Pixuvri launch news drives Cell Therapeutics stock upwards
Cell Therapeutics Inc(NASDAQ:CTIC) will launch the lymphoma drug Pixuvri in Europe, in September. This announcement propelled the company’s shares upwards on Tuesday. The drug will be marketed in Sweden, Denmark, Finland this month. It will be launched in Austria and Norway in October and Germany, UK and Netherlands in November. The drug will be released in France, Italy, Spain and other countries of the European Union in the next calendar year.
In May, EU regulators conditionally approved Pixuvri for treatment of non-Hodgkin B-cell lymphoma that has recurred even after two therapies. Since the drug meets an urgent need, the company was given the go ahead to market it. At the same time, it does carry on additional clinical studies to show that it works. Pixuvri has not been approved in the U.S. and can be used only on adults.
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On Tuesday, shares of Cell Therapeutics made a sharp upward move of 38.5 percent, to $3.56, a rise of 99 cents and on Wednesday the stock fell 4.78%. In February, shares had risen to $6.75, when EU regulators had recommended conditional approval for the new drug. But the stock had lost 62% of the value until Monday.
Coffee Holding rises on higher earnings
Meanwhile, shares of Coffee Holding Co., Inc.(NASDAQ:JVA) jumped 19 percent to $8.75 as the quarterly earnings were better than expectations. The report published by the company shows a net income of $1.2 million or 19 cents per share, much higher than the $168236 or 3 cents per share in the corresponding quarter last year.
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"Although coffee prices on average were lower by $1 per pound, we achieved growth in our sales in all key areas, including green coffee sales, private labels sales and branded sales, building upon our momentum from last quarter, while improving our gross margin by almost three percentage points as well,"CEO Andrew Gordon said in his statement.
The coffee wholesaler will pay 3 cents per share as quarterly dividend.