Morning Movers 10/09: SCIL, MBRX, CAGC, AVNR, PSTA, SRZ, ELGX Higher; SPPI, ACOR, LXRX Lower

October 9, 2009 10:27 AM EDT

Scientific Learning Corporation (NASDAQ: SCIL) 90.3% HIGHER; sees Q3 total booked sales and revenues of $25.5-$26 million and $19-$20 million, respectively. Based on these figures, Q3 EPS are expected to be in the range of $0.30-$0.35, which compares to the Street estimate of $0.02.

Metabasis Therapeutics (Nasdaq: MBRX) 53.4% HIGHER; not hearing any company-specific news today. Notably, the stock price gapped above the 200-day SMA at the open.

China Agritech, Inc. (Nasdaq: CAGC) 22.7% HIGHER; raises FY09 sales guidance from over $60 million to as high as $70 million, versus the consensus of $58.26 million. Earnings raised to $12.5 million from $9.5 million. Diluted EPS expected to be approximately $1.88. The new guidance represents almost a 55% increase for net revenues and around a 45% rise for net income over the year 2008 results.

Spectrum Pharmaceuticals (Nasdaq: SPPI) 16.6% LOWER; today announced that it received a Complete Response letter from the U.S. FDA regarding its supplemental New Drug Application for FUSILEV (levoleucovorin). FUSILEV is used for the treatment of patients with advanced metastatic colorectal cancer.

AVANIR Pharmaceuticals, Inc. (Nasdaq: AVNR) 15.7% HIGHER; today announced additional detailed results from the confirmatory double-blind Phase III STAR trial evaluating two doses of the investigational drug Zenvia(TM) (dextromethorphan/quinidine) compared to placebo in the treatment of pseudobulbar affect among patients with underlying multiple sclerosis (MS) or amyotrophic lateral sclerosis.

Acorda Therapeutics, Inc. (Nasdaq: ACOR) 15.3% LOWER; FDA reviewers said the company's MS drug Fampridine-SR may not have fully proven its effectiveness for improvement in walking ability. Briefing documents on the FDA's website notes that: "Both pivotal studies of this NDA met their primary endpoint, and met the requirements of the special protocol assessments. Results on secondary analyses, however, gave inconsistent results, and indicated a very limited effect on walking speed."

Monterey Gourmet Foods, Inc. (NASDAQ: PSTA) 13.9% HIGHER; has entered into a definitive merger agreement with Pulmuone U.S.A., Inc. The acquisition is through a cash tender offer, followed by a merger with and into a subsidiary of Pulmuone, for a price of $2.70 per share in cash.

Sunrise Senior Living, Inc. (NYSE: SRZ) 11.1% HIGHER; entered into an agreement to sell 21 wholly owned assisted living communities, located in 11 states, to BLC Acquisitions Inc., an affiliate of Brookdale Senior Living Inc. (NYSE: BKD), for $204 million. Click here for the full report.

Lexicon Pharmaceuticals Inc. (Nasdaq: LXRX) 10.7% LOWER; today announced the pricing of a public offering of 33,333,333 shares of its common stock at $1.50 per share, of which 19,894,076 shares are being offered through the underwriters and 13,439,257 shares are being offered to Invus, L.P., Lexicon's largest stockholder.

Endologix, Inc. (Nasdaq: ELGX) 8.4% HIGHER; acknowledged today that it has become aware that Cook Medical has filed a lawsuit against Endologix in the United States District Court alleging that Endologix infringes two of Cook's U.S. patents.

I-Flow Corporation (Nasdaq: IFLO) 7.4% HIGHER; Kimberly-Clark Corporation (NYSE: KMB) and today announced a definitive agreement whereby I-Flow will be acquired in a cash tender offer for approximately $324 million on a fully diluted basis. The total transaction value, which is net of acquired cash and cash equivalents, is about $276 million.

To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• StreetInsider.com Morning Movers

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?