Healthcare Economy

BioHealth Business Daily (APPA, GENZ, GENT, MRK, OSIP, OXGN, SOMX, THRX, CLDX)

We are seeing many key movers in the BioHealth space today as drug and biotech stocks often exhibit the most volatility of any sector.  Today’s BioHealth Business Daily includes the key moves and news seen in AP Pharma Inc. (NASDAQ: APPA), Genzyme Corp. (NASDAQ: GENZ), Gentium S.p.A (NASDAQ: GENT), Merck & Co. Inc. (NYSE: MRK), OSI Pharmaceuticals Inc. (NASDAQ: OSIP), OXiGENE Inc. (NASDAQ: OXGN), Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX), Theravance Inc. (NASDAQ: THRX), and Celldex Therapeutics, Inc. (NASDAQ: CLDX).

We have outlined the relative news, price moves, historic data, and relative color where applicable on each.

AP Pharma Inc. (NASDAQ: APPA) is getting crushed today after the FDA complete response letter failed to back its anti-nausea chemotherapy drug.  This one had risen yesterday ahead of the decision.  Shares are down 47% at $1.09 on about 30-times volume of more than 15 million shares.  The 52-week range is $0.38 – $2.16 and the market cap is just under $43 million now.

Genzyme Corp. (NASDAQ: GENZ) may be news from the outside or it may just be technical trading oriented.  There has been an article on noted CEO pressure and then there is the chart.  At $59.31 with a 3.3% gain, this is a multi-month high and toward the top of the $47.09 t $63.47 range over the last 52-weeks.

Gentium S.p.A (NASDAQ:: GENT) is a mystery mover and the only thing thrown out there is ‘takeover’ from chat rooms, yet there is nothing credible to back that up.  Literally, that was all there is and we’d tell you that if you have to rely solely on chats then life is changing again.  Shares are up 45% at $2.37 on over 550,000 shares.  The 52-week range is $0.36 to $2.37.

Merck & Co. Inc. (NYSE: MRK) is under a little pressure, but only about 1% at $38.00.  The FDA has issued a warning that its Zocor and Vytorin at the highest dosages could pose a greater muscle risk.

OSI Pharmaceuticals Inc. (NASDAQ: OSIP) is out touting news to keep the heat on Astellas or other bidders to do better than the current $52.00 cash tender on the table.  It said its Roche partner on Tarceva has a favorable opinion from European drug regulators and expects a decision in 45 days for the drug.  Shares are up 0.6% at $59.06 today but put in an intra-day high of $59.50.

OXiGENE Inc. (NASDAQ: OXGN) is down 5% today and already seen triple its normal volume after the company has a ‘going concern’ opinion on its audited financial statements for 2009.  AT $1.14, its 52-week range is $0.62 to $2.78.

Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) is trading up 1.3% at $9.33 and hit a new multi-year high of $10.60 earlier today.  This is as the traders are trying to maintain yesterday’s monster gains after its Silenor insomnia drug received an FDA backing.  This still only has a market cap of $221 million a the current price and we compared this to other big sleep-aid drugs in the battle against insomnia.

Theravance Inc. (NASDAQ: THRX) is now up 3% at $12.37 after the company sold 7.5 million shares at $11.50.  The stock was up at $12.50 earlier this week before the filing was made.  The lowest this stock hit today was $11.75, so frankly this looks like one of the better offerings out there from the therapeutics company.

On the mystery moves, or at least on moves with no real news on the tape… Celldex Therapeutics, Inc. (NASDAQ: CLDX) is up over 8% at $5.65 on 1.1 million shares versus a 52-week trading range of $4.16 to $14.19 and versus average volume of 360,000 shares.


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