|Healthcare Review: Arena Pharmaceuticals & OraSure Technologies Jump On Positive Developments|
|By Staff and Wire Reports|
|Thursday, 05 July 2012 15:08|
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) resumed its uptrend after recent pause and soared 9.18% to $10.94. This morning, the company decided to promote Craig Audet to Senior VP, Operations and Head of Global Regulatory Affairs from VP of its regulatory affairs. The promotion was followed by the FDA’s approval of the company’s weight-loss drug Belviq. Audet's new role will also include investor relations and alliance management. Past week, the stock had strong rally as the company’s most awaited weight-loss drug Belviq won an approval from the FDA. Shares of the company have risen over 275% since early May.
OraSure Technologies, Inc. (NASDAQ:OSUR) is the biggest gainer after Tuesday's news that its home HIV test was granted by the FDA. The OraQuick In-Home HIV test has been available to healthcare professionals, but the company officials say the test will be accessible in October at retailers, large supermarket and drugstore chains, and online. Shares of the company soared 10.74% to $13.41 on heavy volume.
Geron Corporation (NASDAQ:GERN) is showing weakness in today’s session as the company Is planning to sell up to $200M of any combination of shares, debt securities and warrants. The company would use the money for working capital and general corporate purposes, including R&D. Shares of GERN slid 6.82% to $1.64.
SXC Health Solutions Corp. (NASDAQ:SXCI) rose over 2% thanks to positive note from Credit Suisse. The firm maintained its investment rating on the stock and says the next major catalyst for the company will be its earnings forecasts in its Q2 results. The vote of confidence comes after shareholders approved SXC's merger with Catalyst Health Solutions (CHSI) on Monday.