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Stock Market & Financial Investment News

News Breaks
March 27, 2014
08:06 EDTRTRXRetrophin completes acquisition of Manchester Pharmaceuticals
Retrophin announced the completion of the previously announced acquisition of Manchester Pharmaceuticals LLC for a total of $62.5M, including an upfront payment of $29.5M, plus other payments based on product sales. Retrophin intends to pursue U.S. regulatory approval for Chenodal in cerebrotendinous xanthomatosis.
News For RTRX From The Last 14 Days
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February 10, 2016
16:43 EDTRTRXOn The Fly: Top stock stories for Wednesday
Stocks endured another roller coaster session as Fed Chair Yellen kicked off her annual pilgrimage to Capitol Hill. The averages began the day in positive territory, helped by an early rise in oil prices. The averages shot higher following a bullish oil inventory report, but soon afterward reversed and began to lose ground. The Nasdaq, which had been the strongest of the indexes throughout the day, maintained its leadership while the other indexes faltered. The Dow struggled under the weight of Disney (DIS) shares, which were lower following the company's earnings report, and gave in to the selling pressure for good late in the day, falling into the red near the close of the session. ECONOMIC EVENTS: In the U.S., Federal Reserve Chair Janet Yellen testified before the House Financial Services Committee. Tomorrow, she will present to the Senate Banking Committee. In her prepared remarks ahead of her testimony, Yellen said U.S. financial conditions have recently become "less supportive of growth," citing declines in the stock market, higher borrowing rates for riskier borrowers, and further appreciation of the dollar. Yellen also noted that foreign economic developments pose risks to domestic economic growth, noting that these growth concerns, along with strong supply conditions and high inventories, contributed to the recent fall in the prices of oil and other commodities. In a Q&A session, Yellen said she did not think recent market volatility warrants a rate cut. Separately, the Treasury announced a $55.2B budget surplus for January, much improved from the $17.5B shortfall registered in January of 2015. In Asia, Japanese stock indexes sank further, with the Topix falling another 3% and the Nikkei dropping over 2%. COMPANY NEWS: Continuing a recent trend in the media space, Time Warner (TWX) reported lower than expected quarterly revenues and saw its stock punished. The shares ended the day down 5% to $60.03, after slipping much further early in the session, despite the fact that its fourth quarter earnings topped expectations, as did its profit forecast for the new fiscal year, with the company also hiking its dividend 15% and authorizing a $5B share buyback program. Meanwhile, Disney last night reported better than expected earnings and revenue, powered by its blockbuster "Star Wars" film, but its shares fell 3.8% to $88.82 as investors continue to worry about the future of traditional media companies in the face of industry shifting trends such as cord-cutting and over-the-top video... SolarCity (SCTY) plunged 29.3% to $18.63 after reporting lower than projected installations in Q4 and giving lower than expected Q1 installation guidance. The stock's slide also weighed on its peers in the solar space, as First Solar (FSLR) fell 3% and Sunrun (RUN) dropped 15.7%. MAJOR MOVERS: Among the noteworthy gainers was Fitbit (FIT), which advanced 2.7% to $14.68 after Vanguard reported a 9.2% stake in the company and Salesforce (CRM) founder, chairman, and CEO Marc Benioff reported a 5% stake. Also higher was Neurocrine Biosciences (NBIX), which rose 4.7% to $33.70 after AbbVie (ABBV), in cooperation with the company, announced that the second Phase 3 trial of endometriosis drug Elagolix met its co-primary endpoints. Meanwhile, Akamai (AKAM) and Panera Bread (PNRA) gained 21.2% and 4.95%, respectively, after reporting quarterly results. Among the notable losers was Retrophin (RTRX), which declined 0.7% to $13.64 after Imprimis Pharmaceuticals (IMMY) said it intends to make an alternative to the company's Thiola product. Also lower were ARM Holdings (ARMH) and Demandware (DWRE), which lost 8.82% and 8.81%, respectively, after reporting quarterly results. INDEXES: The Dow fell 99.64, or 0.62%, to 15,914.74, the Nasdaq gained 14.83, or 0.35%, to 4,283.59, and the S&P 500 slipped 0.35, or 0.02%, to 1,851.86.
13:32 EDTRTRXRetrophin: Imprimis' compounded alternative to Thiola 'not a valid substitute'
Retrophin (RTRX) issued the following statement in response to Imprimis Pharmaceuticals' (IMMY) announcement of its intention to make a compounded alternative to Thiola: "Thiola is an FDA approved therapy, and as such has met the rigorous standards of the regulatory and manufacturing process that ensure safety and efficacy for patients. Before Retrophin acquired Thiola and invested in increasing the availability of the drug, the therapy was so low in inventory that virtually all patients were unable to fill their prescriptions. Since acquiring the product, Retrophin has more than doubled historical access to Thiola for people suffering from cystinuria and has worked closely with patient advocates to ensure any patient requiring treatment has affordable access to Thiola. Imprimis Pharmaceuticals' proposed compounded form of tiopronin, the active ingredient in Thiola, in combination with potassium citrate has no safety or efficacy data supported by clinical trials and should not be considered a valid substitute for Thiola. Compounded therapies are not subjected to the same level of safety and efficacy evaluation and may not offer the same therapeutic outcome for patients. Specific to Imprimis' projected co-formulation, there is no clinical data to support the compatibility of fixed dosing of tiopronin with potassium citrate. Fixed-dose combinations of therapies containing potassium are generally avoided due to the potential for fluctuations in serum potassium, which may cause serious adverse outcomes including cardiac events. Additionally, compounded therapies have recently come under increased regulatory scrutiny due to poor outcomes. As noted in recent comments and testimony by Dr. Janet Woodcock, Director of the FDA's Center for Drug Evaluation and Research, compounding raises safety concerns and people have been harmed. It is also important to note that the cystinuria community has been extremely supportive of the increased investment in, and access to Thiola that Retrophin has continuously provided, and we do not believe there will be demand from patients or physicians to treat with any compounded version that could potentially jeopardize therapeutic outcome."
February 9, 2016
06:06 EDTRTRXGoldman Sachs reports 5.4% passive stake in Retrophin
The Goldman Sachs Group reported a 5.4% stake in biopharmaceutical company Retrophin. Goldman owns over 1.94M shares of the company focused on diseases affecting children, including focal segmental glomerulosclerosis and pantothenate kinase-associated neurodegeneration. Retrophin closed yesterday down 77c to $14.16.

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