Healthcare Business Recap: J&J Halts Clinical Trial, Jazz Pharmaceuticals Revises Higher
J&J (NYSE:JNJ) halted a clinical trial of its antibiotic Doribax. More pneumonia patients who took the product died and fewer were cured. However, Doribax is still considered safe and effective for treating urinary and abdominal infections.
BioDelivery Sciences (NASDAQ:BDSI) shares are up an overwhelming 33%. The firm announced a worldwide license and development agreement with Endo Pharmaceuticals (NASDAQ:ENDP) for the rights to commercialize chronic pain treatment BEMA Buprenorphine, which could account for the spike.
Bristol-Myers Squibb (NYSE:BMY) is up two notches to Outperform from Underperform rated by Credit Agricole. The new price target is $38. Insider Monkey as one of its “11 Benjamin Graham Stocks For Defensive Investors” also selected BMY.
Jazz Pharmaceuticals (NASDAQ:JAZZ) provided an upward revision for 2012 revenue. Analysts at Muzho also raised their price target on shares to $62 from $52 based on the firm’s outlook.
AngioDynamics (NASDAQ:ANGO) takes a hit after its fiscal second quarter missed the mark across the board. Primarily due to costs related to a recall of some its NeverTouch procedure kits profit fell 29% year-over-year. Gross margin was also down, reflecting the impact of ongoing programs to reduce material costs and increase its manufacturing efficiency.
Select Medical (NYSE:SEM) raised its revenue outlook for 2012. Expectations are for fiscal year revenue to be in the range of $2.85 billion – $2.95 billion. Street estimates are for $$2.85 billion.
Investing Insights: J&J and Pfizer Lead AQR Capital’s Largest Healthcare Holdings.
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