Healthcare Business

BioHealth Business Daily (AMGN, SNY, AFFX, CORT, CRIS, CYTR, HGSI, NEXMD, NYMX, XNPT)

Today’s version of the BioHealth Business Daily is a very unusual lot of movers.  Some moves are merely in sympathy and some are on news.  We also have a re-review of Amgen Inc. (NASDAQ: AMGN) and Sanofi-Aventis (NYSE: SNY) for those potential merger candidates, some of which are on the move today. The stocks in the biotech and pharma sector on the move are Affymetrix Inc. (NASDAQ: AFFX), Corcept Therapeutics Inc. (NASDAQ: CORT), Curis, Inc. (NASDAQ: CRIS), CytRx Corporation (NASDAQ: CYTR), Human Genome Sciences, Inc. (NASDAQ: HGSI), NexMed, Inc. (NASDAQ: NEXMD), Nymox Pharmaceutical Corporation (NASDAQ: NYMX), and Xenoport, Inc. (NASDAQ: XNPT).  We have offered color and the move on each.

Sanofi-Aventis (NYSE: SNY) telegraphed that it is interested in acquisitions last week and Amgen Inc. (NASDAQ: AMGN) telegraphed ‘some’ of the same in June.  With everyone looking for the next buyout target, we gave a full rundown of these to review some potential acquisition targets along with data on partnerships and more.

Affymetrix Inc. (NASDAQ: AFFX) is an outright guidance issue today and is one of the worst of the lot in stocks. The company lowered its expected revenue guidance due to issues on delayed purchases and budget cuts, but it also blamed a weak Euro for its mess.  The company is into consumables and systems for genetic analysis in the life sciences and clinical healthcare markets.  Shares are down almost 24% at $4.23 on over 4.2 million shares (more than triple-normal volume.  The stock also hit a new 52-week low of $3.95 so its new range for the year is $3.95 to $10.06.

Corcept Therapeutics Inc. (NASDAQ: CORT) hasn’t had formal news since last week’s announcement that it has completes enrollment in Phase 3 Cushing’s Syndrome study with the end-of year time frame for its data presentations.  Much of today looks just like regaining yesterday’s drop.  This is up on very thin volume versus its average of just under 100,000 shares in a day: up 9.8% at $3.24 on only about 25,000 shares.  The 52-week range is $0.75 to $3.93.

Curis, Inc. (NASDAQ: CRIS) appears to be some added give-back of yesterday morning’s gains.  The move had been based initially upon a Phase I triggering a $3 million milestone payment under Hsp90 collaboration with Debiopharm.  Shares are down 5.5% at $1.37 on about 240,000 shares.  This is also thin volume versus about 700,000 shares per day.  The 52-week range is $1.28 to $3.70.

CytRx Corporation (NASDAQ: CYTR) has not seen news and is down for a second day.  The speculative oncology sector has another loser with shares down 7.6% at $0.65 on about 752,000 shares.  Average volume is just over 1 million shares and the 52-week range is $0.62 to $1.72.  Keep in mind that the $0.62 is the low from this morning… another 52-week low.

Human Genome Sciences, Inc. (NASDAQ: HGSI) is up big today, but not on any news from the tape.  This has been hoped for and thought of as a possible takeover stalker (noted in Amgen-Sonofi piece).  Shares are up 5.5% at $23.05 on just over 4 million shares.  The average volume is 4.96 million shares and the 52-week range is $2.25 to $34.49.

NexMed, Inc. (NASDAQ: NEXMD) is almost counter-intuitive.  The specialty CRO received a NASDAQ letter dated yesterday from The NASDAQ Hearings Panel stating that it is now in compliance with listing standards.  Shares are down over 18% at $3.12 on 1.05 million shares.  Average volume is 225,000 shares and the 52-week range is $1.80 to $12.60.

Nymox Pharmaceutical Corporation (NASDAQ: NYMX) is down after the company said its injected investigational drug for prostate enlargement showed a reduction in patient urgency to urinate by 52% after three months versus palcebo in a follow-up Phase 3 trial.  Nymox is down 2.5% at $2.75 on 222,000 shares versus average volume of 125,000 shares.  Interestingly, this $2.64 low is also a 52-week low: $2.64 to $7.07 is its 52-week range.

Xenoport, Inc. (NASDAQ: XNPT) is getting whacked on news that it and GSK disclosed that their migraine drug gabapentin enacarbil failed a mid-stage trial because it failed to reach statistical significance.  This is one of the day’s worst and that $6.35 intra-day low price marks a new 52-week low.  Shares have been as high as $25.42 over the last year and the average volume is only about 719,000 shares.  In early afternoon trading, this one is down over 26% at $6.54 on over 5 million shares.

JON C. OGG