Healthcare Stocks: Arena Top Winner (ALR, GOLD, ARNA, RDY, ALIM)
Alere Inc (NYSE:ALR) decreased 11.93% to $19.64. Canaccord Genuity maintained buy rating on the stock and the price target from $35 to $30. The Company received a subpoena from the Department of Health and Human Services related to quality testing and performance characteristics on Alere Triage products.
Randgold Resources Ltd (ADR) (NASDAQ:GOLD) went down 0.93% to $76.95.
JPMorgan Chase upgraded the rating on the stock from an underweight to neutral.
The shareholders at the Annual General Meeting on 30 April 2012 and in terms of Randgold Resources’ remuneration for non-executive directors an award of 1,200 ordinary shares was made to each non-executive director.
Arena Pharmaceuticals Inc (NASDAQ:ARNA) jumped up 64.48% to $6.02 after a panel of experts for the U.S. Food and Drug Administration recommended the company’s obesity drug for approval.
Arena said Friday on a conference call that the FDA panel’s recommendation reinforces its belief in the drug, called lorcaserin, as a treatment for obesity management. Company officials said Arena still hasn’t received official word from FDA on whether the drug will require post-market studies.
Dr. Reddy’s Laboratories Limited (ADR) (NYSE:RDY) declined 2.85% to $31.0 after the Company released fourth quarter results. Consolidated revenues increased 32% to Rs. 26.6 billion in the fourth quarter of 2012. EBITDA were Rs. 6.8 billion in the fourth quarter of 2012. Profit after tax was Rs. 4.2 billion in the fourth quarter of 2012. The Board of Directors has proposed a dividend of Rs. 13.75 per equity share.
Alimera Sciences Inc (NASDAQ:ALIM) soared 3.76% to $2.76 after the Company announced first quarter results. Research and development expenses were $1.6 million compared to $1.8 million in the first quarter of 2011. Net loss was $4.4 million or $0.14 per share compared to net loss of $4.7 million or $0.15 per share in the prior year period. Cash, cash equivalents and investments was $27.6 million as on March 31, 2011.
The Company intends to meet with the FDA toward the end of the second quarter of 2012 to discuss the FDA’s November 2011 complete response letter regarding Alimera’s New Drug Application for ILUVIEN for the treatment of Diabetic Macular Edema.