Peregrine Pharmaceuticals Slumps Despite Positive Results (PPHM, NVAX, HALO, BSX, ZGNX, DEPO, VOLC)
Shares of biotech companies opened mixed on Thursday with major losses coming from Peregrine Pharmaceuticals, which hits an all-time low despite providing positive results for its a Phase II trial of its lung cancer treatment.
Peregrine Pharmaceuticals (NASDAQ:PPHM) plunged 18.89% to $0.73 on a traded volume of 2.20 million shares despite the fact that the Company announced successful overall response rate and current median progression free survival estimates from its phase II trial. The company says it will release the most critical data from the study in the second half of the year.
Novavax Inc (NASDAQ:NVAX) went down 2.29% to $1.28. The Company posted net loss of $3.7 million or $0.03 per share compared to net loss of $6.3 million or $0.06 per share in the fourth quarter of 2010. Cash, cash equivalents and short-term investments as on December 31,2011 was $18.3 million.
Halozyme Therapeutics Inc (NASDAQ:HALO) moved down 4.21% to $11.02 The Company reported fourth quarter net loss of $18.4 million or 18 cents per share compared to net loss of $16.9 million 17 cents per share in the prior year period. Total revenue declined 33% to $2.4 million. Barclays started overweight rating on the stock.
Boston Scientific Corporation (NYSE:BSX) is currently trading at $5.93 Canaccord Genuity started hold rating on the stock. The Company will acquire privately held Cameron Health Inc for $150 million. Boston Scientific may pay up to an added $1.05 billion for milestones.
Zogenix Inc (NASDAQ:ZGNX) is down 14.86% to $2.12. The Company posted fourth quarter EPS of ($0.36), beating the analyst estimate of ($0.34). Revenue for the quarter was $7.9 million versus the consensus estimate of $10.03 million. The Company expects revenue to be in the range $45.5-$48.5 million for fiscal year 2012.
DepoMed Inc (NASDAQ:DEPO) decreased 6.84% to $5.86. Recently, the company said that it has filed a patent infringement lawsuit in the United States District Court for the District of New Jersey against three companies that have filed Abbreviated New Drug Applications with the FDA to market generic Gralise.
Volcano Corporation(NASDAQ:VOLC) shares are seeing buying action after analyst at Goldman Sachs upgraded the stock to Buy, citing “increased confidence” in Volcano’s rapidly-growing Fractional Flow Reserve business, which can reduce healthcare costs by “improving patient selection and clinical outcomes” for coronary stent procedures.