The pharmaceutical industry is standing in the middle of one of the largest patent cliffs with Pfizer Inc. (NYSE:PFE)’s multi-billion-dollar epic drug Lipitor losing patent protection in the US in late November 2011. Other than Lipitor, key branded drugs that lost patent protection in the last couple of months include Lexapro by Forest Laboratories, Inc. (NYSE:FRX), Bristol Myers Squibb Co. (NYSE:BMY)’s Plavix and Eli Lilly & Co. (NYSE:LLY)’s Zyprexa.
The US government is now looking for alternatives to help increase the availability of generics. The Obama administration declared that it is seeking ways to implement a proposal under which the exclusivity period for biologics will be reduced by 5 years, thereby enabling generics to step in the market sooner. Elsewhere, pharma companies have been eyeing biotech firms to build their product portfolios.
Exelixis, Inc. (NASDAQ:EXEL) surged 1.31% and closed at $4.34 with the total traded volume of 55.13 million shares. The 646.16 million company is highly active after declaring the pricing of its concurrent underwritten public offering of 30 million shares of recently issued common equity at a price to the public of $4.25 per share and $250 million total principal amount of its 4.25% convertible senior subordinated notes payable 2019.
The last trading session observed a low of $4.30 and high of $4.57 during the day. EXEL was trading below the 50 day moving average and above the 200 day moving average. The stock’s 52 week low is $3.94 and 52 week high is $8.25. Performance gauges illustrate that the stock has fell -15.23% within the last quarter.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) edged up 0.82% yesterday to $7.36 after raising its full-year forecast for fiscal 2012, lifting revenue expectation from $66-$72 million to $91-$97 million. The overall volume in the last trading session was 7.93 million shares. Its fifty two week range was $1.23-$13.50. The total market capitalization remained $1.34 billion.
ARNA is ahead if its 52 week low 498.37% and its last month price volatility remained 7.34%. Its beta coefficient was 0.21 with a target price of $11.80. Company’s current year earnings per share grew with 29.52%. ARNA has positive year-to-date performance of 293.58%.
In the last trading session, Amgen, Inc. (NASDAQ:AMGN) reported the gain of +0.74% and closed at $81.97 with the overall traded volume of 3.38 million shares lower than the average volume of 4.72 million. The company unveiled a decision to stop manufacturing the bulk substance, which is made at a facility located in Longmont, for its anemia drug Epogen in 12 to 15 months.
AMGN has outstanding shares of 777.71 million with the total market capitalization of 63.03 billion and its beta value stands at 0.45 times. It has current ratio of 3.68 and its debt-to-equity ratio was 1.27.
Gilead Sciences, Inc. (NASDAQ:GILD) grew 0.14% and closed at $56.90 with the total traded volume of 3.96 million shares. GILD has market capitalization of 43.05 billion.
The last trading session observed a low of $56.51 and high of $57.28 during the day. GILD was trading below the 50 day moving average and above the 200 day moving average. The stock’s 52 week low is $34.45 and 52 week high is $58.84. Performance gauges illustrate that the stock has gained 11.02% within the last quarter.