Biotech Stocks On the Move Early Wednesday (AMAG, MYGN, SPPI, NVAX)
AMAG Pharmaceuticals:
AMAG Pharmaceuticals Inc. (Nasdaq: AMAG) are up about 6 percent with more than 17,000 shares traded as of 8 a.m. Eastern this morning, after the FDA approved the company’s Feraheme drug as an iron replacement therapy for patients with chronic kidney disease.
The approval removes an overhang for the company. It first sought FDA approval for the drug in December 2007, and twice received requests for more information on it last year.
Myriad Genetics:
Myriad Genetics (Nasdaq: MYGN) shares are down more than 15 percent on very strong premarket trading volume early this morning. The company last night said it expects fiscal Q4 revenue of $86 million, shy of the $91.6 million analysts had anticipated, citing high unemployment and patients cancelling or delaying doctor visits.
Several analysis firms including Oppenheimer and RBC Capital have downgraded the company’s shares this morning, with several citing worries about revenue growth rates.
Spectrum Pharmaceuticals:
Spectrum Pharmaceuticals (Nasdaq: SPPI) Inc. shares are down roughly 8 percent on nearly 60,000 shares traded as of 8:15 a.m. Eastern. The company announced early this morning that it will raise $21 million from institutional investors at $7.15 a share. The stock had been trading near $7.65 a share.
Novavax:
Shares of vaccine maker Novavax Inc. (Nasdaq: NVAX) are up very slightly in premarket trading, seeing some continued buying a day after Spanish health authorities licensed its technologies to make pandemic and seasonal flu vaccines.
The stock had risen more than 30 percent yesterday on the news.
Boutique research firm Rodman and Renshaw raised its target on Novavax shares to $5 from $4 this morning, suggesting Spain is providing additional validation fo the company’s technology and it may be a foothold for Novavax to register its vaccine in other countries. — Mike Tarsala
