Healthcare Review: Tonix Pharmaceuticals, Idenix Pharmaceuticals, Galena Biopharma, Myriad Genetics, NanoViricides Print E-mail
By Staff and Wire Reports   
Monday, 02 December 2013 14:53
U.S. stocks were flat on Monday, in the wake of eight straight weeks of gains, after data indicated strengthening growth in manufacturing and construction spending increased. The Institute for Supply Management (ISM) said its index of national factory activity rose to 57.3 in November - its best showing since April 2011 - from 56.4 the prior month, while the pace of hiring in the sector also accelerated. In addition, construction spending increased 0.8 percent to an annual rate of $908.4 billion, the highest level since May 2009 as a rebound in public construction projects offset in drop in private outlays.

Tonix Pharmaceuticals ($TNXP) continues a big run after SA Pro's Joe Springer argues its TNX-102 SL drug for treatment of fibromyalgia and Post Traumatic Stress Disorder makes the stock one of the most undervalued in the market and a potential multi-bagger.Management's "Celgene Contingency" attitude might prevent a quick takeover by a potential marketing partner, but that may be to the long-term benefit of shareholders, says Springer, reminding Celgene also fended away offers and a decade later is a $60B company.

Idenix Pharmaceuticals ($IDIX) announced earlier that it has filed two lawsuits against Gilead Sciences (GILD -0.7%): A patent infringement lawsuit in the U.S. District Court in Boston, Massachusetts and a separate patent infringement and interference lawsuit in the U.S. District Court in Wilmington, Delaware. In the view of Wells Fargo analyst Brian Abrahams, the impact on GILD is likely to be minimal. "Though this could potentially provide IDIX another means of challenging GILD, we expect the process to be lengthy and potentially take years to resolve; ultimately, we do not expect significant negative impact on GILD's future HCV revenues and expect continued momentum for GILD shares into the Phase 3 alloral data, sofosbuvir launch, and maturing oncology pipeline," Abrahams says.

Shares of Galena Biopharma ($GALE) are trading sharply higher.Perhaps helping to tip sentiment is SA contributor Stock Investor, who is upbeat on NeuVax, calling the outlook for the breast cancer vaccine "tremendous." The author also thinks "the launch of Abstral in the U.S. will help to fund the GALE pipeline and could have the potential to be a large revenue generator."

Shares of Myriad Genetics ($MYGN) are struggling in morning trading. Not surprisingly, questions about BRCA reimbursement and patents look to be behind the move lower. According the market chatter, Piper thinks the "'final' National Fee Schedule price of $1,438 for BRACAnalysis is likely an error." For those interested, this looks to be coming from code 81211 on the 2014 Clinical Diagnostic Laboratory Fee Schedule, available here (it's in the Excel sheet). Also, Invitae Corporation has filed an action in district court seeking "a declaration that certain MYGN patents relating to the BRCA1/2 and MUTYH genes are invalid."

NanoViricides (NNVC) rallies 11% after the company reports that initial non-GLP toxicology studies show "no overt adverse safety and toxicology effects" for optimized FluCide. More specifically, the study suggests "no overall systemic effects and no direct effects on the primary organs [and] no adverse effects on the lungs from the treated animals. "The results will serve as the basis for "the GLP safety and toxicology studies of that are required for [an] IND submission."




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