Best of the Blogs, Biotech: ImmunoGen in the Spotlight With New Tumor Treatment
Plus, market pulse quickens on news of Sunshine Heart trials.
Link: ImmunoGen Emerges From Genentech's Shadow With Novel Cancer Drugs
"When ImmunoGen (IMGN) said yesterday that it had started human trials of a new drug to treat ovarian cancer and other solid tumors, the announcement marked a coming out of sorts for the Waltham, MA-based company. That's because for most of the past decade or so, ImmunoGen has been inextricably linked with biotech giant Genentech (RHHBY), which has been using ImmunoGen's technology to develop a breast cancer drug called emtansine (T-DM1). The drug has proven so promising in late-stage trials that hopes for an approval have pushed shares of ImmunoGen-which will collect single-digit royalties on the product should the FDA green-light it-up 30 percent in the last three months to $17.27. ImmunoGen also announced a secondary stock offering yesterday, though it did not say how much it hopes to raise."
Link: Sunshine Heart Inc. Stock Climbs in Tuesday's Session; Receives Health Canada Approval
"Sunshine Heart Inc. (SSH) stock traded in the range of $9.05 and $14.54 during Tuesday's trading session. The stock opened at $9.55 and closed at $13.30, up 37.82 percent from its previous close of $13.30. Sunshine Heart stock has a daily average volume stands at 44k shares. The company's market cap is 83.48 million. Sunshine Heart stock has traded in the range of $2.50 and $22.90 during the past 52 weeks. The stock's beta stands at 0.556. Sunshine Heart reports its earnings per share at -$3.00.
"Sunshine Heart reported that it has received approval from Health Canada for using its C-Pulse Heart Assist System driver for ongoing clinical studies."
Link: Do You Trust the Earnings at PSS World Medical?
"Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measure of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls….
"Today, we're checking in on PSS World Medical (PSSI), whose recent revenue and earnings are plotted below."
Link: Complete Genomics Shares Rise on New Technology
"Shares of Complete Genomics Inc (GNOM) continued their rally on Thursday, jumping 11 percent in premarket trading after the gene sequencing company unveiled a technology that is expected to improve accuracy and reduce the amount of DNA needed for testing.
"The new technology, named Long Fragment Read (LFR), will result in a 10-fold increase in accuracy, Complete Genomics said in a statement late on Wednesday. The shares rose 49 percent after the announcement."
Link: First Diet Pill in Decade Turns Arena Into Deal Bait: Real M&A
"The first medication in more than a decade to help 78 million obese Americans slim down is turning into takeover bait.
"Arena Pharmaceuticals Inc. (ARNA) won Food and Drug Administration approval last month for Belviq, a treatment affecting an area of the brain that helps a person feel full after consuming less food. With the first weight-loss drug to be cleared for sale in the US in 13 years, Arena is projected by analysts to increase revenue 18-fold in the next four years, the fastest growth in the world among specialty pharmaceutical companies greater than $1 billion, according to data compiled by Bloomberg."
The Wall Street Journal: MarketWatch
Link: Takeda and Affymax Announce Supply Agreement for OMONTYS(R) (peginesatide) Injection With Fresenius Medical Care North America
"Takeda Pharmaceuticals USA (TKPYY) and Affymax, Inc. (AFFY) today announced that Takeda Pharmaceuticals America, Inc. has entered into a supply agreement for sourcing and supply of OMONTYS(R) (peginesatide) Injection to Fresenius Medical Care North America (FMS) and certain of its affiliates. OMONTYS is the only once-monthly erythropoiesis-stimulating agent (ESA) for anemia available to the dialysis patient population with chronic kidney disease (CKD) in the United States."
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