Following are the notable stock movers in the biotech sector in the first hour:-
Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) shares gained 0.53% to $8.45 in the morning hour. Investment analysts at Credit Suisse initiated coverage on shares of Arena Pharmaceuticals in a note issued to investors on Sept. 6. The firm set an “underperform” rating and a $6.00 price target on the stock. Additionally, analysts predict that ARNA will post $-0.26 earnings per share for the current fiscal year.
Will ARNA Move Back To new Highs? Find Out Here
Peregrine Pharmaceuticals(NASDAQ:PPHM) continued to bounce back and added another 9% to $1.89 after recovering 46.50% in yesterday’s session . On Monday, the stock was down 80% on news that previously released results from a midstage cancer drug study aren't reliable because of a third-party error in conducting the study. The news erased a tenfold increase in the company's stock price this summer and removed almost a half-billion dollars in market value for the Tustin, Calif., drug maker.
Will PPHM Continue To Move Higher? Find Out Here
Rosetta Genomics Ltd. (USA)(NASDAQ:ROSG) stock gained 3.89% to $7.21. The company announced that Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics, will present a corporate update at the 2012 Aegis Healthcare Conference taking place from September 27-29, 2012 at The Wynn in Las Vegas, Nevada. Mr. Berlin's presentation will take place on Saturday, September 29th at 10:00 a.m. Pacific time.
Sucampo Pharmaceuticals, Inc.(NASDAQ:SCMP) stock climbed 16.61% to $5.28 after SCMP and Takeda Pharmaceuticals U.S.A., Inc. announced that the U.S. Food and Drug Administration (FDA) has granted priority review of their supplemental new drug application (sNDA) filing. The sNDA was filed in late July seeking approval for an additional indication for AMITIZA (lubiprostone) for the treatment of opioid-induced constipation (OIC) in patients with chronic, non-cancer pain.
Cleveland BioLabs, Inc.(NASDAQ:CBLI) shares gained 0.35% to $2.88. The company, on Sept. 10, announced the receipt of an Advice Letter from the U.S. Food and Drug Administration (FDA) indicating agreement with proposed pivotal animal efficacy studies for the development of CBLB502 as a radiation countermeasure. The FDA also accepted the Company's recently concluded Good Laboratory Practice non-human primate (NHP) study as part of the pivotal program.