Healthcare Review: Herbalife, BioMarin, Cytokinetics, Biolase, Onconova Therapeutics Print E-mail
By Staff and Wire Reports   
Thursday, 20 February 2014 14:50
U.S. stocks and the dollar mostly rose on Thursday on data showing U.S. factory activity accelerated in February at its fastest pace in nearly four years, but surveys showing a soft patch in China and parts of Europe dragged on global equity markets. Markit's preliminary U.S. Manufacturing Purchasing Managers Index rose to 56.7 in February, its highest level since May 2010, from a final reading for January of 53.7. A reading above 50 indicates expansion.

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.

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