Healthcare Review: Corcept Therapeutics Incorporated, Novavax, PDL BioPharma Inc, Immunomedics, XOMA Corp. Print E-mail
By Staff and Wire Reports   
Wednesday, 07 May 2014 11:45
U.S. stocks were set to bounce at the open on Wednesday, on the heels of the biggest drop in the S&P 500 since mid-April, as earnings season winds down and ahead of congressional testimony from Federal Reserve Chair Janet Yellen. Shares of Corcept Therapeutics Incorporated ($CORT) are trading 47.39% lower at $2.12. Corcept Therapeutics Inc said it would stop a late-stage trial of its drug for depression after an interim analysis suggested the study was unlikely to be successful. The analysis of data from the first 226 patients enrolled in the trial showed that the drug failed to significantly reduce psychotic depression symptoms.

Novavax, Inc. ($NVAX)’s shares declined 1.70% to $4.04 after the company, this week, announced the appointment of Sven Andréasson to the position of Senior Vice President, Corporate Development, effective June 2, 2014. Mr. Andréasson will be responsible for identifying, prioritizing and evaluating new strategic opportunities that leverage the company's core strengths and growth initiatives.

PDL BioPharma Inc ($PDLI)’s shares slid 0.60% to $8.35 after the company, yesterday, announced that the Company will release its first quarter 2014 financial results for the period ended March 31, 2014, on Monday, May 12, 2014, after market close. PDL's management will host a conference call and webcast that day at 4:30 p.m. Eastern Time to discuss the financial results.

Immunomedics, Inc. ($IMMU)’s shares declined 2.16% to $3.17. Immunomedics, Inc. is a biopharmaceutical company focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases.

XOMA Corp ($XOMA)’s shares lost 2.56% to $4.18. Recently, the stock was upgraded by analysts at MLV & Co from a “hold” rating to a “buy” rating in a research report issued to clients and investors, reported. The firm currently has a $7.00 price target on the stock.

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