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 to approval.
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