Healthcare Review: Progenics, Rockwell Medical, Valeant Pharmaceuticals, Oculus Innovative Sciences, Galena Biopharma Print E-mail
By Staff and Wire Reports   
Tuesday, 07 January 2014 18:42
U.S. stocks climbed on Tuesday, putting the S&P 500 on track for its first positive session of 2014 as equities rebounded following a three-day decline. A sharp decline in the U.S. trade deficit and upbeat German data added to the market's optimism as the data pointed to strengthening economic fundamentals in both the United States and Europe. All 10 S&P sector indexes rose for the day, led by the healthcare index, which gained 1.2 percent after Deutsche Bank upgraded the stock of UnitedHealth Group Inc to a "buy." Shares of UnitedHealth, a Dow component, jumped 4 percent to $77.17. Tenet Healthcare climbed 4.1 percent to $45.73 and was the S&P 500's biggest percentage gainer.

Progenics ($PGNX) rallies on above average volume.SA contributor Gotham City Capital says the company should report positive top-line results from a Phase 2 study of PSMA ADC (chemotherapy cohort) at ASCO's Genitourinary Cancers Symposium Meeting this month."Rarely do companies release bad or mediocre data at these types of conferences," the author says.

Rockwell Medical ($RMTI) is having a strong session. Helping the cause may be the announcement that a Triferic study (PRIME) was selected as best abstract submitted to the 34th Annual Dialysis Conference. In PRIME, Triferic (when regularly administered) lowered ESA usage "while maintaining iron balance and maximizing iron delivery."RMTI hopes that between PRIME and the CRUISE trials, there is enough evidence to show that Triferic can "establish a new paradigm in iron therapy treatment for hemodialysis patients."

Valeant Pharmaceuticals ($VRX) is surging after this morning's financial guidance conference call. The company's financial forecast was in-line with estimates but investors seem pleased with some of the commentary on the call, including CEO Michael Pearson's contention that the company is aiming to become one of the top five pharmaceutical companies on the planet (by market cap) in the next two years."Unless you aim high, you don’t achieve high,” Pearson is quoted as saying, and although he added that he "can't say at this time" exactly how VRX will reach the lofty goal, the implication is that acquisitions will be the catalyst.

Oculus Innovative Sciences ($OCLS) enjoys a positive session after announcing the introduction of two new wound care products. Long story short: Microcyn Wound & Skin Spray HydroGel is now available in a three-ounce spray bottle and Microcyn Wound & Skin Care with preservatives is available in a new multi-use two-ounce bottle.

Galena Biopharma ($GALE) is up 5% after the company has enrolled the first patient in a Phase 2 study of its FBP vaccine GALE-301 in HLA-A2 positive patients. The immunotherapy is intended to "prevent recurrences in high-risk, endometrial and ovarian cancer patients rendered disease-free after completing standard of care therapy."

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