Marketwatch: 3 Biopharma Stocks on the Move
Somaxon Pharmaceuticals Inc. (NASDAQ: SOMX) today announced that Silenor® is commercially available by prescription in the U.S. The company said that it implemented a wholesale and retail stocking program to disseminate Silenor 3 mg and 6 mg dosepacks to pharmacies across the country.
Richard W. Pascoe, president and CEO of Somaxon Pharmaceuticals said that the commercial availability of Silenor is an important milestone for the company and marks the completion of its product launch preparations. Pascoe said that the company looks forward to promoting Silenor to healthcare providers in the U.S.
Somaxon Pharmaceuticals stock is currently trading above is 50-day and below its 200-day moving average. The stock has a support level at $3.74 and a resistance level at $4.09. Year-to-date, the stock is up a spectacular 271.3%.
Arena Pharmaceuticals Inc. (NASDAQ: ARNA) is a San Diego, California-based clinical-stage biopharmaceutical company, focusing on the discovery, development and commercialization of oral drugs that target G protein-coupled receptors (GPCRs).
Last month, Arena along with Eisai Inc. announced that the U.S. FDA notified of a confirmed scheduling of an Endocrinologic and Metabolic Drugs Advisory Committee meeting on September 16, 2010, for review of locaserin New Drug Application (NDA). Locaserin is the company’s leading drug candidate for weight management. The drug is intended for obese as well as overweight patients.
Since this announcement, the Arena Pharmaceuticals stock is up 3.83%. The stock is likely to see some huge interest over the next few trading sessions as the FDA committee meets on September 16 to review locaserin NDA. The stock has a 52-week range of $2.70-$8. It is currently trading above its 50-day and 200-day moving averages.
Genzyme Corp. (NASDAQ: GENZ) received an unsolicited, non-binding proposal from Sanofi Aventis, last month. Sanofi offered to acquire all outstanding shares of Genzyme Corporation for $69 per share in cash. However, Genzyme rejected the offer. The company’s Board said that it found Sanofi’s latest offer identical to the previous offer, with no new information and improvement in price.
Genzyme’s board believes that the company made a meaningful improvement in its manufacturing capacity and the latest offer from Sanofi is not taking this into account.
Genzyme stock is up an impressive 43.99%, year-to-date. The stock is currently trading above its 50-day and 200-day moving averages. The stock has a 52-week range of $45.39-$70.97. It has a support level at $69.54 and a resistance level at $70.86.
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