Thursday Market Movers (RAD, SUNH, ONXX)

Onyx Pharmaceuticals ONXX traded up about 40% early in the session on Thursday. On Wednesday, the FDA's Oncological Drugs Advisory Committee (ODAC) determined that the benefit-risk assessment was favorable for Onyx's cancer drug Kyprolis. Ted Love, executive vice president of Onyx stated, “Today's ODAC recommendation is an important regulatory milestone in the review of Kyprolis for relapsed and refractory multiple myeloma” Rite Aid (RAD) traded up about 8% early in the Thursday session. Rite Aid reported earnings for the first quarter on Thursday. Rite Aid's net loss for the first quarter of the fiscal year of 2012 was $28.1 million, compared to last year's first quarter net loss of $63.1 million. Rite Aid has had six straight quarters of same store sales increases. President and CEO, John Standley, stated, “During the quarter, we saw strong growth in same-store prescription counts while key initiatives like our popular wellness+ customer loyalty program, enhanced Rite Aid brand offerings and ground-breaking Wellness store format continued to gain traction.” Sun Healthcare Group SUNH surged 36% on Thursday. On Wednesday, the company announced that it signed an agreement for the acquisition of Sun Healthcare by Genesis Healthcare. Genesis has agreed to acquire Sun Healthcare for $8.50 per share of common stock, for a total of about $275 million. William A. Mathies, Sun's Chairman and Chief Executive Officer, stated, "The combined entity will have broad geographic reach and the scale necessary to remain competitive in the post-acute sector. On a combined basis, the two companies generated roughly $4 billion in revenue in 2011 and will have more than 420 facilities and 75,000 employees."