10:35 SUMRX Sector Summary: The Healthcare sector (+0.09%) is trading slightly higher today, outperforming the S&P 500 (-0.47%) General Commentary: Aastrom Biosciences (ASTM) is today's biggest decliner, down approximately 33%. The company announced a strategic change in its research and development programs to focus on the clinical development of its lead product, ixmyelocel-T, for the treatment of dilated cardiomyopathy (DCM). The bad news is that, as a result of the strategic change, Aastrom will stop enrollment and end the Phase 3 REVIVE clinical trial in patients with critical limb ischemia (CLI). In addition, the company is executing a corporate restructuring that will reduce staff and operating expenses by approximately 50 percent. A quote from the President and CEO Nick Colangelo reveals that the REVIVE trial was having trouble enrolling patients and would not be supported by a partner.
Gainers on news: Chelsea Therapeutics (CHTP +8.94%) Positively mentioned in blog article TrovaGene (STSI +7.38%) Continued strength following announcement yesterday that company will vigorously defend itself against a class action lawsuit Stock name (TROV +4.35%) Announced the commercial availability of its urine-based HPV-HR (high-risk) assay, a molecular human papillomavirus (HPV) test Decliners on news: Aastrom Biosciences (ASTM -33.48%) Announced it will stop enrollment and end the Phase 3 REVIVE clinical trial in patients with critical limb ischemia; co will also execute a corporate restructuring that will reduce staff and operating expenses by ~50% Gainers on earnings: Alexza Pharmaceuticals (ALXA +1.38%) Reported Q4 GAAP EPS of ($0.64) vs ($0.46) single analyst estimate, revs fell 61% yoy to $0.7 mln vs $3.5 mln two analyst estimate Decliners on earnings: Metabolix (MBLX -3.83%) Reported Q4 loss of ($0.28) per share vs ($0.29) estimate, revs rose 218.2% yoy to $1.4 mln vs $1.23 mln estimate AdCare Health Systems (ADK -2.59%) Co announced that it will file to delay the filing of its Form 10-K; co needs additional time for the Audit Committee to complete its review Upgrades/Downgrades: Genomic Health (GHDX +4.60%) Upgraded to Outperform from Market Perform at Leerink Swann ViroPharma (VPHM +4.52%) Upgraded to Overweight from Neutral at JP Morgan ZIOPHARM (ZIOP +3.57%) Downgraded to Market Perform from Market Outperform at Brison Patrick Endocyte (ECYT +2.98%) Hearing target raised to $20 from $16 at Wedbush Obagi Medical (OMPI +0.41%) Downgraded to Neutral from Buy at ROTH Capital Charles River (CRL -1.92%) Downgraded to Market Perform from Outperform at Wells Fargo
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