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BioHealth Business Daily (ACAD, AEN, DNDN, EXAS, ITMN, MIPI, OREX, OSIP, RNN, SLXP, VVUS)

Administrator — Wed, 14 Apr 2010 15:31:31 +0000

We are seeing many news-related movers in today’s edition of the BioHealth Business Daily. ACADIA Pharmaceuticals, Inc. (NASDAQ: ACAD), Adeona Pharmaceuticals, Inc. (AMEX: AEN), Dendreon Corporation (NASDAQ: DNDN), Exact Sciences Corp. (NASDAQ: EXAS), InterMune, Inc. (NASDAQ: ITMN), Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), Orexigen Therapeutics, Inc. (NASDAQ: OREX), OSI Pharmaceuticals, Inc. (NASDAQ: OSIP), Rexahn Pharmaceuticals, Inc. (AMEX: RNN), Salix Pharmaceuticals Ltd. (NASDAQ: SLXP), and VIVUS Inc. (NASDAQ: VVUS) are all on the move.

We have included the news summaries, price reactions, and have given some added color on each where applicable.

ACADIA Pharmaceuticals, Inc. (NASDAQ: ACAD) is trading up and recovering some of its losses from the peak of the last year after it announced that Dr. Friedman will present additional data demonstrating that pimavanserin was safe and well tolerated for Parkinson’s Disease psychosis at the 62nd American Academy of Neurology Annual Meeting. Shares are up 7.4% at $1.89 on 2.4 million shares. Average volume is only 582,000 shares and the 52-week range is $0.88 to $6.60. UPDATE FOR CLOSE: shares closed at $1.77, up only 0.57% on over 3.9 million shares.

Adeona Pharmaceuticals, Inc. (AMEX: AEN) is considerably higher after it announced positive results of part 1 of its CopperProof-2 study in Alzheimer’s Disease patients and noted mild cognitive impairment. Shares have a new 52-week high of $2.70, and the stock is up a sharp 41% at $2.15. Even after today’s gains it has a mere $46.6 million market cap. UPDATE FOR CLOSE: shares closed up 24.3% at $1.89 on 10.7 million shares.

CombinatoRx, Incorporated (NASDAQ: CRXX) is up after it announced the discovery of a novel multi-target mechanism to treat hematologic malignancies. Shares are up 6% at $1.41 on 3.2 million shares. The average volume is 2.5 million shares and the 52-week trading range is $0.49 to $2.60. UPDATE FOR CLOSE: shares closed at $1.38, up 3.76% on 4.8 million shares.

Dendreon Corporation (NASDAQ: DNDN) has managed to recover and is in positive territory after the stock downgraded by Citigroup on valuation and the target is $40.00. Shares are up 0.26% at $38.93 and the stock has traded as low as $38.17 early this morning. UPDATE FOR CLOSE: shares closed at $39.12, up 0.75% on 3.73 million shares.

Exact Sciences Corp. (NASDAQ: EXAS) sold 4,200,000 shares of common stock at a price of $4.50 per share in a public secondary offering to receive net proceeds of about $17.6 million after fees. The funds are going to the company and it is still seeking to obtain FDA clearance of its sDNA colorectal cancer screening product. Shares closed at $4.69 yesterday and the stock is down 3.4% at $4.53 on over 400,000 shares. The average volume is only 173,000 shares per day and this was at $4.85 5 trading days ago. UPDATE FOR CLOSE: shares closed at $4.53, down 3.4% at $4.53.

InterMune, Inc. (NASDAQ: ITMN) is hardly reacting to what looked like positive news. The company reported that its top-line results from a Phase IIb study of Danoprevir in patients with chronic Hepatitis C were among the very best reported by any DAA compound to date. The news sounded big but the stock reaction is muted…. up 0.67% at $48.25 on only 600,000 shares. The 52-week range is $10.48 to $49.05, so there has already been much movement ahead of the news. Average volume is 2.4 million shares. UPDATE FOR CLOSE: shares closed at $48.14, up 0.44% on only 1.3 million shares.

Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) was the biggest winner of all on Tuesday with a gain of over 100% as we had noted as a “chasing 10-baggers” example of biotech investors running up stocks on positive cancer news. Shares are giving back a sharp 20% at $2.76 on continued profit taking and a rethinking of the huge move. Two days ago this was a $1.50 stock, yet yesterday’s high was an amazing $4.49 and the 52-week range is $1.05 to $7.90. UPDATE AT CLOSE: My-pie closed down 16% at $2.88 on 3.1 million shares.

Orexigen Therapeutics, Inc. (NASDAQ: OREX) is recovering again from the lows today after shares dropped from over $5.80 to under $5.00 before stabilizing yesterday on news that it was revising data on its obesity drug. Today’s gain so far is up 3.9% at $5.30 on about 450,000 shares versus and average volume of about 550,000 shares. UPDATE FOR CLOSE: shares closed at $5.51, up 4% on 1.29 million shares.

OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) has announced that its formal earnings report will be released on April 22, 2010 after the markets closes. This alone does not matter, but the pending Astellas hostile tender offer is April 23, 2010. As noted last week, some trades and bets are being made that the premium above the $52.00 will not be justified in today’s prices. UPDATE FOR CLOSE: shares closed at $60.00, up 0.4% on only 718,000 shares.

Rexahn Pharmaceuticals, Inc. (AMEX: RNN) is trading up after it issued additional comments and some clarifications on its phase IIa study results of serdaxin in major depressive disorder. Shares are up over 10% at $1.95 on 8.77 million shares. The 52 week range is $0.40 to $3.68 and the average volume is just under 2 million shares. UPDATE FOR CLOSE: shares closed up 22% at $2.15 on almost 15.3 million shares.

Salix Pharmaceuticals Ltd. (NASDAQ: SLXP) is trading higher on analyst coverage as the stock was initiated with an ‘Overweight’ rating by Thomas Weisel. Shares are up 2.25% at $40.00 and the $40.03 high today marks a 52-week high with the new range of the last 52-weeks being $8.78 to $40.03. UPDATE FOR CLOSE: shares closed at $39.64, up 1.3% on 1.11 million shares.

VIVUS Inc. (NASDAQ: VVUS) is seeing a very muted reaction to an analyst research call. Its shares were initiated with a BUY rating at Needham with a $15.00 price target. Shares are up a mere 0.8% at $8.94 on 2.1 million shares already in under two hours of trading; the average volume is only 2.4 million shares and the 52-week range is $3.61 to $12.88. UPDATE FOR CLOSE: shares closed up 2.8% at $9.12 on 4.2 million shares.

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JON C. OGG

Filed under: Biotech, Drug companies, Medical, Pharmaceuticals Tagged: ACAD, AEN, DNDN, EXAS, ITMN, MIPI, OREX, OSIP, RNN, SLXP, VVUS

Top 10 Pre-Market Analyst Calls (ACAD, ACE, AACC, RATE, GYMB, KIM, MMC, MVL, NCR, WSH)

247wallst — Tue, 08 Jul 2008 06:29:31 +0000

These aren’t all of the analyst calls out there today, but these are ten of the calls impacting shares early this Tuesday morning:

ACADIA Pharmaceuticals (ACAD) Raised to Neutral at Banc of America.
ACE Limited (ACE) Raised to Outperform at Wachovia.
Asset Acceptance Capital (AACC) Cut to Underperform at Jefferies.
Bankrate (RATE) Cut to Hold from Buy at Collins Stewart.
Gymboree (GYMB) Cut to Market Perform from Outperform at FBR.
Kimco Realty (KIM) Cut to Neutral from Outperform at Credit Suisse.
Marsh & McLennan (MMC) Raised to Buy from Hold at Citigroup.
Marvel Entertainment (MVL) Started as Market Weight at Thomas Weisel.
NCR (NCR) Raised to Outperform from Neutral at Baird.
Willis Group (WSH) Cut to Hold at Citigroup.

Jon C. Ogg
July 8, 2008

The 52-Week Low Club (PPC)(PBG)(RCL)(GHS)(ACAD)

247wallst — Mon, 16 Jun 2008 15:00:50 +0000

Pilgrim’s Pride (PPC) Downgraded by Credit Suisse. Down to $15.67 from 52-week high of $41.

Pepsi Bottling Group (PBG) Still troubled by problems at one of Coke’s bottlers. Down to $29.22 from 52-week high of $43.38.

Royal Caribbean Cruises (RCL) Getting killed like the rest of the travel industry. Down to $25.40 from 52-week high of $43.96.

Gatehouse (GHS) Analyst encouraging company to drop dividend to save money. Down to $2.79 from 52-week high of $19.60.

Acadia Pharmaceuticals (ACAD) Major drug trial failure. Sharp sell-off to $4.30 from 52-week high of $17.33.

Douglas A. McIntyre

Biotech Busine$$ Daily (ACAD, AMLN, CVTX, HALO, KOSN, MCU, NVAX, POZN, REGN, SIRT)

247wallst — Wed, 16 Apr 2008 11:18:56 +0000

If you thought biotech news was getting quiet going into earnings season, think again.

Acadia Pharmaceuticals Inc. (ACAD) presents Phase II data on pimavanserin, a treatment for Parkinson’s disease psychosis (PDP) at the 60th American Academy of Neurology Annual Meeting today. According the results from the study, pimavanserin is safe and effective at improving psychosis scores without hindering motor abilities. Shares are up $0.46 to $8.36 on a 52-week range of $7.63 to $17.33.

Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) up almost 3% in mid-morning trading. They announced that the earnings call is schedule for March 21. Trading at $30.42 on a 52-week range of $23.75 to $53.25.

CV Therapeutics, Inc. (NASDAQ: CVTX) soaring today after they announced Tuesday that they will receive $185 milliion from TPG-Axon Capital for rights to the sales of Lexiscan, a drug for patients that are unable to exercise during heart tests and was granted FDA approval last Thursday. Shares are up over 15% to $8.63 on a 52-week range of $5.41 to $13.74.

Halozyme Therapeutics, Inc. (NASDAQ: HALO) announced pre-clinical findings in combinations of bisphosphonates and rHuPH20 at the American Association for Cancer Reseacrch conference today. The study showed that a combination of these molecules could reduce local irritation from chemotherapy by allowing a subcutaneous route of administration. Shares are up over 10% to $5.99 on a 52-week range of $4.19 to $11.00.

Kosan Biosciences Inc. (NASDAQ: KOSN) is still steadily rising after Monday announcement that Phase II testing for Epothilone KOS-1584 initiated. The drug targets patients with non-small cell lung cancer. Shares are up over 11% to $2.00 today. Monday, shares opened at $1.50. The 52-week range is $1.28 to $6.53.

Medicure Inc. (AMEX: MCU) up by 40% with the announcement that Phase II results for MC-1 and lisinpril for patients with type-II diabetes and hypertension will be presented at Arteriosclerosis, Thrombosis and Vascular Biology (ATVB) Annual Conference today. The data from the study was previously released. Shares are up 40% to $0.09 on a 52-week range of $0.05 to $1.64.

Novavax, Inc. (NASDAQ: NVAX) reported positive results in preclinical studies of Trivalent, a seasonal influenza vaccine. Phase II testing is hoped to begin in the third-quarter this year. Shares are up over 5% to $2.51. The 52-week range is $2.24 to $4.38.

Pozen, Inc. (NASDAQ: POZN) skyrocketing today on news that migraine drug Treximet has received FDA approval. They partnered with GlaxoSmithKline (GSK) for development of the drug. It is a follow up for Glaxo’s similar drug, Imitrex, which is set to lose patent protection in 2009. Pozen up 34% to $14.19 on a 52-week range of $8.29 to $19.75. Glaxo is up marginally to $42.57.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) moving higher than the rest today on no new developments. Shares are up $1.37 to $19.60 on a 52-week range of $13.55 to $28.74.

Sirtris Pharmaceuticals, Inc. (NASDAQ: SIRT) published a report by Scientific Advisory Board Co-Chairs that showed first in-vivo data demonstrating that SIRT1 enzymes suppress tumor development in colon cancer cells. Shares are up almost 5% to $12.56 on a 52-week range of $9.50 to $21.99.

Rachel Lopez
April 16, 2008

Pre-Market Analyst Calls (July 10, 2007)

247wallst — Tue, 10 Jul 2007 06:41:03 +0000

ACAD started as Outperform at FBR.
ALC started as Outperform at RBC.
ARUN started as Buy at Jefferies.
ATVI started as Buy at First Albany.
AZ raised to Buy at UBS.
CHA cut to Hold at Deutsche Bank.
DRIV raised to Outperform at RBC.
DTV raised to Buy at Citigroup.
EMC started as Mkt Perform at BMO Capital Markets.
F raised to Overweight at JPMorgan.
FOLD started as Overweight at JPMorgan.
FORM cut to Underweight at JPMorgan.
FVE started as Sector Perform at RBC.
GGG cut to Sector Perform at CIBC.
GM raised to Overweight at JPMorgan.
GME started as Buy at First Albany.
GRMN started as Neutral at B of A.
LMIA cut to Mkt Perform at Wachovia.
MU raised to Buy at Jefferies.
PLCM started as Buy at Jefferies.
PNM raised to Hold at Citigroup.
QLGC started as Outperform at BMO Capital Markets.
RACK cut to Sector Perform at RBC.
SMG raised to Overweight at JPMorgan.
UNCA cut to Hold at Jefferies.
VOLV raised to Overweight at HSBC.

Jon C. Ogg
July 10, 2007

Cramer Speculates in CV Therapeutics (CVTX)

247wallst — Fri, 15 Jun 2007 17:45:00 +0000

On tonight’s Mad Money on CNBC, Jim Cramer had his normal ‘Speculation Friday’ and talked CV Therapeutics (CVTX) for a speculative biotech in with Acadia (ACAD) and Nastech (NSTK). Cramer said CVTX is a huge battle ground stock that makes small molecule drugs. Last month it had 36% of the float short, but he thinks the bearish case just doesn’t hold up. Cramer thinks the stock could explode into the $20′s because of earnings, or it could get acquired and go there. Its Ranexa drug for angina is the driver now, but it could get approved as a diabetic treatment down the road. It has a drug up for potential approval next year to detect cardiac disease. Cramer said it could fetch $20.00 to $36.00 per share if it was to be acquired.

Speculators and biotech investors should know that this one does lose money and it is expected to keep losing money: -$2.95 EPS for fiscal 2007 and expected to post -$1.31 in 2008 fiscal EPS. This stock closed up over 5% today, and shares went up another 6% after-hours and after-Cramer to $12.08. Its market cap at the close was $675 million and the 52-week trading range is $6.43 to $14.67. For a history lesson, this has been public since 1997 and shares reached north of $80.00 back in 2000 to 2001. This is one we can look at from before Cramer gave it the nod, and if we trust a "sometime in 2008 timeframe" then we can look at the JAN-2009 closest out of the money call options, or the $12.50 strike. These didn’t trade today, but the closing levels looked to be $2.90X$3.20 with only 507 contracts in the open interest. Also keep in mind that this stock experienced a mini-implosion back in March.

Jon C. Ogg
June 15, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Pre-Market Stock News (June 6, 2007)

247wallst — Wed, 06 Jun 2007 07:13:13 +0000

(AAUK) Anglo American’s CEO will become a non-executive member of the board of directors at BP (BP).
(ACAD) Acadia Pharmaceuticals traded up over 10% after Jim Cramer touted the stock as a speculative play for trading the upcoming data on its schizophrenia and Parkinson’s treatment.
(ACOR) Acorda Therapeutics Starts Second Phase 3 Trial of Fampridine-SR in MS
(AMTD) TD AMERITRADE was notified that JANA and S.A.C. funds have secured an interest of roughly 8.6% stake to pressure the companies to enter a merger.
(AZN) AstraZeneca CFO leaves to join Goldman Sachs.
(CROX) Crocs is launching a fashionable line of high heel and flats for women to appeal to fashion conscious women.
(CSC) Computer Sciences Corp. may look to acquire iSoft Group plc in the UK.
(ETFC) E*Trade trading up 3% on AMERITRADE news.
(FCS) Fairchild Semiconductor reaffirmed Q2 growth targets.
(GSK) GlaxoSmithkline defends Avandia saying it does not increase heart risks.
(KFY) Korn Ferry $0.37 adjusted EPS versus $0.34 estimates.
(MAIR) MAIR Holdings -$0.06 EPS vs -$0.05e.
(PNRA) Panera trading down $7.00 on an earnings warning of $0.38-0.40 vs $0.47-0.51e.
(PLUG) Plug Power named new CFO.
(PRU) Prudential lays off 420 in a research phase out, will cease covering all equities immediately.
(RUS) Russ Berrie rejected an $18.00 buyout as an undervalued deal.
(SCHW) Charles Schwab traded up 1% after the AMERITRADE news.
(SIRI) Sirius Satellite Radio announced a $250 million term-loan from Morgan Stanley.
(STAR) Starent priced a 10.5 million share IPO at$12.00, above the $9.00 to $11.00 range.
(WFMI) Whole Foods is facing a deal blockage by the FTC over a ‘natural foods market disruption’ according to FTC.

Jon C. Ogg
June 6, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Cramer Backs Acadia Pharmaceuticals (ACAD)

247wallst — Tue, 05 Jun 2007 18:32:42 +0000

Cramer has a speculative little drug stock that keeps getting thrown to him in the Lightning Round: Acadia Pharmaceuticals (ACAD). Cramer thinks now is the time that you can buy Acadia. It trades entirely on expectations and hopes that one of the drugs will pan out. There is some conviction here, after it has pulled back from its highs. It has 3 drugs in the pipeline for the treatment of Schizophrenia and Parkinson’s. None of the drugs can come to market until 2009. It only has two large brokerage firms, one from Lehman and one from B of A. It has data on the way and could move this quarter; you can’t wait for the data to come. Phase II results in the schizophrenia cocktail treatment should be this quarter or next and it could draw a partner. The parkinsons drug is theirs alone and could have lots of promise. ACP-104 going to phase IIb that is also going to be indicated for a standalone schizophrenia drug rather than a cocktail. Cramer said he isn’t waiting for these to get approved, he’s waiting to take profits as positive data. They had a broken secondary offering that caused shareholder pain from April.

Jon C. Ogg
June 5, 2007

Jon ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.