Arena Pharma BOOSTS Orexigen and 4 Stocks Achieving 52-Week Highs
Aol Inc. (NYSE:AOL) has a pop following its announcement of its highly anticipated stock buyback, a result of its $1.056B Microsoft patent windfall. The repurchase will be in the form of a Dutch auction tender of $400M featuring a $27-$30 price range (AOL is currently at $28.05), which will be good until August 2. According to AOL, the buyback is the first action in returning all patent proceeds to shareholders. The shares have traded in a 52-week range of $10.06 to $27.94.
Corelogic (NYSE:CLGX) increased its outlook for the year Thursday, mainly because of mortgage originations being higher than expected as well as efforts to cut costs. The company raises its FY12 revenue view to $1.45B-$1.48B from $1.40B-$1.45B, consensus $1.42B.The shares closed at $18.03, up $0.63 or 3.62% on the day. They have traded in a 52-week range of $7.64 to $17.93.
Community Health Sys (NYSE:CYH): According to Citigroup, hospital stocks are the biggest winners in the Supreme Court’s new healthcare decision and anticipates that the group will materially trade higher. Shares of Community Health have traded in a 52-week range of $14.61 to $27.63.
Onyx Pharmaceuticals (NASDAQ:ONXX) and Bayer HealthCare (BAYRY) has announced that priority review designation was granted to Bayer Healthcare’s New Drug Application, NDA, for the oral multi-kinase inhibitor regorafenib by April 2012. The drug treats patients with metastatic colorectal cancer, mCRC, which has progressed after all approved standard therapies. Priority review is granted to medications which treat health issues where little or no adequate therapy exists. The FDA should finish the review under the Prescription Drug User Fee Act within six months from the NDA’s submission receipt, instead of the normal 10-month review cycle. The submission was based on data from the global Phase III CORRECT study. The shares have traded in a 52-week range of $27.17 to $67.62.
Orexigen Therapeutic (NASDAQ:OREX) jumps again after the FDA approved Arena Pharmaceuticals’ (NASDAQ:ARNA) Belviq weight loss drug. JPMorgan upgrades the stock to Overweight, stating that it “stands to be the biggest beneficiary” since its weight loss drug, Contrave, is still in the far future, leaving a gap in valuation with rivals who have drugs closer to an approval date. The shares closed at $5.90, up $0.98 or 19.92% on the day. They have traded in a 52-week range of $1.22 to $5.57.
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