Morning Movers 9/1: ICGN, TUTR, NVAX, MBRK, EDAP, SVA, YRCW Higher; ACAD, CPRX, CMED, BEAT, RMBS, BLDR Lower

September 1, 2009 9:41 AM EDT

Icagen, Inc. (Nasdaq: ICGN) 71.9% HIGHER; reported today top line results of a randomized, double-blind, placebo-controlled, proof-of-mechanism Phase IIa study of senicapoc in allergic asthma. Senicapoc reduced the late asthmatic response to a challenge of inhaled allergen, the primary endpoint of the study, as determined by the decline in FEV1, the volume of air that can be forcibly exhaled in one second. Click here for the full report.

ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD) 71.4% LOWER; today announced top-line results from the first pivotal Phase III trial with pimavanserin in patients with Parkinson's disease psychosis, or PDP. The study did not meet its primary endpoint of antipsychotic efficacy as measured using the Scale for the Assessment of Positive Symptoms, or SAPS. Click here for the full report.

Plato Learning, Inc. (Nasdaq: TUTR) 24.7% HIGHER; reported Q3 EPS of $0.01, versus a loss of $0.09 last year. Revenues fell to $16.7 million, from $18.6 million in the third quarter of 2008. Subscription orders grew 33% to $23.5 million compared to $17.7 million in the prior year quarter. Total orders for the quarter grew 13% to $31.2 million. Plato Learning now expects fiscal year 2009 subscription order growth to be in the range of 25% to 30%, versus growth in the mid-teens as previously expected.

Novavax, Inc. (Nasdaq: NVAX) 23% HIGHER; announced favorable results from a Phase II human clinical trial of its trivalent seasonal influenza virus-like particle vaccine candidate. The vaccine was well tolerated and induced robust immune responses against all three influenza strains in the vaccine. Click here for the full report.

Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) 18% LOWER; correcting today following a 200% rise yesterday on news of a licensing deal with Northwestern University.

MiddleBrook Pharmaceuticals, Inc. (NASDAQ: MBRK) 15.9% HIGHER; today announced a strategic realignment of its field sales force to more aggressively preserve the Company's financial resources while maintaining sales coverage of the physicians with the highest potential to prescribe MOXATAG(R) (extended-release amoxicillin) Tablets, 775 mg. MiddleBrook reduced the number of its sales managers and field sales representatives by about 25%, to approximately 225. The Company has also reduced its corporate staff by approximately 20%. As a result of these cost-saving measures, MiddleBrook expects to achieve approximately $15 million in annualized savings. The Company now anticipates that its total operating expenses for 2009 will range between $78 and $83 million, versus its previous guidance of operating expenses ranging between $83 and $88 million.

EDAP TMS SA (Nasdaq: EDAP) 15.7% HIGHER; reports Q2 loss of EUR 0.05, compared to net income of EUR 0.10 in the same quarter last year. Revenue for the quarter was EUR 6.8 million ($9.4 million), up 37% from Q208.

China Medical Technologies, Inc. (Nasdaq: CMED) 14.3% LOWER; reported Q4 EPS of $0.31, or non-GAAP EPS of $0.67, versus the consensus of $0.43. Revenues rose 37.3% to $36.4 million, versus the consensus of $35.3 million. For the year revenues increased by 51.6% to $121.5 million and non-GAAP EPS was $2.34.

Sinovac (AMEX: SVA) 14.1% HIGHER; continuing higher today amid news out of Novavax. The stock surged more than 53% yesterday on its own news: Sinovac Said Its H1N1 Vaccine Passed Experts Evaluation In China.

YRC Worldwide (Nasdaq: YRCW) 12.3% HIGHER; in a Form 8-K, announced that it and certain of its subsidiaries entered into Amendment No. 10 to the Credit Agreement, which amends the Credit Agreement, dated as of August 17, 2007, among the Company, certain of its subsidiaries, JPMorgan Chase Bank, National Association, as agent, and the other lenders that are parties thereto. The Credit Agreement continues to provide the Company with a $950 million senior revolving credit facility, including sublimits available for borrowings under certain foreign currencies and for letters of credit, and a senior term loan in an aggregate outstanding principal amount of approximately $111.5 million.

CardioNet, Inc. (Nasdaq: BEAT) 12.1% LOWER; shares are falling today following news last night that the law offices of Howard G. Smith has filed a class action lawsuit on behalf of all persons or entities who purchased the common stock between April 30, 2009 and June 30, 2009, inclusive. The class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania.

Rambus Inc. (Nasdaq: RMBS) 11% LOWER; hearing yesterday the judge in the Samsung trial moved the trial date due to the "grave condition" of Samsung attorney. Click here for some analyst comments.

Builders FirstSource, Inc. (Nasdaq: BLDR) 9.6% LOWER; has received a proposal from its two largest stockholders, JLL Partners Fund V, L.P. and Warburg Pincus Private Equity IX, L.P., proposing a restructuring of the Company's outstanding $275.0 million aggregate principal amount of second priority senior secured floating rate notes and a common stock rights offering to Builders FirstSource common stockholders. Click here for the full report.

America's Car-Mart Inc. (Nasdaq: CRMT) 7.9% HIGHER; reports Q1 EPS of $0.60, versus the analyst estimate of $0.41. Revenue for the quarter was $83.8 million, versus the consensus of $77.97 million. Q1 same store sales came in up 8.5%.

Brigham Exploration Company (NASDAQ: BEXP) 7.6% HIGHER; announced that the Figaro 29-32 #1H produced approximately 1,895 barrels of oil equivalent per day from the Bakken formation during its early peak 24 hour flow back period. Brigham's Figaro 29-32 is the second 18+ stage fracture stimulation completed west of the Nesson Anticline and the fourth overall 18+ stage fracture stimulation completed by Brigham in the Williston Basin. Click here for the full report.

American Intl Group (NYSE: AIG) 7.4% LOWER; Sanford Bernstein is out downgrading AIG to Underperform from Market Perform and maintaining their $10 tgt. Click here for more color on the downgrade.

Sequenom Inc. (Nasdaq: SQNM) 7.2% LOWER; yesterday, there was all types of speculation about the early release of the re-validation the company's SEQureDx Down syndrome test. The test was delayed in April due to mishandling of R&D test data and results. With no news this morning, traders are selling yesterday's run-up.

American Axle (NYSE: AXL) 7% LOWER; Deutsche Bank downgrades to Hold. Price target increased from $5 to $6.50. Click here for more color on the downgrade.

Textron (NYSE: TXT) 6% HIGHER; Morgan Stanley upgrades from Underweight to Overweight.

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

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Deutsche Bank
• UBS
• JPMorgan
• Morgan Stanley
• Sanford C. Bernstein
• Warburg Pincus
• Bakken Formation
• 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?