RNVS

[la-onda]

gap up on monday  

[peterwangos]

could next move a big one?
Chatrt is very interesting
http://stockcharts.com/def/servlet/SC.web?c=RNVS,uu[d,a]dhcayyay[db][pf][vc60][iut!Lw14!Lc20!Ld20!Ll14!La12,26,9]&pref=G

[rickjust]

hi,
6.5 mil traded already. could be good for a bounce this morning if anyone is game,
maxi

[tokyopua]

hi,
6.5 mil traded already. could be good for a bounce this morning if anyone is game,
maxi

The lowest the stock has been in 10 years is about 6.34...  when would you look to buy maxi, just when/if its starts to go back up fast, or would you use some technical indicator?

[la-onda]

Renovis beats by $0.03, guides in line
Briefing.com - October 26, 2006 7:01 AM ET

Reports Q3 (Sep) loss of $0.25 per share, $0.03 better than the Reuters Estimates consensus of ($0.28); revenues fell 18.5% year/year to $2.2 mln vs the $2.2 mln consensus. Co issues in-line guidance for FY06, sees FY06 revs of $10-10.5 mln vs. $10.24 mln consensus.

&

S&P DOWNGRADES SHARES OF RENOVIS TO SELL FROM STRONG BUY
S&P Marketscope - October 26, 2006 8:38 AM ET

RNVS announces that the SAINT II clinical trial of its lead drug candidate NXY-059 did not demonstrate a statistically significant reduction in stroke-related disability vs. a placebo. We find these results somewhat shocking in that they contradict the results of the earlier SAINT I trial. Our target price had reflected a weighted probability analysis of NXY-059 outcomes, including 35% probability for failure. Thus, we are reducing our 12-month target price by $25 to $8, which reflects the company's other early stage development programs and its cash balance.

&

nice call from Brean Murray, Carret & Co:
Renovis initiated with "sell"

Thursday, July 27, 2006 3:56:26 AM ET
Brean Murray, Carret & Co

NEW YORK, July 27 (newratings.com) - Analyst Jonathan Aschoff of Brean Murray initiates coverage of Renovis Inc (RNVS.NAS) with a "sell" rating. The target price is set to $6.
In a research note published yesterday, the analyst mentions that the SAINT II trial is unlikely to reach its primary endpoints. If Renovis' NXY-059 drug receives marketing approval and the company manages to gain 25% market share, the valuation of the drug would be around $14 per share, given its market potential, the analyst says. Renovis currently has no other drug in the development phase and the NXY-059 drug remains its biggest asset, Brean Murray adds.

[rickjust]

hi,
well there is a lot of buying this morning at the ask price and not much selling at the bid.
i  have no money left to buy but all the tech inicators are broken down i don't see this going any lower as it is holding the 350 range with volume coming in on the buy side.
the open will be crazy and difficult to execute. wait 20mins or the first fib retracenemt  and see which way this is heading. there will be a lot of daytraders on this one i think.
jmho,
p.s. or take a chance at the open with funds you feel comfortable playing with

maxi

[la-onda]

I will play the game; in @ 3.87

Renovis 3Q Loss Widens, Meets Forecast
Thursday October 26, 8:58 am ET
Renovis Third-Quarter Loss Widens Slightly but Meets Wall Street Expectations

SOUTH SAN FRANCISCO, Calif. (AP) -- Biopharmaceutical company Renovis Inc. reported a wider third-quarter loss Thursday as contract revenue dipped and costs increased.
Losses grew to $7.4 million, or 25 cents per share, from $6.3 million, or 25 cents per share, a year ago. Per-share figures are based on about 5 million additional outstanding shares in the latest period. Revenue dipped 20 percent to $2.2 million from $2.7 million.
The results beat Wall Street expectations for a wider loss of 28 cents per share, according a Thomson Financial analyst poll, and met revenue estimates of $2.2 million.
The drop in revenue was due to the completion of a funded research period with Genenetch Inc., the company said.
Looking ahead, President and Chief Executive Corey S. Goodman said the company is focusing on its internal research programs in the wake of discontinued development program with AstraZeneca for stroke drug candidate NXY-059. The company ended the third quarter with $104.7 million in cash. Renovis expects contract revenue for the year to range from $10 million to $10.5 million, bracketing analysts's forecast of $10.4 million.

&

AstraZeneca Ends Work on Stroke Drug
By Robert Steyer
TheStreet.com Staff Reporter
10/26/2006 9:27 AM EDT
URL: http://www.thestreet.com/newsanalysis/pharmaceuticals/10317799.html

AstraZeneca (AZN) said Thursday it was abandoning work on an experimental stroke treatment after a late-stage clinical trial didn't meet its research goals.
The news overshadowed a strong third quarter in which the Anglo-Swedish drug giant posted earnings of $1.01 a share, a gain of more than 30% from the 76-cent profit in the same period last year. Analysts polled by Thomson First Call were expecting 95 cents.
Operating profit at $2.11 billion was 24% higher than the year-ago quarter, and sales rose 11% to $6.52 billion. Sales were in line with analysts' expectations.
AstraZeneca also raised its full-year earnings prediction to a range of $3.85 to $3.95 a share. Jonathan Symonds, the chief financial officer, said the final result probably will be in the middle of the range. Analysts had been predicting $3.77. Earlier this year, AstraZeneca forecast a range of $3.60 to $3.90.
However, trading was being driven by the bad news on the research front involving the drug known as NXY-059. In premarket action, AstraZeneca's stock fell $4.37, or 6.6%, to $62.
AstraZeneca licensed the drug from Renovis (RNVS) , whose stock was plunging 75% to $3.55 before the opening bell. Renovis closed Wednesday at $14.20.
"We are obviously very disappointed by the lack of efficacy shown by NXY-059 in the latest clinical trial," said Corey Goodman, president and CEO of Renovis in a prepared statement. "Although we will continue to review the results [of clinical trials] , we understand AstraZeneca's decision to discontinue development of NXY-059."
John Patterson, AstraZeneca's executive director of development, told analysts in a telephone conference call that developing stroke drugs is "a very high-risk endeavor," pointing out that the company has been diligent in discussing the difficulties. The drug had been tested as a treatment for acute ischemic stroke, which is caused by blood clots and accounts for about 85% of all strokes.
The setback involving NXY-059 is the third failure in two years for experimental drugs that had been stopped during or after late-stage studies. In October 2004, the Food and Drug Administration rejected the anticoagulant Exanta. In May this year, AstraZeneca stopped development of the diabetes drug Galida.
As for its forecast, AstraZeneca's full-year EPS prediction includes 10 cents a share related to the expected profit over the final two months of the year from the blood-pressure drug Toprol XL. AstraZeneca is in a patent fight with three generic-drug companies, and the company is assuming there won't be a copycat competitor this year. Toprol XL's U.S. patent is set to expire in 11 months.

[rickjust]

good luck ! 
maxi

[yosselone]

Nibbled today for the first time. Will add as the game warms up.

Good luck,
yoss

[la-onda]

out of the game 

"We are obviously very disappointed by the lack of efficacy shown by NXY-059 in the SAINT II study," Renovis CEO Corey Goodman said in a statement.

Goodman noted that Renovis continues to develop very early-stage neurological drugs with the likes of Pfizer (nyse: PFE - news - people ) and Genentech (nyse: DNA - news - people ) and expects to have its collaboration with Pfizer enter human trials by next year.

Mark Monane, an analyst at Needham, downgraded Renovis to "underperform" from "buy" following Thursday's announcement.

&
offical Q3 results in detail:
Renovis Reports Third Quarter 2006 Financial Results

--Conference Call Scheduled for 8:30 a.m. EDT on October 26, 2006--

SOUTH SAN FRANCISCO, Calif., Oct. 26 /PRNewswire-FirstCall/ -- Renovis, Inc. (Nasdaq: RNVS), a biopharmaceutical company focused on the discovery and development of therapeutics in the areas of neurological and inflammatory disease, today announced financial results for the third quarter ended September 30, 2006.

"We ended the third quarter in a strong financial position with $104.7 million in cash and cash equivalents," said Corey S. Goodman, Ph.D., President and Chief Executive Officer of Renovis. "In the wake of the previously announced results from the SAINT II trial that led to a decision by AstraZeneca to discontinue development of NXY-059, we remain focused on advancing our internal research programs in neurological and inflammatory diseases and our collaborations with Pfizer and Genentech, while continuing to explore additional opportunities to build our pipeline."

Results for the Third Quarter and First Nine Months of 2006

Revenue for the third quarter and nine months ended September 30, 2006, was $2.2 million and $8.3 million compared to $2.7 million and $4.0 million, respectively, during the corresponding periods in 2005. The decrease in revenue during the third quarter of 2006 compared to the third quarter of 2005 resulted from the completion of the funded research period under our agreement with Genentech in February 2006. The increase in revenue during the nine months ended September 30, 2006 resulted from our collaboration with Pfizer to discover and develop VR1 antagonists for pain and other indications, which began during the second quarter of 2005. We recorded $2.2 million in revenue each quarter in 2006 for research support and amortization of the up-front license fee under the agreement with Pfizer. In addition, we recorded $1.5 million in revenue during the second quarter of 2006 when Pfizer nominated a product candidate for IND-enabling studies, which was a specified milestone under our agreement.

Research and development expenses for the quarter and nine months ended September 30, 2006 were $6.9 million and $20.7 million, respectively, compared to $7.1 million and $23.6 million during the same periods in 2005. The decrease in research and development expenses primarily reflects lower clinical development expenses as a result of our decisions to end two clinical development programs in 2005. This decrease was partially offset by additional investments in our preclinical programs in the areas of neurological and inflammatory diseases as well as the effect of our adoption, on January 1, 2006, of Statement of Financial Accounting Standards No. 123R, Share-Based Payment (SFAS 123R).

General and administrative expenses for the quarter and nine months ended September 30, 2006 were $4.0 million and $11.6 million, respectively, compared to $2.4 million and $7.7 million during the same periods in 2005. The increase in general and administrative expenses was primarily attributable to increased non-cash stock compensation expense associated with our adoption of SFAS 123R. We also incurred additional compensation expense associated with new hires in our legal, corporate development and human resources functions although these increases were accompanied by a decrease in professional fees for legal and other administrative activities.

Other income, which consists primarily of interest income, was $1.3 million and $3.7 million during the quarter and nine months ended September 30, 2006 respectively, compared with $0.5 million and $1.1 million during the corresponding periods in 2005. The increases resulted from the effects of higher cash and investments balances and higher interest rates. Our cash and investments balances were higher during the 2006 periods as a result of a public offering we completed in September 2005 that raised net proceeds of $50.4 million.

Net loss for the third quarter of 2006 was $7.4 million, or $0.25 per share, compared to $6.3 million, or $0.25 per share, for the third quarter of 2005. Net loss for the nine months ended September 30, 2006 was $20.4 million, or $0.70 per share, compared to $26.3 million, or $1.06 per share, for the corresponding period in 2005.

As of September 30, 2006, Renovis had $104.7 million in cash, cash equivalents and short-term investments.

2006 Financial Guidance

Financial projections involve a high level of uncertainty due to, among many factors, the variability involved in predicting requirements of early-stage research programs, the potential for Renovis to enter into new licensing agreements or strategic collaborations and share-based compensation expense.

For the year ending December 31, 2006, the Company presently anticipates:

    * Total contract revenue of $10.0 million to $10.5 million; and
    * Total operating expenses of $43.0 million to $48.0 million, including $10.0 million to $12.0 million in share-based compensation expense to be recognized in accordance with SFAS 123R.

[la-onda]

UPDATE 1-Renovis shares crash on failure of stroke drug


(Changes dateline; adds byline, details)

By Varsha Tickoo

BANGALORE, Oct 26 (Reuters) - Shares of Renovis Inc. <RNVS.O> lost almost three quarters of their value on Thursday after its experimental stroke medicine licensed to AstraZeneca Plc <AZN.L> failed to meet its goal in a late stage trial.

AstraZeneca also announced that it was discontinuing further development of the drug NXY-059, dealing a significant blow to Renovis which has no other products in clinical testing phases.

The so-called SAINT II study was designed to show a reduction in disability in patients following an acute ischemic stroke. In the event there was no statistically significant difference among patients given either NXY-059 or placebo.

Ischemic stroke is the most common kind -- accounting for around 85 percent of cases -- and is caused by a clot or other blockage disrupting the flow of blood to the brain.

When contacted, a Renovis spokeswoman said on the telephone that the company would review the data from the failed trial with AstraZeneca.

"We agree with AstraZeneca's plans to discontinue the development of this drug for stroke. Regarding other indications, we'll do the internal assessment and determine that at a later date," she said.

The company has collaboration agreements for other medical candidates with Pfizer <PFE.N> and Genentech <DNA.N>.

STRONG MANAGEMENT; WEAK PIPELINE

Renovis' announcement of the failure of the trial was followed by a spate of analysts downgrades, with concern about its remaining pipeline that consists of three products in preclinical phases.

Needham & Co. cut its rating on the company to "under perform" from "buy". Needham analyst Mark Monane told Reuters over the telephone, "We believe in the management team, but we're waiting for products to grow from this team."

Cowen & Co. cut the stock to "neutral" from "outperform", with analyst Phil Nadeau saying in a research note, "This is a major disappointment for Renovis... we expect Renovis stock to perform in-line with the market until its pipeline matures."

Maxim Group, which may have a business relation with Renovis, also drastically cut the company to "sell" from "buy", while slashing price target to $3 from $27.

Maxim analyst Ding Ding said that there was a "huge gap" between phase III, where NXY-059 was, and the rest of its potential candidates which are all in preclinical studies.

Ding Ding, who has no business dealings with the company, added the company's most advanced program was its partnership with Pfizer, scheduled to start phase I in '07. This is "very far out." she added.

"NXY-059 is obviously dead, the data was so clear, its dead. The second part of phase III clearly suggested this drug doesn't have any clinical benefit," Ding Ding said on the telephone.

CASH POSITION OPTIMISM

"The company feels strongly that they are in a good financial position, they have 2 years worth of cash and cash equivalents," said Renovis' spokeswoman.

Analysts echoed this view, with Monane commenting, "What they have is cash, smart people and clinical products." However, he noted that the company was going to use the cash. Needham or Monane do not have business relations with Renovis.

Earlier in the day, the biopharmaceutical company reported a third-quarter loss of 25 cents a share compared with analysts' expectations of a loss of 28 cents a share, excluding items, according to Reuters Estimates.

Renovis was the biggest loser on the Nasdaq in the afternoon, trading down $10.43 at $3.77. (Reporting by Varsha Tickoo in Bangalore)

[tokyopua]

I didnt play today since it was flatlining, and I got busy trying to buy CNXT with my new Bank of America account.  I wanted to see a clear upside move and it seemed that the only big up move had happened at the open. 

Does anyone see this thing bouncing back tomorrow, or is it a doomed stock?

[la-onda]

Renovis "sell," target price reduced

Friday, October 27, 2006 8:44:59 AM ET
Brean Murray, Carret & Co

NEW YORK, October 27 (newratings.com) - In a research note published yesterday, analysts at Brean Murray maintain their "sell" rating on Renovis (RNVS.NAS). The target price has been reduced from $6 to $2.50.

so far 7% up......

[gambler2075]

I'll play the oversold slam game...
long 5k at 3.30

[soxguy]

rnvs finally moving