|Healthcare Review: Herbalife, BioMarin, Cytokinetics, Biolase, Onconova Therapeutics|
|By Staff and Wire Reports|
|Thursday, 20 February 2014 14:50|
Herbalife's ($HLF) aggressive buyback and convertible note offering allowed the firm to boost its 2014 EPS guidance to $5.85-$6.05 per share, writes analyst Rommel Dionisio, maintaining the stock at Outperform with $90 price target. While foreign exchange fluctuations necessitated a cut in 2014 sales guidance, expected volume growth of 6.5%-8.5% was maintained. As for Dionisio and team, they're raising their 2014 EPS forecast to $6.05 from $5.88, noting - in spite of headlines - double-digit growth in EMEA, South and Central America, and China, plus high single-digit growth in North America.
A week after the FDA approved the use of BioMarin's ($BMRN) Vimizim for treating Morquio A syndrome, the European Medicines Agency has issued a positive opinion on BioMarin's EU marketing authorization application for selling the drug to treat Morquio A. The recommendation will be referred to the EC, which is expected to render a final verdict on the matter in Q2.
Cytokinetics ($CYTK) raises gross proceeds of $35M by pricing an offering of 4.375M shares at $8 each. There's also a greenshoe option of 656,250 shares. Cytokinetics expects to close the offering on Tuesday. The company plans to use the money for R&D and other general corporate purposes.
Biolase ($BIOL) has signed a deal with Stratasys ($SSYS) to resell the latter's Objet30 OrthoDesk 3-D dental printers. Objet30 OrthoDesk includes specialized dental-printing materials, and enables dentists to "fabricate stone models, orthodontic appliances, delivery and positioning trays, models for clear aligners, retainers and surgical guides on their desktop."
Onconova Therapeutics ($ONTX) -46.9% after saying results from the Phase 3 ONTIME trial of rigosertib in higher risk myelodysplastic syndromes did not meet the primary endpoint of statistically significant improvement in median overall survival.