U.S. stocks turned lower after gapping up in the morning session on
Tuesday on investor confidence that Federal Reserve stimulus would
underpin equities and purchases by money managers wanting to touch up
portfolios before the quarter's end. San Francisco Fed President John
Williams said on Monday he expected the central bank to expand its
bond-buying program next year to more aggressively combat the
unemployment rate. He also expects the program to end before the close
of 2014. Several healthcare stocks are making notable news at mid day on
Tuesday.
DARA Biosciences Inc( NASDAQ: DARA) stock gained 7.26% to
$1.16. The Helsinn Group of Switzerland announced last week that it has
entered into an exclusive agreement with DARA BioSciences for U.S.
commercial rights to Gelclair. Gelclair is an FDA-cleared product
indicated for the treatment of oral mucositis. DARA plans to launch
Gelclair in the first quarter of 2013.
Vertex Pharmaceuticals
Incorporated (NASDAQ: VRTX) shares declined 1.16% to $58.04 after VRTX
and its collaborator Alios BioPharma Inc. announced results from a viral
kinetic study of the adenosine nucleotide analogue pro-drug ALS-2158
for the treatment of hepatitis C. The study data showed that seven days
of dosing with up to 900 mg of ALS-2158 was well-tolerated in people
with genotype 1 chronic hepatitis C, but that there was insufficient
antiviral activity to warrant proceeding with further clinical
development.
Ampio Pharmaceuticals, Inc. (NASDAQ: AMPE) shares
climbed 2.26% to $4.08 in the early hour after Aegis initiated coverage
on shares of Ampio in a research report sent to investors today. The
firm issued a buy rating and a $11.00 price target on the stock. The
Company is engaged in discovering and developing pharmaceutical drugs
and diagnostic products to identify, treat, and prevent a range of human
diseases including metabolic disorders, eye disease, kidney disease,
acute and chronic inflammation, and male sexual dysfunction.
Genetic
Technologies Limited (NASDAQ: GENE) shares soared 19.40% to $4.01 after
the company announced that BREVAGen has been cleared for sale into the
State of Florida following the grant of a permit to the Company's
Australian-based laboratory by the Clinical Laboratory Unit of the
Florida Agency for Healthcare Administration (AHCA).
Peregrine
Pharmaceuticals (NASDAQ: PPHM) shares bounced back 47.41% to $1.71 after
falling 80% in yesterday's session after the company announced that
Attorney Advertising, Bronstein, Gewirtz & Grossman, LLC is
investigating potential claims on behalf of purchasers of the securities
of Peregrine Pharmaceuticals, Inc., concerning potential violations of
federal securities laws. The discrepancy was made while reviewing trial
data in preparation for a meeting with the U.S. Food and Drug
Administration.
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