General Commentary: Thinly traded Palatin Technologies (PTN) is down slightly this morning, on the announcement that its collaboration partner, AstraZeneca (AZN), has decided to discontinue further development of AZD2820, one of a number of collaboration compounds in various stages of development for the treatment of obesity. A Phase 1 trial of AZD2820 was halted following a serious adverse event. The decision to discontinue development of the compound was made based on investigations and reviews following the incident. Dr. Carl Spana, President and CEO of Palatin, said, "We have multiple classes of collaboration compounds in various stages of preclinical testing and AstraZeneca has informed us that they remain committed to the advancement of collaboration compounds for treatment of obesity." Gainers on news: Rosetta Genomics (ROSG +5.47%) Seeing positive blog mention Questcor Pharmaceuticals (QCOR +3.80%) Seeing positive blog mention.
Decliners on news: Palatin Technologies (PTN -3.13%) Announced that collaboration partner AstraZeneca (AZN) has decided to discontinue further development of AZD2820, a treatment for obesityGainers on earnings: Cooper Companies (COO +8.90%) Beat quarterly EPS by $0.16 ($1.45 vs $1.29 estimate), revenues rose 7.6% yoy to $378.2 mln vs $367.9 mln estimate; sees Q4 EPS of $1.50-1.55 vs $1.53 estimate, Q4 revs of $390-400 mln vs $385.8 mln estimate; sees FY12 EPS of $5.19-5.24 vs $5.05 estimate, FY12 revs of $1.439-1.449 bln vs $1.43 bln estimateDecliners on earnings: Accuray (ARAY -10.79%) Missed quarterly EPS by $0.08 (-$0.20 vs -$0.12 estimate), revenues fell 7.9% yoy to $101.09 mln vs $107.91 mln estimate; sees FY13 revs of $405-425 mln vs $438.82 mln estimate Hyperion Therapeutics (HPTX -2.98%) Reported Q2 EPS loss of $15.26 vs $17.31 in prior year Lannett (LCI -2.97%) Reported Q4 EPS of $0.05 vs $0.04 single estimate, revenues rose 40% yoy to $35.7 mln vs $32.7 mln estimate.
Upgrades/Downgrades: Endologix (ELGX +5.97%) Initiated with an Outperform at BMO Capital Ziopharm Oncology (ZIOP +3.71%) Hearing positive mention at Stansberry Research Sunshine Heart (SSH +2.92%) Initiated with a Buy at Canaccord Genuity, target $11 Wright Medical (WMGI -1.79%) Initiated with a Market Perform at Northland Securities, target $20 Seattle Genetics (SGEN -3.12%) Downgraded to Perform from Outperform at Oppenheimer, target lowered to $27 from $28.






