Morning Buzz: ImmunoGen (IMGN), Cerus Corporation (CERS), BlackBerry (BBRY, Orexigen Therapeutics (OREX), Agenus Inc. (AGEN)

Shares ImmunoGen, Inc. (IMGN) are down over 49% in premarket trading Friday after the company reported results of its Phase III Marianne study, a breast cancer treatment from drug development partner Roche, failed to deliver significant improvement in a key late-stage study measurement of cancer patients. Roche however, has reported the Marianne study showed the three regimens helped people live without their disease worsening.

IMGN shares are down $5.23 to $5.60 in early trading. The move comes on a big volume too with the issue currently trading more than 3 million shares, compared to the average volume of 1.28 million.

On valuation measures, IMGN’s price/sales stands at 16.69. EPS is ($0.96). Currently there are 5 analysts that rate IMGN a ‘Buy’, 7 rate it a ‘Hold’. 2 analysts rate it a ‘Sell’. IMGN has a median Wall Street price target of $14.00 with a high target of $20.00.

In the past 52 weeks, shares of Waltham, Massachusetts-based biotechnology company have traded between a low of $5.45 and a high of $17.80. Ticker is down 27.67% year-over-year and 26.04% year-to-date.

Shares of Cerus Corporation (CERS) are up nearly 10% to $6.76 in recent action following the Food and Drug Administration’s approval of the company’s system for removing infectious diseases from plasma prior to administering transfusions. Cerus said the approval marks the first time that a system to inactivate pathogens in platelet components will be available in the United States. Baird Equity Research called the FDA approval “a pivotal event in the company’s 23-year history.”

Cerus Corporation, currently valued at $524.40M, has a median Wall Street price target of $7.50 with a high target of $10.00. Approximately 1.25M shares have already changed hands, compared to the stock’s average daily volume of 1.21M.

In the past 52 weeks, shares of Concord, Calif.-based biomedical products company have traded between a low of $3.48 and a high of $8.00 with the 50-day MA and 200-day MA located at $4.41 and $4.06 levels, respectively. Additionally, shares of CERS have a Relative Strength Index (RSI) and MACD indicator of 86.08 and +0.91, respectively.

CERS currently prints a one year return of about 13.50%.

Shares of BlackBerry Limited (BBRY) are down 6% to $9.47 in early trading on Friday, after the struggling smartphone maker reported a bigger-than-expected drop in 3Q revs. The company said revenue for the three months ended November 29 was $793 million, falling short of analysts’ expectations of $931.5 million. Non-GAAP 3Q profit was $0.01 per share, reversing a loss of $0.02 last quarter.

BlackBerry shares recently lost $0.59 to $9.48. In the past 52 weeks, shares of Waterloo, Canada-based smartphone maker have traded between a low of $6.08 and a high of $12.54. Shares are up 66.17% year-over-year and 35.35% year-to-date.

Orexigen Therapeutics, Inc. (OREX) shares are higher by 6.40% on heavy volume in midday trading on Friday, after the company confirms that the Committee for Medicinal Products For Human Use of the European Medicines Agency has adopted a positive opinion recommending the granting of a centralized marketing authorization for Mysimba.

OREX shares recently gained $0.39 to $6.70. The stock is up more than 15.20% year-over-year and has gained roughly 11.72% year-to-date. In the past 52 weeks, shares of La Jolla, Calif.-based company have traded between a low of $3.11 and a high of $7.82.

Orexigen Therapeutics, Inc. closed Thursday at $6.29. The name has a total market cap of $820.29M.

Agenus Inc. (AGEN) target raised to $10 from $8 at Maxim Group.

On trading-measure, AGEN has a beta of 2.55 and a short float of 12.08%. In the past 52 weeks, shares of the biopharmaceutical company have traded between a low of $2.27 and a high of $5.27 with its 50-day MA and 200-day MA located at $3.08 and $3.15 levels, respectively.

AGEN currently prints a one year return of about 47.19% and a year-to-date return of around 48.86%.

Be the first to comment

Leave a Reply

Your email address will not be published.


*