Health Winners & Losers: Acadia

Biotech and pharma stocks were rising in line with the broader markets on Tuesday amid earnings and staff slashings.

First, with a little bit of everything, biopharmaceutical company Acadia(ACAD) shares were down 13 cents, or 4.6%, at $2.68. Per the recent quarter, the company said its net loss widened to 49 cents a share from 29 cents a share a year prior. Revenue fell to $177,000 from $2.1 million a year earlier, due to lower revenue from collaborations. Along with earnings, Acadia said it will cut its workforce by roughly half as part of a restructuring effort to focus on developing its four most advanced product candidates.

Separately, Acadia said it entered into a Committed Equity Financing Facility with Kingsbridge Capital Limited for up to $60 million of capital during the next three years through the purchase of newly issued shares of Acadia's stock.

Elsewhere, biopharmaceutical company Pharmacopeia(PCOP) said it would reduce its workforce by roughly 40% immediately, in addition to a 15% reduction announced in May. Its shares were up 10 cents, or 3.51%, at $2.95.

Returning to earnings, medical device company Cutera(CUTR) got a $1.47, or 14.6% boost to $11.56 on Tuesday. The company said that it earned a nickel a share in the recent quarter on revenue that rose 4% year over year to $24.8 million. Analysts surveyed by Thomson Reuters were looking for two cents a share on revenue of $23.5 million.

Meanwhile, Santarus(SNTS) said it turned a profit of $3.2 million, or 6 cents a share, from a year ago net loss of $12.9 million, or 25 cents a share. Revenue, which included a $2.5 million milestone and $5 million of amortization of deferred revenue on termination of a co-promotion with Schering Plough(SGP), rose 74% to $36 million.