by Adam Benjamin | March 18, 2013 8:47 am
Here’s a look at recent major developments and share moves in biotech stocks:
Spectrum Pharmaceuticals (NASDAQ:SPPI): 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, 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): 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): 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): 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): 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. As of this writing, he did not hold a position in any of the aforementioned securities.
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