Healthcare Review: GlassesOff, Chimerix, La Jolla Pharmaceutical, bluebird bio, Provectus Biopharmaceuticals Print E-mail
By Staff and Wire Reports   
Wednesday, 21 May 2014 14:15
U.S. stocks rose and Treasuries extended declines after Federal Reserve meeting minutes showed policy makers see a muted risk of inflation from continued stimulus. Oil rallied to a one-month high. The S&P 500 increased 0.7 percent at 2:06 p.m. in New York, the most in a week. The Bloomberg Dollar Spot Index increased 0.2 percent, while the yield on 10-year Treasury notes rose four basis points to 2.55 percent. Oil rallied 1.7 percent after a government report showed U.S. supplies tumbled last week. The Fed’s April meeting minutes showed policy makers said continued stimulus to push unemployment lower doesn’t risk sparking an undesirable jump in the inflation rate. Officials are watching progress toward the goal of full employment as they consider the timing of the first interest-rate increase since 2006.

Shares of nano cap GlassesOff ($GLSO) jumped on robust volume in response to its closing of a private placement of 4M shares at $1.25. According to the company's most recent 10-Q, its cash balance had dwindled to only $645K.

Chimerix ($CMRX) longs finally get a reprieve as shares pop on a 10x surge in volume. Late yesterday, the company announced the pricing of its 7.3M share offering at $14.22/share. Underwriters over-allotment is 1.095M shares. Gross proceeds will be ~$104M.

Shares of La Jolla Pharmaceutical Company ($LJPC) continue their slide dropping below the 200-day MA on light volume. Prices have now retreated 62% from the March 11 high of $19.50 when shares spiked in response to the company's announcement of positive results from the Phase 2 clinical trial of GCS-100 for chronic kidney disease.

Shares of bluebird bio ($BLUE) are down big on a 50% surge in volume after the company wrapped up its third investor presentation this morning at the UBS Healthcare Conference. The stock had been on a tear since the day after its first presentation on May 8 at the Deutsche Bank Health Care Conference, followed by a second presentation on May 14 at Bank of America's Healthcare Conference. Shares peaked at $27.65 on May 20 representing a 59% gain from the May 9 low of $17.40. Shares are still down 58% from the July 17 high of $36.25.

Shareholders of nano cap Provectus Biopharmaceuticals ($PVCT) have had a rough ride since its debut on the NYSE MKT exchange last Friday. Shares peaked at $3.75 but quickly reversed and bottomed today at $1.55 on a 5x surge in volume. This represents a 59% smackdown in just a few days. It appears that there are some doubters about its prospects.

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