SciClone (SCLN) Ends Cancer Treatment Trials
SciCLone Pharmaceuticals (SCLN) announced the discontinuation of the investigational treatments under its randomized, placebo-controlled, double-blind Phase 2 trial that is evaluating RP101 — a nucleoside analog known as BvdU — for the treatment of late-stage pancreatic cancer. This decision followed the recommendation of the Data Safety Monitoring Committee (DSMC) with oversight responsibility for this clinical trial that was based upon the data reviewed at the most recent DSMC meeting. Further details will be reported when these data have been unblinded and reviewed by SciClone.
Its shares are down 13% to $3.61.
Douglas A. McIntyre
Unusual Number of 52-Week Highs in BioHealth Stocks (BCRX, CRIS, NKTR, OGXI, SCLN, SVA, SPPI, TRGT, VICL)
As you will see, there are many new 52-week highs out there in some drug and biotech names…. Some of this is on swine flu news despite a big drop in the stock market today, but here goes:
- BioCryst Pharmaceuticals Inc. (BCRX) hit $13.24 today…. 52-week low is $0.85.
- Curis Inc. (NASDAQ: CRIS) hit $2.25 today, the drug discovery company has a small cap at $140 million; 52-week low is $0.68.
- Nektar Therapeutics (NASDAQ: NKTR) hit 8.29 but on very low volume, 52-week low is $8.29.
- OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) hit a high of $42.99, also on fairly thin trading volume…. The 52-week low is all the way down at $2.00 on this cancer company. In 2007, this was over a $100 stock…
- SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) is up big on heavy block trading as it hit $4.90 vs. a 52-week low of $0.63.
- Sinovac Biotech Ltd. (AMEX: SVA) is what led the flu names today after securing Chinese approval for its swine flu vaccine. Shares are up over 40% at $8.90… but it hit $9,44 today versus a 52-week low of $0.75.
- Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) is up over 7% and hit $8.32 on strong volume… 52-week low is $0.55.
- Targacept, Inc. (NASDAQ: TRGT) hit $14.69 today, but on thin trading volume, compared to a 52-week low of $1.40.
- Vical Inc. (NASDAQ: VICL) hit a high of $4.93 versus a low of $1.04. This is on strong volume and is after a rise of flu awareness stocks in China.
JON C. OGG
August 31, 2009
SciClone Pharmaceuticals (SCLN) Makes A Profit
Shares in SciClone Pharmaceuticals (SCLN) are up 25% to $4.42, and they should be. The company showed a profit in the last quarter.
Revenues for the quarter grew 59% to $22.0 million compared with the same period in 2008. SciClone reported net income of $7.3 million or $0.16 per share on a basic and diluted basis, compared with a net loss of $0.3 million, or $0.01 per share for the same period of last year.
SciClone is updating its financial guidance for 2009. The Company anticipates full year 2009 revenues of between $69 and $71 million, an increase of approximately 28% to 31% over 2008. SciClone anticipates earnings per share for the full year 2009 to be between $0.10 and $0.14
The company is sitting on about $22 million in cash, so it appears that the firm’s prosperity should continue.
Douglas A. McIntyre
SciClone shares fall on revenue worries, secondary offering fears (SCLN, ARNA)
SciClone Pharmaceuticals Inc. (SCLN) shares are down more than 7 percent in early trading Wednesday, after analyst Hamed Khorsand at BWS Financial expressed concerns about the company’s unsustainable revenue growth.
Khorsand says that China was stocking the SciClone drug Zadaxin as a vaccine against swine flu. But essentially, it’s a one-time event that gave a boost to revenue in the second-quarter that won’t be sustained going forward.
The assumption that SciCone can maintain such a strong growth rate is misplaced, Khorsand says, setting up investors in the company for a disappointment.
Also of note, SciClone filed a shelf registration in May 2009. The company has not yet tapped it, but the risk that it will do so — and dilute the shares of existing holders in the process — increases along with the company’s stock price.
As noted in previous posts, an anecdotal market observation of BioHealthInvestor.com is that the market in recent months is seeing an increase in the number of stock offerings, especially among companies with the most at-risk balance sheets. A recent quantitative analysis at 247wallst.com may back up that observation. — Mike Tarsala
See related post on Arena Pharmaceuticals Inc. (Nasdaq: ARNA)
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