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Health and Healthcare

Genentech 4th Quarter Report Kickstarts Biotech Rally

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By Douglas A. McIntyre Published
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From BioHealth Investor

by H.S. Ayoub
BioHealth Investor.com

Biotech stocks had a great day Thursday as both the Nasdaq (^NBI) and the Amex (^BTK) biotechnology indices were higher by more than 1% each.

Genentech (DNA) lead the broad biotech rally, gaining more than 4%, as the company released impressive 4th quarter numbers. Earnings were $0.61 a share excluding items, on revenue of $2.7 billion. Consensus estimates called for $0.56 a share on revenue of $2.55 billion.

Companies that do business with Genentech also gained on the day. PDL BioPharma (PDLI) receives loyalty payments from the sale of Herceptin and Avastin, Genentech’s leading cancer drugs. OSI Pharmaceuticals (OSIP) and Genentech co-market the oncology drug Tarceva. Both companies gained 2% and 5% respectively.

Healthcare Technologies Ltd. (HCTL) of Israel gained more than 22% during regular trading hours, and another 6% in after hours, following the announcement that the company’s stock has met compliance with the Nasdaq and will continue to list on the stock exchange. The diagnostic test kits maker scrapped plans for a reverse split after it had meet the requirement for the stock to trade above $1 for 10 consecutive days.

Canadian drug maker Aspreva Pharmaceuticals (ASPV) gained more than 4% after the company released better than expected preliminary fiscal year revenue numbers. Annual revenue reached $215 million while analysts were expecting $212.6 million. The company will release its annual report on February 7.

http://www.biohealthinvestor.com/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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