Biotech Movers: Spectrum, AEterna Among Big Losers

by Adam Benjamin | March 18, 2013 8:47 am

BiotechRecap185 Biotech Movers: Spectrum, AEterna Among Big Losers[1]Here’s a look at recent major developments and share moves[2] in biotech stocks:

Spectrum Pharmaceuticals (NASDAQ:SPPI[3]): Spectrum was one of last week’s biggest losers, plunging 34% after the company updated its guidance for 2013. The Fusilev manufacturer has been plagued by stagnant revenues[4], and reported a change in sales expectations Tuesday. As hospitals shift to generics, sales of Fusilev are expected to top out at $90 million for the year — a steep drop from last year’s $204 million.

Amicus Therapeutics (NASDAQ:FOLD[5]): Shares of Amicus jumped last week after the company reported its fourth-quarter and yearly results Tuesday. While the company did report a loss of 23 cents, that was far better than the 36-cent loss expected by Wall Street analysts. Investors drove FOLD up by about 16% by week’s end.

Clovis Oncology (NASDAQ:CLVS[6]): Clovis shares got a pick-me-up last Monday after JPMorgan put an “overweight” rating on the stock and gave it a $33 price target — more than double CLVS’ closing price on March 8. The analyst expects good news for two products in the clinical stage — CO-1686 and Rucarib — on the heels of a strong Q4 report. CLVS shares finished up 7% by week’s end.

AEterna Zentaris (NASDAQ:AEZS[7]): Aeterna Zentaris went off a steep cliff this week, falling 26% after the forced stoppage of a Phase 3 trial. An independent data safety monitoring board did not expect the multiple myeloma treatment perifosine to be significantly effective. Most of the drop occurred mid-day Monday, when the stoppage was announced. AEZS currently has one product on the market: Centrotide, an endocrine therapy treatment for in vitro fertilization.

XenoPort (NASDAQ:XNPT[8]): XenoPort finished the week down nearly 20% after the company’s fourth-quarter report Monday. The company, which develops products to treat neurological disorders, saw revenues fall to just $400,000 after bringing in $5.38 million in the year-ago period. The company did swing to a 7-cent-per-share profit after losing 48 cents in 2011, however.

Adam Benjamin is Assistant Editor of InvestorPlace.com[9]. As of this writing, he did not hold a position in any of the aforementioned securities.

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/biotech-movers/
  2. recent major developments and share moves: http://investorplace.com/hot-topics/biotech-movers/
  3. SPPI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPPI
  4. plagued by stagnant revenues: http://www.thestreet.com/story/11848007/1/spectrum-pharmas-ugly-december-quarter-hurt-by-falling-fusilev-sales.html
  5. FOLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=FOLD
  6. CLVS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CLVS
  7. AEZS: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEZS
  8. XNPT: http://studio-5.financialcontent.com/investplace/quote?Symbol=XNPT
  9. InvestorPlace.com: http://investorplace.com/

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