Biotech Movers: Sequenom Soars on Blood Test Success

Array, Vivus among other biotechs making headlines

   
Biotech Movers: Sequenom Soars on Blood Test Success

BiotechRecap185 Biotech Movers: Sequenom Soars on Blood Test SuccessHere’s a look at recent major developments and share moves in biotech stocks:

Sequenom (NASDAQ:SQNM): Sequenom shares jumped almost 19% Friday despite a worse-than-expected earnings report thanks to positive news related to MaterniT21, the company’s prenatal blood test for trisomy 21, or Down syndrome. According to the Associated Press, SQNM said demand was up, as it “ran about 18,000 of the tests during the third quarter and will ‘significantly exceed’ its estimate of 50,000 billed tests in 2012.” However, the company only earned 26 cents per share — 2 cents worse than analyst forecasts — on revenues that grew 68% to $22.9 million, matching the Street consensus.

Array Biopharma (NASDAQ:ARRY): Array was crushed Friday, dropping nearly 14% after announcing plans for a secondary stock offering. The company plans to offer 18 million primary shares to help fund “research and development and … general corporate purposes.” Array — which has several treatments for cancer in trial stages — is down roughly 40% since peaking above $6 in early October.

DUSA Pharmaceuticals (NASDAQ:DUSA): India’s Sun Pharmaceuticals announced Thursday that it would buy DUSA Pharmaceuticals for roughly $215 million in cash, or $8 per share — a 38% premium on DUSA’s Wednesday closing price. DUSA Pharmaceuticals is a Massachusetts-based dermatology company that has developed Levulan, which treats non-hyperkeratotic actinic keratoses of the face and scalp as well as acne and other conditions. DUSA shares finished last week up 29%.

Vivus (NASDAQ:VVUS): Vivus sank this week after releasing its third-quarter earnings report on Tuesday, which showed weakness in sales of its weight-loss drug Qsymia. Total sales came in at just $41,000 on 5,560 total prescriptions in Q3. Qsymia is competing against Arena Pharmaceuticals’ (NASDAQ:ARNA) own weight-loss drug, Belviq. Vivus also reported a loss of 40 cents per share — worse than analysts were expecting. After a roughly 6% rebound Friday, VVUS shares ended last week down about 24%.

Biomarin Pharmaceutical (NASDAQ:BMRN): BioMarin surged Monday on positive news from the Phase III study of its GALNS treatment for mucopolysaccharidosis Type IVA — otherwise known as Morquio A Syndrome. The disease results in a buildup of keratin sulfate that can cause difficulties in breathing and walking, and can also affect growth. Patients using GALNS were able to walk further in six-minute tests than those using a placebo, among other improvements. BMRN finished last week up 29%.

Kyle Woodley is the Assistant Editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Follow him on Twitter at @IPKyleWoodley. Check out other big moves in biotech here.


Article printed from InvestorPlace Media, http://investorplace.com/2012/11/biotech-movers-sequenom-soars-on-blood-test-success/.

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