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Equity Breifing: Obagi Medical on Buy-Out Watch, Lexicon & Synta Moving Early
Mid-Day Healthcare Stocks Review:
Obagi Medical Products, Inc. (NASDAQ: OMPI) Shares up and rising $14.94 Up 0.66
(+4.61%) on unusual volume after buy-out rumors continue to keep this stock on
watch. Speculators accumulating shares in anticipation of acquisition news.
Shares of the stock currently trading only -2.37 % from 52-Wk High ($ 15.20 )
with roughly 1 million shares short.
Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) is experiencing volatile movement
with the stock now down 4.35% to $2.20, off session high of $2.33. This morning,
the company revealed results of two studies of its LX4211 oral drug for type 2
diabetes in the journal Clinical Pharmacology & Therapeutics, adding to positive
results released earlier this week. Over the past one week, the stock has jumped
over 14% and made a new 52-week high of $2.33 earlier this week.
Synta Pharmaceuticals Corp. (NASDAQ:SNTA) shares bounced back this morning with
a gain of over 15.40% after slumping over 35% in yesterday's session. On
Thursday, the company had issued mixed interim results from a Phase IIb/III
trial of its ganetespib treatment for lung cancer. Synta is assessing the drug
in combination with docetaxel, a leading chemotherapy.
Sanofi SA (ADR) (NYSE:SNY) announced to exercise its options to acquire two
exclusive worldwide licenses for development, manufacture and commercialization
of StarGen and UshStat gtom Oxford BioMedica PLC in exchange of $3 million
dollar. StarGen and UshStat are currently in Phase I/IIa development.
Human Genome Sciences (NASDAQ:HGSI) also rose 1.40% on the news that
GlaxoSmithKline has extended its tender offer until July 20 in hopes HGSI
shareholders finally will relent. On the other hand, analyst at RBC Capital
believes that the company may lift its bid to $15, up from the current $13 bid.
Orexigen Therapeutics, Inc. (NASDAQ:OREX) has turned lower now after a gain of
over 10 in the morning session and made another new high of $6.55. The stock had
shown strong rally in the past two trading sessions as the FDA approved Arena
Pharmaceuticals (ARNA) Belviq weight loss drug. Analyst at JPMorgan upped its
investment rating on the stock to Overweight, citing the company "stands to be
the biggest beneficiary" as approval for its own weight loss drug, Contrave, is
still far off, which leaves a valuation gap with rivals whose drugs are closer
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Source: Equity Briefing via Thomson Reuters ONE