Shares of Dendreon (NASDAQ:DNDN) climbed in Monday’s pre-market session, after the biotechnology company reported a narrower-than-expected Q4 adjusted loss on revenue that was above Street estimates, and said it will make its Provenge prostate-cancer treatment commercially available in Germany and the U.K. Dendreon (NASDAQ:DNDN) was up 4.2% at $3 in recent pre-market trading.
It has a 52-week range of $2.23 to $6.20. The company’s Q4 loss widened in the latest period to $88.7 million, or $0.58 per share, from a loss of $38.7 million, or $0.26 per share, a year earlier. However, when excluding one-time items, its loss narrowed to $0.17 per share from $0.30 per share, smaller than the loss of $0.24 per share analysts had expected, according to Capital IQ. Revenue declined 12% to $74.8 million, but that was above the $72.9 million mean estimate of analysts polled by Capital IQ.
The company said it expected Q1 revenue to be consistent with its prior-year results, adding it is on track with its restructuring and cost-reduction plan to accelerate its path to profitability. Dendreon (NASDAQ:DNDN) said it is beginning to make its Provenge prostate-cancer treatment available in Europe using contract-manufacturing organization PharmaCell, starting with Germany and the U.K. It plans to expand further in Europe once automation is approved; it is preparing for discussions with European regulatory authorities regarding automation. In the U.S., the company said it recently held “a constructive meeting” with the Food and Drug Administration regarding automation of the PROVENGE manufacturing process, with the FDA expressing its support for the effort.
Arrowhead Research (NASDAQ:ARWR) rose nearly 4% in pre-market trade after saying the Hong Kong Department of Health has allowed to proceed with the phase 2a trial of its ARC-520 drug to treat chronic hepatitis B. Arrowhead Research (NASDAQ:ARWR) is trading near the top end of the 52-week range between $1.65 and $23.14. On Friday the stock closed lower 7% at $19.55. The biopharmaceutical company said it expects top line study results from the trial to be available in Q3.
The primary objective of the study is to evaluate the depth and duration of hepatitis B surface antigen decline in response to a single dose of ARC-520 in combination with entecavir. Secondary objectives include evaluation of safety and tolerability and pharmacokinetic measures, Arrowhead said.
Auto parts supplier Magna International Inc. (NYSE:MGA) – which rose more than 2% to record highs on Friday – posted sales of US$9.17 billion for the fourth quarter ended December 31, 2013, an increase of 14% over the fourth quarter of 2012 as production rose in North America and Europe. Income from operations before income taxes was $514 million, net income attributable was $458 million and diluted earnings per share were $2.03, increases of $173 million, $107 million and $0.54, respectively, each compared to the fourth quarter of 2012.
According to Capital IQ, the average forecast of 13 analysts is for EPS of US$1.54. Its quarterly dividend per share of $0.38 represents an increase of 19%. Magna (NYSE:MGA) cut its expectations for 2014 sales to $28.4 billion – $29.7 billion in its core vehicle parts unit, a little lower than the $28.6 billion – $29.9 billion forecast in January. But it raised its sales forecast for the unit that makes vehicles on a contract basis to $2.8 billion – $3.1 billion from $2.6 billion – $2.9 billion.