Healthcare Review: La Jolla Pharmaceuticals, AbbVie, Tonix Pharmaceuticals, Gilead Sciences, Progen Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Friday, 11 July 2014 13:21
Stocks were little changed Friday as investors assessed corporate news. The stock market is headed for its biggest weekly loss since April after ending the previous week at a record high. KEEPING SCORE: The Standard & Poor's 500 index was little changed at 1,964 as of 1:54 p.m. Eastern. The Dow Jones industrial average fell nine points, or 0.1 percent, to 16,907. The Nasdaq composite gained 14 points, or 0.3 percent, to 4,411. Industrial and construction supplies company Fastenal dropped $2.32, or 4.6 percent, to $45.94 after reporting sales that fell short of analyst's expectations.

Shares of thinly-traded La Jolla Pharmaceuticals ($LJPC) jump on a 5x surge in volume albeit on turnover of only ~500K shares. The company filed an S-3 on June 27 for a stock-and-warrant offering of $150M.Wedbush raises its PT to $45 from $34, representing a ~4x rise from today's price. This is a clear signal that it is an underwriter on the issue.

AbbVie ($ABBV) CEO Rick Gonzalez meets with Shire ($SHPG) representatives in New York to negotiate the terms of a combination. On July 8, AbbVie made its fourth offer for the company valued at ~$51.5B.

Tonix Pharmaceuticals Holdings ($TNXP) enters into subscription agreements for the direct sale of 657K shares of its common stock at $11.90 per share. The offering is pursuant to a prospectus supplement dated July 11 and a shelf registration declared effective on January 8, 2014.

Senate Finance Committee Chairman Ron Wyden and committee member Chuck Grassley have formally requested information from Gilead Sciences ($GILD) about how it determined the $84,000 full-regimen price for Sovaldi. The drug's high rate of effectiveness and lack of competition has stoked the rapid uptake by the medical community and has put Medicare and Medicaid under budgetary pressure.

Progen Pharmaceuticals Ltd ($PGLA) reports that PI-88 licensee Medigen Biotechnology has scheduled a July 27 meeting of medical experts and statisticians to conduct an interim analysis of 131 patients in the Phase 3 PATRON trial evaluating the safety and efficacy of PI-88 as an adjuvant treatment of hepatocellular carcinoma after surgical resection.

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