Duke University School of Medicine, and principal investigator for the POWER1 and POWER2 clinical studies will present the results on September 28th, 2013 at 1:39PM (Elicium 2) during the Proffered Papers Session: Lung Cancer - Localised and Metastatic (11:00-14:00).

Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) shares gained 9.58% to $3.14. Investment analysts at Maxim Group initiated coverage on shares of CPRX in a note issued to investors on Sept. 24. The firm set a “buy” rating and a $4.00 price target on the stock.

Additionally, the company on Sept. 10 reported that it has closed its previously announced offering of 8.8 million shares of its common stock in a registered direct public offering. The offering price was $1.72 per share, resulting in gross proceeds of approximately $15.1 million.

Geron Corporation (NASDAQ:GERN) shares declined 5.21% to $3. GERN‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Sept. 10. They currently have a $1.75 target price on the stock.

Additionally, the company announced that John Scarlett, M.D., President and Chief Executive Officer, presented an overview of the company at 9:45 a.m. Eastern Time on Wednesday, September 11, at the Stifel Nicolaus 2013 Healthcare Conference in Boston.

Cubist Pharmaceuticals Inc. (NASDAQ:CBST) shares gained 4.50% to $65.92. S&P Dow Jones Indices on Sept. 23 said it will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices: S&P SmallCap 600 constituent Cubist Pharmaceuticals Inc. (CBST) will replace Smithfield Foods Inc. (SFD) in the S&P MidCap 400, and Annie's Inc. (BNNY) will replace Cubist Pharmaceuticals in the S&P SmallCap 600 after the close of trading on Thursday, September 26.

Additionally, the company on Sept. 11 announced that it has completed the previously announced acquisition of Trius Therapeutics, Inc. (TSRX) for an aggregate upfront cash consideration of approximately $704 million. Effective today, Trius common stock will cease to be traded on the NASDAQ.




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