Biotech Movers: Acadia Jumps, Affymax Crashes

by Adam Benjamin | March 25, 2013 7:00 am

BiotechRecap185 Biotech Movers: Acadia Jumps, Affymax Crashes[1]Here’s a look at recent major developments and share moves[2] in biotech stocks:

Affymax (NASDAQ:AFFY[3]): Affymax announced Tuesday that it planned to fire 75% of its workers as it slides closer to an inevitable sale or bankruptcy[4]. Shares plunged in half after the announcement, and finished down 54% for the week. Affymax still is suffering fallout from the recall of Omontys, its only product on the market, in late February.

Acadia Pharmaceuticals (NASDAQ:ACAD[5]): Acadia reported postive results[6] for its Phase 3 drug  Pimavanserin on Tuesday, boosting shares by 21% by week’s end. The drug, a treatment for Parkinson’s disease, “showed a robust and consistent efficacy,” according a report from Jeffrey Cummings, director of the Lou Ruvo Center for Brain Health. The stock is sitting at roughly four-year highs around $7.50.

Omeros (NASDAQ:OMER[7]): Omeros slid more than 14% last week after reporting Q4 and full-year financials on Monday[8]. The company reported a loss of 30 cents per share for the quarter, just slightly beating analyst expectations for a 34-cent loss. The company also is expected to lose more than 30 cents per share for each of the next two quarters. Omeros has two “PharmacoSurgery” products — OMS103HP and OMS302 — in clinical development.

Progenics (NASDAQ:PGNX[9]): Progenics reported[10] a fourth quarter loss of just 1 cent, a huge improvement from the year-ago period’s loss of 32 cents and easily above analyst estimates for a 31-cent loss. The maker of PSMA ADC, an antibody-drug conjugate, saw revenues quadruple year-over-year. compared to the same quarter in 2011. Shares finished the week up more than 16%, and they’ve gained more than 85% in the past month.

Obagi Medical Products (NASDAQ:OMPI[11]): OMPI stock soared Wednesday on the announcement[12] that it would be acquired by Valeant Pharmaceuticals (NYSE:VRX[13]). Valeant valued Obagi at $19.75 per share, or a 32% premium to Tuesday’s closing price. OMPI produces a variety of skin care products, including the Nu-Derm line. VRX focuses on branded generic pharmaceutical.

Adam Benjamin is Assistant Editor of[14]. As of this writing, he did not hold a position in any of the aforementioned securities.

  1. [Image]:
  2. recent major developments and share moves:
  3. AFFY:
  4. inevitable sale or bankruptcy:
  5. ACAD:
  6. reported postive results:
  7. OMER:
  8. reporting Q4 and full-year financials on Monday:
  9. PGNX:
  10. reported:
  11. OMPI:
  12. announcement:
  13. VRX:

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