|Mid-Day Healthcare Review: AFFY Jumps, ACAD & ACAD Slump On News and AMPE slides on financing|
|By Staff and Wire Reports|
|Friday, 13 July 2012 14:34|
Affymax, Inc. (NASDAQ:AFFY) continued to move higher after rising 19% in the prior trading session on news that Takeda Pharmaceuticals, has reached an agreement to supply their anemia treatment Omontys to U.S. dialysis centers run by Germany's Fresenius Medical Care. This morning analyst at Robert W. Baird provided an outperform rating on the stock. The stock is now up 18.69% to $16.93 after creating a new 52-week high of $16.95.
Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) extended its week long losses on Friday and slumped another 7%. On Tuesday the stock was down 22% after a negative report from Citron Research, which raised questions on the company's marketing of flagship multiple sclerosis drug, Acthar. Citron said the company had used the orphan drug status that Questor had received from regulators for Acthar to treat infantile spasms to aggressively expand the use of the drug for other indications. Today's fall came after the company's presentation at the JMP Securities failed to defend the recent report.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) slumped over 10% after disclosing it's discontinuing development for its AM-831 schizophrenia drug after it failed to "meet pre-determined criteria for further development in Phase I testing." AM-831 was being developed in partnership with Japan's Meiji Seika Pharma.
Seattle Genetics, Inc. (NASDAQ:SGEN) was down 2.25% to $24.78 as CEO Clay Siegall says it's not the right time to sell the company with its pipeline and growth trajectory looking strong. Though it's more than a little speculative that a major buyer would still be interested in an acquisition after shares of SGEN ran up over 52% YTD on the potential for Adcetris, the CEO's bravado still provides guidance on the M&A front.
Ampio Pharmaceuticals, Inc. (NASDAQ:AMPE) slid 11.20% to $3.25 after announcing a stock offering of undisclosed size. Ampio, whose products are in the trial stage, has been bleeding cash.