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PRG-Schultz International, Inc. (NASDAQ: PRGX) rose 8.42% to $5.28 in the pre-market session. The 52 week trading range for PRGX is $2.48 - $6.98. In the last six months, PRGX is up 67%.
Enzon Pharmaceuticals, Inc. (NASDAQ: ENZN) climbed 5.37% to $10.80. Yesterday ENZN made a new high at $10.33 and closed at $10.25 after breaking its previous 52 week high. So far this year, ENZN is up 75%.
NetApp Inc. (NASDAQ: NTAP) is currently trading at $30.81, moving up by 4.32% after Brigantine Advisors made a Hold rating on NetApp, increasing its price target to $32 from $30 as analysts feels that NetApp will show a growth in its top line. NetApp also reported stronger results for the October quarter.
Sears Holdings Corporation (NASDAQ: SHLD) today reported third-quarter net loss of $127 million, or $1.09 per share and adjusted loss of $0.81 per share. While, revenue was $10.19 billion, a decrease of 4% same quarter last year. Analysts on an average expected a loss of $1.09 a share on revenue of $9.92 billion. In the pre-market session, Sears Holdings Corporation (NASDAQ: SHLD) is trading up 3.63% at $78.52. So far in the current year, SHLD gained over 94%.
Geron Corporation (NASDAQ: GERN) jumped 2.88% to $6.08 after it posted a higher quarterly profit that beat estimates by , boosted by .The 52 week trading range for GERN is $2.48 - $9.24. Yesterday GERN closed at $5.91. In the last six months, GERN fell by around 8%.
Sinovac Biotech Ltd. (NASDAQ: SVA) moved up 1.95% to $7.70 in the pre-market. Yesterday, Brean Murray gave Sinovac Biotech (NYSE: SVA) a Buy rating at price target of $11. On yesterday’s closing price of $7.70, SVA shows a premium of over 35% on Murray’s price target of $11.
Solarfun Power Holdings Co., Ltd. (ADR) (NASDAQ: SOLF) surged 2% to $6.61. Yesterday Solarfun Power reported its third quarter profit CNY136.6 million or CNY 2.53 an American depositary share while analysts polled by Thomson Reuters expected SOLF to report 15 cent profit. Solarfun Power Holdings Co., Ltd. (ADR) (NASDAQ: SOLF) is currently trading at $6.58, increased by 2% in the pre-market session. In the last six months, SOLF gained over 27%.
Theflyonthewall.com is Wall Street's specialist in breaking equity news. Veteran traders build a proprietary feed of news that's faster and more relevant than any other source. Try us for free and discover for yourself.
Biotech investors interested in seeing more details about these companies and a full list of their related stories can do so by typing the stock ticker symbol into the Stock Quotes box on the right side of the page.454 Life Sciences, a Roche Company (SWX:RO) (SWX:ROG) (Pink Sheets: RHHBY), announced today at the Association of Molecular Pathology Annual Meeting in Kissimmee, Florida a series of revolutionary developments which significantly expand the company’s high-throughput sequencing portfolio.Advanced Cell Technology, Inc. (OTCBB:ACTC) announced today that it filed an Investigational New Drug (IND) Application with the US Food and Drug Administration (FDA) to initiate a Phase I/II multicenter study using embryonic stem cell derived retinal cells to treat patients with Stargardt’s Macular Dystrophy (SMD).Advanced Cell Technology, Inc. (OTCBB:ACTC) announced today that it filed an Investigational New Drug (IND) Application with the US Food and Drug Administration (FDA) to initiate a Phase I/II multicenter study using embryonic stem cell derived retinal cells to treat patients with Stargardt’s Macular Dystrophy (SMD).Bioanalytical Systems, Inc. (NASDAQ:BASI) announced today that its application to transfer from the NASDAQ Stock Market to the NASDAQ Capital Market has been accepted. The transfer will occur on November 20, 2009.Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) presented data from its pipeline programs at the 2009 EORTC-NCI-AACR (European Organization for Research and Treatment of Cancer-National Cancer Institute-American Association for Cancer Research) annual meeting in Boston, Massachusetts.Geron Corporation (Nasdaq:GERN) today announced the presentation of interim data from its ongoing trial of imetelstat (GRN163L), a telomerase inhibitor drug, in patients with refractory, advanced solid cancers at the 2009 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics in Boston.NeoStem, Inc. (NYSE Amex: NBS), announced today that it has sent the following letter to its shareholders, discussing the Company's acquisition, on October 30, 2009, of China Biopharmaceuticals Holdings, Inc. (CHBP), an integrated bio-pharmaceutical company based in the People's Republic of China.Non-Invasive Monitoring Systems, Inc. [NIMS] (OTCBB:NIMU) announced that the Nogawa Patent Office in Japan issued Patent number 4391595 to NIMS on October 16, 2009. This patent, entitled “Reciprocating Movement Platform for Shifting Subject To and Fro In Headwards-Footwards Direction,” relates to the comprehensively researched technology underlying NIMS’ Exer-Rest acceleration therapeutic platform.OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) announced today that it will host a live webcast of its R&D Analyst Day on Thursday, December 3, 2009 at 12:30 p.m. Eastern Time.Perrigo Company (Nasdaq: PRGO; TASE) today announced that Perrigo Chairman and CEO Joseph C. Papa will present at the Sidoti Emerging Growth Conference on Friday, November 20, at 3:15 p.m. (EST) at the Grand Hyatt Hotel in New York City.Sensient Technologies Corporation (NYSE: SXT) announced today that it has entered into an agreement with a group of financial institutions for the issuance of $110 million in fixed-rate, senior notes.SeraCare Life Sciences, Inc. (NASDAQ: SRLS), a global life sciences company providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics, today reported operational and financial results for its fourth quarter and fiscal year ended September 30, 2009.Unilife Medical Solutions Limited ("Unilife" or "the Company") (ASX: UNI)(PINKSHEETS: UNIFF) today announced the appointment of Mikron Group ("Mikron") as its contracted supply partner for the development and supply of automated assembly systems to support the commercial production of the Unifill™ ready-to-fill syringe (Unifill™ syringe).
Biotech investors interested in seeing more details about these companies and a full list of their related stories can do so by typing the stock ticker symbol into the Stock Quotes box on the right side of the page.Acorda Therapeutics, Inc. (Nasdaq: ACOR) announced Ron Cohen, M.D., President & CEO, will present at the upcoming Lazard Capital Markets 6th Annual Healthcare Conference on Tuesday, November 17, 2009 at 3:10 p.m. ET at the St. Regis Hotel in New York, NY.Agilent Technologies Inc. (NYSE:A) announced it has purchased the MassCode Tag technology from Eurofins MWG Operon, a division of Eurofins.
ArQule, Inc. (Nasdaq: ARQL) presented data at the AACR-NCI-EORTC meeting in Boston demonstrating the capabilities of the Company’s proprietary drug discovery platform to generate a class of small molecules with significant therapeutic potential.Art's Way Manufacturing, Inc. (Nasdaq: ARTW), announces its wholly owned subsidiary, Art's Way Scientific, Inc. - Buildings For Science - will be providing 6 modular swine facilities for breeding, gestation, farrowing, nursery and finisher operations.BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX), a specialty pharmaceutical company developing products for female sexual health, including LibiGel® for th treatment of hypoactive sexual desire disorder (HSDD), applauds the efforts of Boehringer Ingelheim to develop a therapy to treat this unmet medical need. Cannabis Science Inc. (NASD OTCBB: CBIS) an emerging pharmaceutical cannabis company, is hailing the call by the American Medical Association's House of Delegates for “marijuana's status as a federal Schedule I controlled substance be reviewed with the goal of facilitating the conduct of clinical research and development of cannabinoid-based medicines."Cadus Corporation (OTC Bulletin Board: KDUS) announced financial results for the third quarter ended September 30, 2009.Derma Sciences, Inc. (OTC Bulletin Board: DSCI) a specialty medical device/pharmaceutical company focused on advanced wound care, announced it has filed an S-1 Registration Statement to offer 1,500,000 shares of its common stock. Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced data from its pipeline programs will be presented at the 2009 EORTC-NCI-AACR (European Organization for Research and Treatment of Cancer-National Cancer Institute-American Association for Cancer Research) annual meeting being held November 16-19, 2009 in Boston, Massachusetts.Exact Sciences Corp. (Nasdaq: EXAS) announced it will present at the Lazard Capital Markets Sixth Annual Healthcare Conference, which is being held Nov. 17-18, at the St. Regis Hotel in New York.Health Grades, Inc. (Nasdaq: HGRD), the leading healthcare ratings company, announced Kerry Hicks, President and Chief Executive Officer of Health Grade, will be presenting at the Sidoti & Company, LLC New York II Emerging Growth Institutional Investor Forum at The Grand Hyatt Hotel in New York on Friday, November 20, 2009, at 8:30 a.m. Eastern time.Inovio Biomedical Corporation (NYSE AMEX: INO) reported financial results for the three and nine months ended September 30, 2009.Mead Johnson Nutrition Company (NYSE: MJN) announced it intends to file a Registration Statement on Form S-4 with the Securities and Exchange Commission (SEC), which includes details of a proposed exchange offer whereby Bristol-Myers Squibb Company (BMS) shareholders can exchange some, none or all of their shares of BMS common stock for shares of Mead Johnson common stock.Metabolix, Inc. (NASDAQ: MBLX), a bioscience company focused on developing sustainable solutions for plastics, chemicals and energy, announced the complete on of its previously announced underwritten public offering of 3,450,000 shares of its common stock at a price of $9.00 per share for gross proceeds of approximately $31 million. NovaDel Pharma Inc. (NYSE:NVD), a specialty pharmaceutical company developing oral spray formulations for a broad range of marketed treatments, reported financial results for its third quarter and nine months ended September 30, 2009.Neogen Corporation (Nasdaq: NEOG) announced that its Board of Directors has approved a 3-for-2 stock split. OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) announced the Oncologic Drugs Advisory Committee (ODAC) will review the use of Tarceva® (erlotinib) as a first-line maintenance therapy for patients with advanced non-small cell lung cancer (NSCLC) who have not progressed following first-line treatment with platinum-based chemotherapy at its December 16, 2009 meeting.PPD, Inc. (Nasdaq: PPDI) announced it has entered an agreement with Janssen Pharmaceutica N.V. to develop and commercialize two Phase II-ready therapeutic compounds, one to treat diarrhea-predominant irritable bowel syndrome (IBS-d) and the other to treat complicated skin and skin structure and respiratory infections.Roche`s (SWX:RO) (SWX:ROG) (Pink Sheets: RHHBY) RealTime ready Influenza A/H1N1 Detection Set for the 2009 H1N1 influenza virus has received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA). Spectrum Pharmaceuticals, Inc. (NasdaqGM:SPPI), a commercial-stage biotechnology company with a primary focus in oncology, announced it has been selected for addition to the NASDAQ Biotechnology Index® (Nasdaq: NBI).Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics™, announced it has been selected for addition to the NASDAQ Biotechnology Index (NASDAQ: NBI) effective with the U.S. market open on Monday, November 23, 2009.ZOLL Medical Corporation (Nasdaq GS: ZOLL), a manufacturer of medical devices and related software solutions, announced the R Series® defibrillators with new monitoring capability added as well as its new intravascular temperature management solutions are being exhibited in Booth #1417 at the American Heart Association Scientific Sessions 2009 November 15-17th at the Orange County Convention Center in Orlando.
Enzon (ENZN) achieved break-even earnings during the third quarter of 2009, better than the Zacks Consensus Estimate of loss of 7 cents but below the year-ago earnings of 1 cent. The company reported revenues of $44.6 million, a decline of 9% compared to $48.8 million reported in the third quarter of 2008.
Enzon records revenues from [...]
Chicago, IL – November 11, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Enzon (ENZN), Merck (MRK), OSI Pharmaceuticals (OSIP), Pfizer (PFE) and Bank of America Corporation (BAC).
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Here are highlights from Tuesday’s Analyst Blog:
Enzon Beats, Announces Sell-off
Enzon (ENZN) achieved break-even earnings during the third quarter of 2009, better than the Zacks Consensus Estimate of loss of 7 cents but below the year-ago earnings of 1 cent. The company reported revenues of $44.6 million, a decline of 9% compared to $48.8 million reported in the third quarter of 2008.
Enzon records revenues from three sources -- products, royalties and contract manufacturing. The three segments recorded a decline of 1%, 6% and 56%, respectively, compared to the year-ago period.
Enzon has four marketed products -- Oncaspar for the treatment of acute lymphoblastic leukemia (ALL); DepoCyt for lymphomatous meningitis; Abelcet for antifungal infection related to cancer and Adagen used to treat severe combined immunodeficiency disease (SCID), commonly known as the "bubble boy" disease. Apart from Oncaspar, whose sales remained unchanged from the year-ago period, the other three recorded a decline of 4%, 15% and 10%, respectively.
Enzon earns royalties from several products, which have been manufactured using its proprietary PEGylation technology -- Pegintron, marketed by Merck (MRK); Macugen, marketed by OSI Pharmaceuticals (OSIP) and Pfizer (PFE); Pegasys, marketed by Hoffmann-La Roche; and Cimzia, marketed by UCB Pharma. The company earns a majority of royalty revenue from sales of Pegintron, which is approved for the treatment of hepatitis C. Unfavorable movement of the foreign exchange brought down royalty revenues during the quarter.
Additionally, cancelled shipments and discontinuation of customer schedules were responsible for lower contract manufacturing revenues. We expect contract manufacturing revenues to suffer going forward since many of the current contracts are to expire in the next two years.
R&D expenses during the quarter were $15.8 million, unchanged from the year-ago period. The company has several pipeline candidates: PEG-SN38, the HIF-1 alpha antagonist, Survivin (antagonist) and other LNA- and PEGylation- based programs.
The company’s financial position continues to worry us. At the end of the reported quarter, total cash reserves including investments were $201.3 million, down compared to $206.9 million at the end of December 2008, primarily due to the repurchase of $20.4 million of notes in 2009 offset by the cash provided by operating activities.
Shortly after announcing its third quarter results, Enzon announced that it has decided to sell its specialty pharmaceutical business to the Sigma-Tau group of Italy for $300 million. In addition, the company is eligible to receive another $27 million based on success milestones and royalties of 5% - 10% on incremental net sales above a 2009 baseline amount from its four marketed products through 2014.
BofA Extends $184B in Credit
In its latest quarterly Lending & Investing Initiative report, Bank of America Corporation (BAC) said on Monday that it has extended about $184 billion in credit during the third quarter of 2009 to support households and communities.
The report makes obvious how BofA is utilizing the bailout money to support the U.S. economy. According to the report, since the fourth quarter of 2008 when the Troubled Asset Relief Program (TARP) was initiated, BofA had extended $759 billion in new credit. This represents almost $17 for every dollar of the $45 billion it received under the TARP. BofA also continues to provide a significant return on investment to the U.S. taxpayers. The bank is expected to pay more than $2.5 billion in dividend to the U.S. Treasury through Nov 16, 2009.
The extension of home loans continues to be among BofA’s priorities. The company extended $96 billion alone in first mortgages during the reported quarter. The loans helped nearly 450,000 people purchase a home or refinance an existing mortgage.
BofA is also extending credit to the municipalities and non-profits and has already provided $7 billion to help meet local needs and serve communities across the country.
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Enzon (ENZN) achieved break-even earnings during the third quarter of 2009, better than the Zacks Consensus Estimate of loss of 7 cents but below the year-ago earnings of 1 cent. The company reported revenues of $44.6 million, a decline of 9% compared to $48.8 million reported in the third quarter of 2008.
Enzon records revenues from three sources -- products, royalties and contract manufacturing. The three segments recorded a decline of 1%, 6% and 56%, respectively, compared to the year-ago period.
Enzon has four marketed products -- Oncaspar for the treatment of acute lymphoblastic leukemia (ALL); DepoCyt for lymphomatous meningitis; Abelcet for antifungal infection related to cancer and Adagen used to treat severe combined immunodeficiency disease (SCID), commonly known as the "bubble boy" disease. Apart from Oncaspar, whose sales remained unchanged from the year-ago period, the other three recorded a decline of 4%, 15% and 10%, respectively.
Enzon earns royalties from several products, which have been manufactured using its proprietary PEGylation technology -- Pegintron, marketed by Merck (MRK); Macugen, marketed by OSI Pharmaceuticals (OSIP) and Pfizer (PFE); Pegasys, marketed by Hoffmann-La Roche; and Cimzia, marketed by UCB Pharma. The company earns a majority of royalty revenue from sales of Pegintron, which is approved for the treatment of hepatitis C. Unfavorable movement of the foreign exchange brought down royalty revenues during the quarter.
Additionally, cancelled shipments and discontinuation of customer schedules were responsible for lower contract manufacturing revenues. We expect contract manufacturing revenues to suffer going forward since many of the current contracts are to expire in the next two years.
R&D expenses during the quarter were $15.8 million, unchanged from the year-ago period. The company has several pipeline candidates: PEG-SN38, the HIF-1 alpha antagonist, Survivin (antagonist) and other LNA- and PEGylation- based programs.
The company’s financial position continues to worry us. At the end of the reported quarter, total cash reserves including investments were $201.3 million, down compared to $206.9 million at the end of December 2008, primarily due to the repurchase of $20.4 million of notes in 2009 offset by the cash provided by operating activities.
Shortly after announcing its third quarter results, Enzon announced that it has decided to sell its specialty pharmaceutical business to the Sigma-Tau group of Italy for $300 million. In addition, the company is eligible to receive another $27 million based on success milestones and royalties of 5% - 10% on incremental net sales above a 2009 baseline amount from its four marketed products through 2014.
The specialty pharmaceutical business includes the company’s four marketed products as well as the manufacturing facility in Indianapolis, Indiana which will be purchased by a US subsidiary of Sigma-Tau Pharmaceuticals, Inc. (Maryland). Sigma-Tau Pharmaceuticals will distribute the products in the US market.
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