Pzifer(NYSE:PFE)’s stock was halted in afternoon trade following the announcement that the United States District Court for the Eastern District of Virginia granted summary judgment invalidating the reissue patent (U.S. Patent No. RE44,048), covering methods of treating osteoarthritis and other approved conditions with celecoxib, the active ingredient in Celebrex®.
Pfizer (PFE) disagrees with the ruling and will pursue all available remedies, including an immediate appeal of the court’s decision.
According to theflyonthewall.com Goldman said it was modeling generic Celebrex to enter the U.S. market in late 2015 and estimates the loss of 18 months of U.S. Celebrex sales to be worth less than $1.00 per share to Pfizer. The firm said the generic ruling was unexpected but will have minimal long-term impact to Pfizer. Goldman keeps its Buy rating on Pfizer (PFE).
PFE Shares are stuck on $32.29 as they wait to re-open.
In Other Market News
Rite Aid (NYSE:RAD) received an upgrade and higher price target from Goldman Sachs, and the shares climbed 7%. Goldman Sachs said it hiked its rating on Rite Aid (NYSE:RAD) to Buy from Neutral, and raised its price target on the shares to $8 from $5. In afternoon trade, Rite Aid (RAD) rose 6.06% to $6.83.
RTI Surgical (NASDAQ:RTIX) embarked on wide price gyrations after receiving European Union approval for the company’s Fortiva soft-tissue implants, rising about 13% to test its 52-week high before falling back to a 2% gain by early afternoon. The implants use a non-crosslinked, acellular pig tissue matrix to reinforce soft tissue where weakness exists as well as for surgical repair of damaged or ruptured soft-tissue membranes.
The CE Mark is indicated for hernia repairs and body-wall defects requiring the use of bridging material to obtain the desired surgical outcome. Fortiva received FDA approval in the U.S. last year, followed by commercial launch. The implant is manufactured at the company’s facility in Neunkirchen, Germany. In morning trade, RTI Surgical (RTIX)shares climbed as high as $4.49 a share – stopping just short of their 52-week high of $4.53. In afternoon trade, RTI Surgical (NASDAQ:RTIX) was up 2.78% to $4.06.
Solar City (NASDAQ:SCTY) shares rose 5.2% in early afternoon New York trade after the seller of solar energy systems to residential and commercial customers said it had partnered with retailer Best Buy (BBY) to launch solar-panel consulting and sales locations in nearly 60 of the retailer’s stores. The locations range from New York to Oregon with the majority being in California and Arizona, according to a website set up for the partnership. Solar City (NASDAQ:SCTY) stock last changed hands at $77.16, nearer the top end of the 52-week range of $16.18 to $88.35. Best Buy stock was down 1.1% at 25.67. Solar City (NASDAQ:SCTY) has a 52-week range of $20.06 to $44.66.