A U.S. District Court judge stopped Massachusetts from banning the sale of Zogenix Inc.'s (NASDAQ: ZGNX) prescription painkiller Zohydro, saying that the decision was based on the principle that federal law superseded the state's action.
Massachusetts Governor Deval Patrick initiated the ban on the new painkiller by declaring a medical emergency, contending the ban on the drug was needed because of the widespread abuse of opiates in the state.
The U.S. District Court for Massachusetts granted a preliminary injunction against the ban, which was greeted with praise from the pharmaceutical company.
"Today's legal ruling was a positive step forward for Massachusetts patients," stated Roger Hawley, chief executive officer of Zogenix. "We invite concerned officials to engage with us to discuss fair and appropriate safeguards for pain medications like Zohydro ER rather than seeking to ban or restrict one specific treatment," he added.
Zogenix said that will continue to work to ensure patients suffering from severe chronic pain have access to the FDA approved medications they need in every state nationwide.
The federal court order goes into effect on April 22.
Of the 4 analyst firms covering Zogenix, all 4 recommend a “strong buy.”
On Apr. 18, the share price of ZGNX closed at $2.71, down 11 cents from its previous day’s share price of $2.82
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Idera Pharmaceuticals Inc. Presents Data Showing the Effectiveness of Its Tumor-Fighting Drug
In other news, Idera Pharmaceuticals Inc. (NASDAQ: IDRA) stock volume was robust with 3,019,735 shares changing hands.
The Cambridge, Mass.-based pharmaceutical company’s strong volume is being fueled in part by the presentation of its new pre- clinical data that demonstrates the ability of its tumor-fighting drug to inhibit the survival and the proliferation of the B-cell lymphoma cells. The data adds to the increasing body of research that supports IDRA’s efforts to develop its IMO-8400 for treating the genetically-defined forms of its B-cell lymphoma.
Of the 2 analyst firms covering Idera, both recommend a "strong buy."
On Apr. 18, the share price of IDRA closed at $2.77, down 17 cents from its previous day’s share price of $2.94
Hercules Offshore To Report 1Q Results Apr. 23
Meanwhile, Houston, TX-based drilling and marine services Hercules Offshore Inc.’s (NASDAQ: HERO) stock volume continues to be robust Apr. 18, with 4,104,419 shares changing hands,.
The company announced that it has scheduled a conference call to discuss its first quarter 2014 financial results on April 23, 2014. The call will take place at 10:00 a.m. CDT (11:00 a.m. EDT). The financial results are scheduled to be released publicly prior to market opening in the United States on that same day.
To participate in the conference call by telephone, please call one of the following telephone numbers 10 minutes prior to the scheduled start time:
· 800-884-5695 (Domestic)
· 617-786-2960 (International)
· The access or confirmation code is 29196501.
The conference call will also be broadcast live via the Internet. You may listen by accessing Hercules Offshore’s website at http://www.herculesoffshore.com. You should connect to our website at least 15 minutes prior to the conference call to register, download and install any necessary audio software.
If you are unable to participate, a replay of the conference call will be available on April 23, 2014, beginning at 2:00 p.m. CDT (3:00 p.m. EDT), through April 30, 2014. The phone number for the conference call replay is 888-286-8010 (Domestic) or 617-801-6888 (International). The access code is 32983445. Additionally, the recorded conference call will be accessible through our website for 7 days after the conference call.
Full Year 2013 Results Disappointing
On Feb. 28, Hercules Offshore released its financials for the 12-month period ended Dec. 31, 2013, At that time, Hercules reported a loss from continuing operations of $26.8 million, or $0.17 per diluted share, on revenue of $858.3 million, compared to a loss from continuing operations of $121.0 million, or $0.79 per diluted share, on revenue of $618.2 million for the twelve month period ended December 31, 2012.
While it can be said that Hercules Offshore is losing a lot less money these days, the fact is it is still bleeding red.
Of the 9 analyst firms covering Hercules Offshore, 3 recommend a "strong buy," 5 a "hold" and 1 a "sell."
On Apr. 18, the share price of HERO closed at $4.41, down 8 cents from its previous day’s share price of $4.33
Shareholder Lawsuits Mount as Galena Biopharma Inc.’s Share Value Loses Ground
Finally, Galena Biopharma Inc.’s (NASDAQ:GALE) share value has lost substantial ground in the last 30 days as a result of the Worcester, Mass-based company’s revelation that it is being investigated by the Securities and Exchange Commission.
Here is the company’s statement:
"In February 2014, we learned that the SEC is investigating certain matters relating to our company and an outside investor-relations firm that we retained in 2013. We have been in contact with the SEC staff through our counsel and are cooperating with the investigation," the company stated in its 10-K filing dated Mar. 17.
In addition to this bad news, the company is facing a slew of class action lawsuits from stockholders that allege Galena and certain of its executives issued a series of materially false and misleading statements during the Class Period, violating federal securities laws. However, it should be noted that none of these allegations have been proven.
Moreover, Galena’s results for its fourth quarter were less than comforting to shareholders. Its earnings per share loss of 46 cents on revenue of $1.32 million as compared to estimates of 9 cents and $1.62 million, respectively. The company pointed out that the Q4 net loss of $48.5 million included $38.9M in non-cash charges. On the positive side, Galena lifted its 2014 Abstral net revenue estimates to $11 million to $15 million as compared to prior guidance of $8 million to $12 million.
Of the 7 analyst firms that cover Galena, 6 recommend a “strong buy” and 1 recommends a "sell."
On Apr.18, GALE’s share price closed at $1.80, down 6 cents from its close of $1.86 the previous day. A month ago it closed at $2.82 a share
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