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Morning Market Losers
Wednesday, August 10, 2011 - 10:02am | 95ADVENTRX Pharmaceuticals Inc (AMEX: ANX) fell 59.84% to $1.02 at 10:00 am. The US Food and Drug Administration (FDA) rejected the company's lung-cancer drug. Motricity Inc (NASDAQ: MOTR) shares lost 53.85% to $2.10. Motricity reported weaker-than-expected quarterly results and issued downbeat...
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UPDATE: Auriga Lowers PT on Myriad Genetics to $21
Wednesday, August 10, 2011 - 9:28am | 82Auriga is out with its report today on Myriad Genetics (NASDAQ: MYGN), lowering its PT to $21 from $25. In its report, Auriga writes, "In our view, MYGN is making the necessary and proper investments, however the top line pay off is not likely to materialize until FY13. As such, we are maintaining...
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UPDATE: Piper Jaffray Upgrades BioMarin To Overweight
Wednesday, August 10, 2011 - 9:05am | 75According to Piper Jaffray, BioMarin Pharmaceutical (NASDAQ: BMRN) is upgraded to Overweight. Piper Jaffray said that $33 PT based on 37.5x the 2015 EPS ests (previously '14) of $1.93, disc at 30% (increased from 25% to reflect push out in valuation year). “PEG-PAL represents upside to Street...
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UPDATE: Goldman Sachs Reiterates Sell on Myriad Genetics, Reduces PT to $18
Wednesday, August 10, 2011 - 8:40am | 43Goldman Sachs reiterated its Sell rating on Myriad Genetics (NASDAQ: MYGN). At the same time, the rating agency reduced its price target on the company's stock from $19 to $18. On Tuesday, MYGN closed the day at $18.98.
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JP Morgan Reiterates Neutral and PT of $18 on Myriad Genetics
Wednesday, August 10, 2011 - 8:35am | 43JP Morgan reiterated its Neutral rating on Myriad Genetics (NASDAQ: MYGN). At the same time, the rating agency left its price target on the company's stock unchanged at $18. On Tuesday, MYGN closed the day at $18.98.
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Affymax Receives $10M Milestone Payment for FDA Filing of New Drug Application for Hematide/Peginesatide
Wednesday, August 10, 2011 - 8:08am | 72Affymax, Inc. (Nasdaq: AFFY) today announced that it has received a $10 million development milestone payment from Takeda Pharmaceutical Company as part of the companies' exclusive global agreement to develop and commercialize peginesatide, Affymax's investigational drug for the treatment of anemia...
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UPDATE: Piper Jaffray Lowers PT on Nanosphere to $2.60
Wednesday, August 10, 2011 - 7:48am | 71Piper Jaffray is out with its report today on Nanosphere (NASDAQ: NSPH), lowering its PT to $2.60 from $3.40. In its report, Piper Jaffray writes, "We remain Neutral, applying our unchanged 8.5x 2012 EV/Rev multiple on lower revenue yields a $2.60 price target (44.8M shrs, $0.25 net cash/sh, rev $...
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Bank of America Looks Ahead on Arena Pharmaceuticals
Wednesday, August 10, 2011 - 7:21am | 113Bank of America has published a report on Arena Pharmaceuticals (NASDAQ: ARNA) maintaining the current assessment under current market conditions. In the report, Bank of America wrote, "Arena provided favorable results from the re-adjudication of female rat mammary tumors from the 2-yr...
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Piper Jaffray Upgrades BioMarin To Overweight, Raises PT To $33
Wednesday, August 10, 2011 - 7:17am | 28Piper Jaffray has upgraded BioMarin Pharmaceuticals (NASDAQ: BMRN) from Neutral to Overweight and has raised the price target from $29 to $33.
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Oppenheimer Reviews Arena Pharmaceuticals at the Quarter
Wednesday, August 10, 2011 - 6:50am | 106Oppenheimer has published a report on Arena Pharmaceuticals (NASDAQ: ARNA) reviews numbers at the second quarter. In the report, Oppenheimer wrote, "On 8/9, ARNA reported 2Q results. Regarding lorcaserin for obesity, ARNA/Eisai expect to file a CRL response with the FDA by YE11 and an EU MAA in...
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Goldman Sachs Lowers PT On Myriad Genetics To $18
Wednesday, August 10, 2011 - 6:50am | 27Goldman Sachs has lowered the price target on Myriad Genetics (NASDAQ: MYGN) from $19 to $18 and maintains its Sell rating.
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Acorda Therapeutics Announces Allowance of Second U.S. Patent Application for AMPYRA® Covering Methods of Use for Improving Walking in Multiple Sclerosis
Wednesday, August 10, 2011 - 6:50am | 192Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that the United States Patent and Trademark Office has allowed U.S. Patent Application No. 11/102,559 entitled “Method of Using Sustained Release Aminopyridine Compositions.” The claims of the patent application relate to methods to improve...
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Piper Jaffray Lowers PT On Nanosphere To $2.60
Wednesday, August 10, 2011 - 6:13am | 26Piper Jaffray has lowered the price target on Nanosphere (NASDAQ: NSPH) from $3.40 to $2.60 and maintains its Neutral rating.
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Adventrx Receives Complete FDA Response Letter for Exelbine NDA
Tuesday, August 9, 2011 - 7:03pm | 426Adventrx Pharmaceuticals (NYSE: ANX) announced today that it received a complete response letter from the U.S. Food and Drug Administration regarding the Company's New Drug Application for Exelbine for the treatment of non-small cell lung cancer. The FDA determined that it could not approve the...
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Biotech Investor Alert; BioSante Rebounds, Trading up over 14%
Tuesday, August 9, 2011 - 3:34pm | 1245Point Roberts, WA, LINCOLNSHIRE, Ill - August 9, 2011 - Investorideas.com, a leader in sector stock research for independent investors , issues a trading alert for specialty biotech/pharma stock, BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) for August 9 th. The stock has bounced back as high as $2...