Nanosphere, Synta and Orexigen Therapeutics Move on News Print E-mail
By Staff and Wire Reports   
Tuesday, 03 July 2012 13:24
icon_MarketReportUPOn Tuesday before the U.S. holiday celebrations, Nanosphere, Inc.(NASDAQ:NSPH) extended its past week’s gain and rose another 28% to $3.23 thanks to an upgrade from Jefferies. The firm upped the investment rating on the stock to buy from hold and boosted the price target by 150% to $5, citing the firm's bloodstream infection test, which the FDA approved last week, to "drive a significant acceleration in new system placements and revenue." The stock has gained about 70% ever since reported positive results bloodstream infection. This morning the stock made another new high of $3.45.

Keryx Biopharmaceuticals(NASDAQ:KERX) is showing very unusual price and volume action with a gain of 8.25% to $1.97 without any news. The message boards on Yahoo Finance speculate that the jump could be due to insider buying, while Five Star Equities seems to finger Keryx as a possible acquisition target as Big Pharma looks to replace expiring patents.

Dendreon Corporation(NASDAQ:DNDN) announced President and CEO John Johnson adds the title of Chairman to his brief, succeeding Mitchell Gold. The latter will remain a director. These changes are part of a succession plan previously announced on February 1, 2012.

Synta Pharmaceuticals Corp.(NASDAQ:SNTA) continued to bounce back for the fourth session and up 10.62% to $6.38. The stock has bounced back over 32% in the past four trading session after slumping over 35% in a single day on Thursday disclosing mixed interim results from a Phase IIb/III trial of its ganetespib treatment for lung cancer. Multiple insiders have bought a total of 1,063,000 shares at the total value of $5,778,155.

Orexigen Therapeutics, Inc.(NASDAQ:OREX) resumed its uptrend and added 7% at $5.70 on high volume. The stock has gained over 40%  in the past one on the back of the FDA's approval of Arena Pharmaceuticals (ARNA) Belviq weight loss drug. Last week, analyst at JPMorgan upgraded the stock to Overweight, saying it "stands to be the biggest beneficiary" as approval for its own weight loss drug, Contrave, is still far off, which leaves a valuation gap with rivals whose drugs are closer to approval.

Lexicon Pharmaceuticals, Inc.(NASDAQ:LXRX) continued its month long rally and rose 8.60% after hitting a new 52-week high of $2.55 earlier in the session. Last week, the company revealed results of two studies of its LX4211 oral drug for type 2 diabetes in the journal Clinical Pharmacology & Therapeutics, adding to positive results released earlier this week. The stock has gained over 605 in the past one month.

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