The biotech sector continued to show an uptrend during the third quarter of 2012, driving the Nasdaq Biotech Index (NBI) to add 10% more during the period and bringing it closer to its all-time high set at the turn of the millennium. The Nasdaq Biotech Index (NBI) has risen 37.0% (in USD) since the start of 2012, clearly beating the broader S&P 500, which has so far moved up 14.6%. Strong operating results of the biotech firms have boosted prices in the sector. Furthermore, biotech companies have introduced several new products and launched promising clinical data on pipeline candidates targeting diseases that are incurable or difficult to treat.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) rose more than 6% on Wednesday as is now gearing up to market the obesity drug, Belviq, with its partner Eisai. The stock’s price increased in the last trading session with a previous 52-week high of $13.50.
The stock was trading on above-average volume. The stock traded at a volume of 17.87 million shares at a price gain of 6.71%. The share price is now up 3.52% for the past three months. Latest closing price was 16.77% above its 50-day moving average and 76.49% above its 200-day moving average.
Peregrine Pharmaceuticals (NASDAQ:PPHM) jumped after providing a company update on financing activities, its contract manufacturing business and upcoming potential clinical milestones. While trading at volume lower than average, the stock climbed 24.29% yesterday.
Its previous 52-week high was $5.50 and moved down 19.44% over the same period, trading at a volume of 12.16 million. Shares have risen 107.14% over the trailing 6 months. The stock is currently trading -63.84% below its SMA 50 and -26.39% below its SMA 200.
Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) extended rally after the hedge fund Deerfield Management Co. announced holding in the beleaguered company. Over the last 12 months, a return on equity of 99.26 percent was realized due to the financial situation and earnings per share reached a value of $2.05. Last fiscal year, $0.80 has been paid in form of dividends to investors. Earnings are projected to move up 38.17 percent for the coming five years. The stock closed at $25.30, up 0.42 points or 1.69% from previous close and at a distance of 17.90% from 20-day simple moving average.
NPS Pharmaceuticals, Inc. (NASDAQ:NPSP) was down a day after a panel of outside advisers to US FDA recommended approval for its drug to be used for short bowel syndrome. The company has a market value of $863.45 million. It employs 86 people, over the last 12 months has generated revenue of $127.30 million and has a net income of -$24.19 million. The firm’s operating margin is 1.27 percent and net profit margin -19.00 percent. The latest closing price of its shares moved up 19.15% from the 50-day moving average.