Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hanging in there?
INSY $22
PHOENIX (AP) -- Insys Therapeutics Inc. returned to a profit in its second quarter, bolstered by strong sales of cancer pain medication Subsys.
Its stock soared on Tuesday to its highest level since going public in May.
The specialty pharmaceutical company, which concentrates on products for cancer patients, earned $4.5 million, or 26 cents per share, for the three months ended June 30. That compares with a loss of $6.4 million, or 68 cents per share, in the prior-year period.
The number of outstanding shares leaped 86 percent since last year, which made the profit on a per-share basis far smaller than it would have been.
Excluding stock-based compensation expense and other items, earnings were 35 cents per share.
Revenue increased more than fivefold to $18.8 million from $3.5 million, with nearly all of the revenue coming from sales of its Subsys spray, which totaled $18.5 million in the quarter.
Analysts, on average, expected $15.1 million in revenue, according to FactSet.
Gross margin jumped to 86 percent from 34 percent a year ago, mostly because of the sharp rise in Subsys sales.
Shares of the Phoenix company surged $3.93, or 22 percent, to $21.81 in midday trading. The stock touched $23.49 earlier in the session, the highest point since its initial public offering in May. Insys attempted to go public in 2007 but filed to withdraw its IPO plans in 2008, citing poor market conditions.
@yahoofinance on Twitter, become a fan on Facebook
Related Content
Pernix Therapeutics reports slightly larger than expected Q2 net loss on higher than expected rev; reaffirms FY13 rev; sells certain generic assets to Breckenridge for $30 mln (PTX) 3.04 : Reports Q2 EPS ($0.16) vs ($0.14) Capital IQ Consensus Estimate; revs +96% to $20.6 mln vs $19.86 mln Capital IQ Consensus; co reaffirms FY13 rev guidance of $90-100 mln vs. the $91.7 mln consensus; sees Q4 rev higher than Q3.
The co also announced that it has entered into an agreement to sell certain generic assets owned by its subsidiary, Cypress Pharmaceuticals, to Breckenridge Pharmaceutical, Inc. for $30 million. Under the terms of the agreement, Breckenridge will pay Pernix $20 million in an upfront payment and $10 million which is to be paid in two equal installments over the next two years. The assets include 7 previously marketed Abbreviated New Drug Applications (ANDAs), 11 ANDAs filed at the FDA, and certain other ANDAs in various stages of development. The agreement contains customary representations, warranties, covenants and indemnities by the parties, and the closing of the transactions contemplated by the agreement is subject to the satisfaction of certain customary conditions described therein. This transaction is expected to close no later than mid-September 2013.
Alere confirms FDA Approval for Alere Determine HIV-1/2 Ag/Ab Combo (ALR) 31.56 +0.27 : Co confirmed that it has received U.S. Food and Drug Administration (FDA) approval of its pre-market application (PMA) to market Alere Determine HIV 1/2 Ag/Ab Combo in the United States for the detection of HIV-1 p24 antigen and antibodies to HIV-1/HIV-2. The FDA approval allows Alere to market Alere Determine HIV 1/2 Ag/Ab Combo as a CLIA (Clinical Laboratory Improvement Amendments) moderately complex medical device. Alere Determine HIV-1/2 Ag/Ab Combo is the first and only FDA-approved rapid point-of-care test that detects both HIV-1/2 antibodies and the HIV-1 p24 antigen, which can appear days after infection and prior to[1],[2] HIV-1/2 antibodies.
SBSUX
GL
FMCC and FNMA will get themselves out of Government conservation it seems:
http://finance.yahoo.com/news/fannie-mae-posts-10-1-122034306.html
Blue; very good!
Blue; good news!
$1.79 . Low end of price. Must be intrinsic value for insiders. Have been following it for quite sometimes.
possibility!
GLLs
$4.19 a piece shares into private hands!
important signal!
Augusta; Signals reversal?
JMFHO
mlkrborn
starbuxsux;
thnx.
Are you getting into anything nowadays?
tia
mlkrborn
Insignia Sys announces commencement of tender offer to purchase up to $12 mln of its shares, appointment of Glen Dall as CEO and changes to Board of Directors (ISIG) 2.13 : Co announced it has commenced a "modified Dutch auction" tender offer to purchase up to $12 mln of its common stock. Under the terms of the tender offer, the Co's shareholders will have the opportunity to tender some or all of their shares at a price within the range of $2.15-2.35 per share. Based on the number of shares tendered and the prices specified by the tendering shareholders, the co will determine the lowest price per share within that range that will enable it to buy $12 million of its shares, or such lesser number of shares that are properly tendered. All shares accepted for purchase will be purchased at the same price.
The co will not purchase shares below a shareholder's indicated price, and in some cases, the co might purchase shares at a price that is above a shareholder's indicated price under the terms of the tender offer. At the minimum price of $2.15 per share, the co would purchase a maximum of 5,581,395 shares, which represents ~41% of the co's currently outstanding common stock.
ACRX AcelRx prices offering of 3.8 mln shares of its common stock at $11.65 per share (ACRX) 11.92 :
AcelRx prices offering of 3.8 mln shares of its common stock at $11.65 per share (ACRX) 11.92 :
CBGK 6.25 euro.. 0.625 euro pre-split.
Shipping loan portfolio not on sale (yet?) it seems.
UPDATE 1-Commerzbank sells 5 bln euros of UK property loans
Fri, Jun 21 2013
Mon Jul 15, 2013 9:41am EDT
* Wells Fargo buys performing assets, Lone Star distressed loans
* Transaction eclipses Lone Star's 2011 Lloyds deal
* Commerzbank agrees to 3.5 percent discount
* Bank's shares up 5 pct
FRANKFURT, July 15 (Reuters) - Germany's second-biggest lender Commerzbank has sold British property loans worth 5 billion euros ($6.5 billion) to U.S. rival Wells Fargo and private equity firm Lone Star Funds to shrink its loan book and reduce risk.
Commerzbank said on Monday that it agreed to a 3.5 percent discount on the loan portfolio's book value.
Wells Fargo is acquiring the performing loans, while Lone Star is scooping up the 1.2 billion in non-performing assets, Sascha Klaus, board member of Commerzbank's mortgage unit Hypothekenbank Frankfurt - formerly known as Eurohypo - said in an interview published on Commerzbank's intranet and seen by Reuters.
Distressed debt and equity investor Lone Star recently boosted its European staff numbers as it looks to buy portfolios of underperforming real estate debt from banks. In 2011 it bought a 900 million pound ($1.4 billion) portfolio from Lloyds Banking Group at a price sources said represented a discount of up to 40 percent.
Banks around the world have been trying to streamline assets, but few deals have materialised as buyers and sellers often disagree on valuations.
However, the low-interest environment, which leaves holders of some government bonds with hardly any returns, increases the attraction of higher-yielding alternatives. That has led to investors agreeing to lower discounts when buying risky assets such as non-performing mortgages.
"The expectations for returns have come down in certain markets due to the high liquidity (supplied by central banks)," Commerzbank's Klaus said.
The bank's lending deals included the Westfield Stratford City shopping centre next to the Olympic stadium in London and Europe's most expensive block of flats, One Hyde Park, near Harrods department store in central London.
Metzler Securities analyst Guido Hoymann described the 3.5 discount agreed by Commerzbank as "only a small amount", but added that the deal does not lead to a significant improvement of the bank's capital base.
Commerzbank shares extended gains after the announcement. They were up 5.1 percent at 1332 GMT, making the bank the top climber among Germany's blue-chip companies.
Commerzbank shares had risen by 3 percent in early trading after a magazine report that Germany has spoken to the chairman of UBS about the possibility of the Swiss bank buying the government's remaining Commerzbank stake.
Link doesnt work. Will repost same news :
R/S took place in Germany first and ADRS were adjusted by the same ratio: 1 for 10.
April 23, 2013, 7:08 a.m. EDT
Commerzbank carries out reverse stock split
x
By Ulrike Dauer
FRANKFURT--Commerzbank AG said Tuesday it carried out a reverse 1-for-10 stock split, consolidating its shares ahead of a planned capital raising.
As a result, the outstanding shares were reduced to around 583 million shares from 5.83 billion shares with the price multiplied by 10.
The share consolidation has been registered with the German commercial register and the shares received a new securities identification number, under which they will be traded from April 24 onward.
The reverse stock split, first announced in March, is part of a EUR2.5 billion capital increase Germany's second largest listed bank by market value will carry out between mid-May and early June, as it looks to bolster its balance sheet and take another bold step to reduce government involvement in the bank.
The capital increase, which will include subscription rights for current shareholders, and the reverse stock split were approved by the annual general meeting April 19.
Commerzbank said in March the move will allow it to fully repay the remaining EUR1.6 billion in non-voting shares, known as "silent participation," still held by the German government's SoFFin financial markets stabilization fund and the EUR750 million in non-voting shares held by Allianz SE (ALV.XE).
After the completion of the capital increase, SoFFin's 25% shareholding in Commerzbank, which it held in addition to the non-voting shares, is expected to decrease to below 20%.
The bank has said the repayment "marks the beginning of the end of the Federal Republic's engagement in Commerzbank."
The bank will also be able to resume dividend payments in the future, it said.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
Any other news?
Topics:
Pipeline
The biotech IPO scene turns red hot
July 11, 2013 | By John Carroll
During all of last year there were only 11 biotech IPOs. But even that weak number looked pretty good compared to the barren years leading away from the 2008 financial crisis. In the last 6 months, though, the industry has seen a tremendous rebound, with almost twice that number of IPOs in half the time. And there's no sign that the great leap into the public market is waning, with 10 more IPOs in the queue.
Add it all up, and the biotechs that went public in the first half of the year raised close to $1.4 billion--which is particularly impressive if you consider that it represents a stream of cash that had all but dried up in recent years. New money flowing into biotech means more R&D projects, more researchers and more contracting. It's even more impressive once you look at the hot stocks like bluebird bio ($BLUE), which saw its shares soar 55% by the end of the first half, or Chimerix ($CMRX), up 73%.
Up until this year, investors had been steering clear of biotech IPOs, leery of the kind of extraordinary risks associated with drug development work, where an unexpected glitch can wipe out a company's value in minutes. But a sudden influx of IPOs doesn't mean that investors have thrown caution to the wind. For every hot stock like Chimerix, there was a company like Ambit ($AMBI), which couldn't come close to its initial price range. Investors are still being choosy about what they like, and the long-term investors that helped create these companies are often seen coming in to make sure the IPO gets off on the right foot.
Nine of these newly public biotech companies--Epizyme ($EPZM), bluebird, Portola, Ambit, KaloBios, Enanta, Tetraphase, Prosensa and PTC ($PTCT)--have been highlighted as Fierce 15 winners over the years. Some of them came out of the IPO chute running strong; others were weak. But the CEO of one of the strong ones gave FierceBiotech a hat tip just before they sounded the opening bell on their first day of trading.
"The Fierce 15 has been a great inspiration for us," Hans Schikan, the CEO of Prosensa, which was one of the biotechs to see its shares swell in value on the first day of trading, told me.
There's no telling how long this particular IPO window will remain open in the U.S. Just as investors cheer on big gains and sudden wealth, a growing number of analysts have begun to wonder out loud if the sudden spike will quickly collapse, leaving another group of biotech investors scrambling for the exits and vowing never to return. But for now, a group of biotechs are making hay while the sun shines.
Given the importance of the IPO market for raising funds and pushing new drug programs, we're going to keep the list updated. So if you're looking for a comprehensive source of information on these companies, check out our list, as well as the extensive archives we have on most of their histories. -- John Carroll, Editor-in-Chief. Follow me on Twitter and LinkedIn.
Filed Under
Alcobra Pharma, Ambit Biosciences, Aratana Therapeutics, bluebird bio, Cancer Genetics, Cardio3 BioSciences, Chimerix, Enanta, Epizyme, Esperion Therapeutics, Insys Therapeutics, KaloBios, Kamada, Liposcience, NanoString Technologies, Omthera, Stemline Therapeutics, Tetraphase Pharmaceuticals
Read more: The biotech IPO scene turns red hot - FierceBiotech http://www.fiercebiotech.com/special-reports/2013-biotech-ipos#ixzz2Z8h3LANB
Subscribe at FierceBiotech
RELATED QUOTES
Symbol Price Change
ANTH 4.00 -0.08
Anthera Pharmaceuticals announced that it has filed to effect a 1-for-8 reverse stock split of its common stock, effective immediately. The reverse stock split was approved by the company's stockholders at its annual meeting on May 16, and the specific 1-for-8 ratio was subsequently approved by the company's board.
Holding both long term.
GLLs.
Yep. Inching up! May meet listing req?
GLLs
GODOT didnt show up on friday !
Armani Emperor; What news you are counting on?
yours is like waiting for GODOT it seems?
GL
MB
Looking good! Year end tax loss sale strategy finally paying off in July 2013!
There is one share-holders initiated law suit already. You could join. Now Berkowitz' Fund initiated another one. He is very experienced challenger with deep pockets and an army of noted anti-trust etc. lawyers..
http://finance.yahoo.com/news/fairholme-funds-sues-u-over-173542588.html
GL
MB
Law suit by long hedgy-Fairholme-funds! release shareholders' value!
http://finance.yahoo.com/news/fairholme-funds-sues-u-over-173542588.html
Blue;
Very good post!
MiMedx Group receives additional EpiFix Medicare reimbursement coverage (MDXG) 6.59 -0.17 : Co announced that its wound care allograft, EpiFix, received reimbursement coverage by Medicare Contractor Wisconsin Physician Services (WPS), effective July 1, 2013. "We are pleased to receive approval from another of the Medicare Contractors. The approval by WPS brings the total Medicare Contractors agreeing to reimburse for our EpiFix wound care tissue grafts to six of the nine."
Dendreon receives positive opinion for PROVENGE in the European Union (DNDN) 4.08 : Co announced that the European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending that PROVENGE (autologous peripheral blood mononuclear cells activated with PAP-GM-CSF or Sipuleucel-T) be granted marketing authorization in the European Union, for the treatment of asymptomatic or minimally symptomatic metastatic (non-visceral) castrate resistant prostate cancer in male adults in whom chemotherapy is not yet clinically indicated. The CHMP's recommendation follows a positive recommendation by the Committee for Advanced Therapy. The CHMP will make a final recommendation to the European Commission (EC) within the coming months on the marketing authorization application for PROVENGE in the EU. A regulatory decision is anticipated from the EC in the second half of this year.
I hope i am not repeating any of your posts?
GL
mlkrborn
After successful bluebird and Epizyme IPOs, CELGENE partner launches a new one:
http://seekingalpha.com/instablog/12836681-bostonmatty/1990452-another-celgene-partner-files-for-its-ipo
PETX Another new IPO priced @6 over $8
Aratana Therapeutics, Inc. Announces Pricing of Initial Public Offering
PR NewswirePress Release: Aratana Therapeutics, Inc. – 15 hours ago
RELATED QUOTES
Symbol Price Change
PETX 8.26 2.26
KANSAS CITY, Kan. and BOSTON, June 27, 2013 /PRNewswire/ -- Aratana Therapeutics, Inc., a development-stage biopharmaceutical company focused on the licensing, development and commercialization of innovative prescription medications for pets, announced today the pricing of its initial public offering of 5,750,000 shares of its common stock at a price of $6.00 per share. The shares are expected to begin trading on The NASDAQ Global Market on June 27, 2013 under the ticker symbol "PETX." All of the common stock is being offered by Aratana Therapeutics. In addition, Aratana Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 862,500 shares of common stock to cover over-allotments, if any, at the initial public offering price.
Stifel and Lazard Capital Markets are acting as lead book-running managers for the offering. William Blair, JMP Securities and Craig-Hallum Capital Group are acting as co-managers.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
The offering is being made only by means of a written prospectus forming part of the effective registration statement. Copies of the prospectus related to the offering may be obtained, when available, from Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by calling (415) 364-2720; or from Lazard Capital Markets LLC, Attn: Syndicate Department, 30 Rockefeller Plaza, 48th Floor, New York, NY 10020, or by calling (800) 542-0970.
Greece's Piraeus Bank easily meets capital target
Greece's Piraeus Bank raises nearly twice amount needed to avoid nationalization
Associated PressAssociated Press – Wed, Jun 26, 2013 9:32 AM EDT
Email
Print
RELATED QUOTES
Symbol Price Change
ETE.AT 3.00 -1.29
NBG 3.14 -0.94
ATHENS, Greece (AP) -- Greece's Piraeus Bank has raised nearly double the amount of money needed to avoid nationalization, part of a major program to restore health to the country's financial system.
The bank said Wednesday it had raised 19.8 percent of its 7.34 billion euros ($9.56 billion) recapitalization needs from private investors. It needed to raise at least 10 percent from private investors to avoid nationalization.
The rest of the money will come from the Hellenic Financial Stability Fund, which is financed by the country's bailout program.
Piraeus becomes the third bank to avoid nationalization, after the National Bank of Greece and Alphabank.
Greek banks were left short of money following the restructuring of the government's debt last year and due to the effects of the deep recession that started in late 2008.