10:52 SUMRX Sector Summary: The Healthcare sector (+0.16%) is trading slightly higher today, outperforming the S&P 500 (-0.06%) General Commentary: Affymax (AFFY) is today's biggest loser, down over 50%. Yesterday, after the close, the company announced that it will reduce its workforce as part of a plan to focus the company's resources on the ongoing investigation of reported hypersensitivity reactions in patients receiving OMONTYS (peginesatide) Injection following the nationwide voluntary recall of product from the market. This action will reduce the company's workforce by approximately 230 employees (or 75%), which includes its commercial and medical affairs field organizations as well as other officers and employees. The company also announced that it will retain a bank to evaluate strategic alternatives for the organization, including the sale of the company or its assets, or a corporate merger. The company is considering all possible alternatives, including further restructuring activities, wind-down of operations or even bankruptcy proceedings. Mention of a potential bankruptcy is never a good sign. The announcement also gives no indication that the company has made any progress in its investigation.
Gainers on news: NPS Pharmaceuticals (NPSP +15.15%) Co and Takeda revised agreements; NPS regained full worldwide rights to teduglutide and recombinant human parathyroid hormone 1-84 Navidea Biopharmaceuticals (NAVB +7.19%) Positively mentioned in blog article; seeing some insider buying Decliners on news: Affymax (AFFY -57.53%) Announced reduction in force to align resources around ongoing product investigation; to retain bank to evaluate strategic alternatives Star Scientific (STSI -19.70%) Disclosed it received subpoenas from the U.S. Attorney's Office for the Eastern District of Virgina seeking documents; co believes investigation is focused on transactions involving the company's securities Acasti Pharma (ACST -16.67%) Announced preliminary clinical data of its "Randomized, Open-Label, Dose-Ranging, Multi-Center Trial to assess the Safety and efficacy of NKPL66 (CaPre) in the treatment of mild-to-high hypertriglyceridemia"; CaPre achieved a clinically important and statistically significant triglyceride reduction of up to 23% Gainers on earnings: AmerisourceBergen (ABC +7.08%) Sees FY13 GAAP EPS of $2.96-3.06, may not compare to $3.19 estimate, sees FY13 revs +8 to 11% (~$87.22-89.64 bln), may not compare to $85.24 bln estimate Omeros (OMER +1.33%) Beat quarterly EPS by $0.05 (-$0.30 vs -$0.35 estimate), revs rose 38.6% yoy to $1.58 mln vs $1.49 mln estimate Wilson Greatbatch (GB +0.42%) Reaffirmed FY13 EPS of $1.90-2.00 vs $1.92 estimate, sees FY13 revs of $660-680 mln vs $668.36 mln estimate HGR +0.77%, SSRX +0% Decliners on earnings: Rockwell Medical Technologies (RMTI -11.78%) Reported Q4 loss of -$0.66 vs -$0.69 two analyst estimate, revs rose 9% yoy to $13.0 mln vs $12.63 mln estimate Savient Pharmaceuticals (SVNT -11.49%) Beat quarterly EPS by $0.06 (-$0.39 vs -$0.45 estimate), revs rose 32.4% yoy to $4.9 mln vs $6.17 mln estimate BioTime (BTX -8.06%) Reported Q4 revs of $1.2 mln vs $1.7 mln in prior year, net loss of -$0.12 per share vs -$0.11 in prior year CAH -7.02%, ASTM -6.87%, ZIOP -5.25%, STEM -2.75%, CCRN -2.53%, SGYP -1.43% Upgrades/Downgrades: Sucampo Pharmaceuticals (SCMP +6.13%) Initiated with a Buy at Maxim Group, target $10 ACADIA Pharmaceuticals (ACAD +5.34%) Initiated with a Buy at Jefferies Rigel Pharmaceuticals (RIGL +3.41%) Hearing added to the Most Preferred List at UBS Pernix Therapeutics (PTX -1.64%) Downgraded to Hold from Buy at Cantor Fitzgerald, target lowered to $7 from $15; target lowered to $8 from $11 at Needham Momenta Pharmaceuticals (MNTA -2.24%) Downgraded to Underperform from Neutral at BofA/Merrill Cardinal Health (CAH -7.09%) Downgraded to Neutral from Buy at Lazard
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