Healthcare Biz Recap: Affymax On A ROLL, Acadia CRASHES
Seattle Genetics (NASDAQ:SGEN) CEO Clay Siegall does not believe that it’s the right time to sell his company, considering that its pipeline and growth trajectory are looking very healthy. Shares have so far in 2012 jumped some 52 percent on the potential for Adcetris, which is driving some speculation of a buyout, but it’s thought that the attitude of the firm’s chief executive is supplying the guidance regarding mergers and acquisitions.
Earnings Report: Abbott Laboratories Second Quarter Earnings Sneak Peek.
Shares of Affymax (NASDAQ:AFFY) continue their sharp upwards motion Friday, on word of a deal that will result in its Omontys anemia drug being provided to 100 domestic dialysis centers run by Fresenius Medical Care. Piper believes that the arrangement could bring $700 million in sales of Omontys, which requires fewer injections than its competitor products, and also that a longer-term agreement with Fresenius might be reached.
Questcor (NASDAQ:QCOR) shares have ended a very bad week, by diving yet again following a presentation from Chief Scientific Officer David Young at a JMP conference, which apparently did harm, as if a fierce Citron Research report on Tuesday wasn’t enough. Young started his talk off with how Questcor’s Acthar gel is differentiated (always a tricky proposition), and then finished with a review of the history of generic/third-party alternatives. Shares are down 25 percent from Monday’s close.
Acadia Pharmaceuticals (NASDAQ:ACAD) shares crater subsequent to the disclosure that it’s ceasing development of its AM-831 schizophrenia drug after it failed to “meet pre-determined criteria for further development in Phase I testing.” The failed med was being developed jointly with Japan’s Meiji Seika Pharma.
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