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Healthcare Review: Genworth & Laboratory Corp. Soars, Array Biopharma Slumps On News

August 2, 2012 -

U.S. Stocks were trading mostly higher on Wednesday in cautious trading following mixed economic data did little to change views of the Federal Reserve's policy decision in the afternoon, with the central bank seen as likely to leave the door open to further stimulus. Several healthcare stocks are making notable news at mid day on Wednesday.
Array Biopharma Inc. (NASDAQ:ARRY) shares slumped 14% after its ARRY-797 drug failed to reduce pain better than an existing standard treatment, Oxycodone, in a Phase II trial of osteoarthritis patients. However, ARRY-797 did did meet its primary endpoints and reduced pain much more than a placebo.
Cell Therapeutics Inc (NASDAQ:CTIC) shares climbed 2.69% to $0.530 after the company reported a second-quarter 2012 net loss of $58.6 million or $0.28 per share, as compared to $22.5 million or $0.14 per share loss in the same quarter previous year, primarily due to an increase in non-cash deemed dividends on preferred stock issuances and operating expenses, which includes the acquisition of pacritinib from S*BIO.
Theravance Inc (NASDAQ:THRX) reported second-quarter net loss of $37.12 million or $0.42 per share, as compared to $25.05 million or $0.31 per share in the same quarter last year. Total revenues plunged to $1.43 million, versus $6.39 million in the prior-year quarter. Analysts expected loss of $0.44 per share on revenue estimate of $1.97 million for the quarter.
Vical Incorporated (NASDAQ:VICL) reported second quarter revenues of $1.6 million, as compared to $0.8 million in the year ago period. The net loss was $7.9 million, or $0.09 per share, for the second quarter of 2012, as compared with $8.4 million, or $0.12 per share, for the same period last year.
Laboratory Corp. of America Holdings (NYSE:LH) shares soared 13.69% to $95.60 after the company announced the completion of its acquisition of MEDTOX Scientific, Inc., effective July 31, 2012. At a special meeting held on July 31, 2012, MEDTOX's stockholders approved the acquisition and the transaction closed promptly thereafter. MEDTOX stockholders will receive a letter of transmittal from American Stock Transfer & Trust Company LLC as paying agent with instructions on how to cash in their shares of MEDTOX common stock.
Genworth Financial Inc (NYSE:GNW) shares climbed 6.35% to $5.36 after the company posted second quarter net income of $76 million or $0.16 per share, as compared to a net loss of $136 million or $0.28 per share in the prior-year quarter. Total revenues for the quarter declined to $2.52 billion from $2.66 billion in the same quarter last year. Analysts expected the company to report earnings of $0.18 per share on consensus revenue estimate of $2.52 billion.

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