Unusual 11 Mid-Day Movers 10/06: FONR, ICTG, ACAD, AVCT Higher; MNKD, VRNMD, ARP, PPD Lower

October 6, 2009 1:06 PM EDT

FONAR Corporation (NASDAQ: FONR) 72.9% HIGHER; reported FY09 EPS of $0.21, compared to a loss of $2.76 in the same quarter last year. Revenue for the quarter was $39.7 million, versus $35.6 million in FY08.

ICT Group (Nasdaq: ICTG) 42.8% HIGHER; Sykes Enterprises Incorporated (Nasdaq: SYKE) and ICT have entered into an agreement where Sykes will acquire ICTG. Sykes will pay $15.38 per share of ICTG common, fully diluted, for a total of $263 million. The conversion will be one share of ICTG converted into $7.69 cash and Sykes stock worth $7.69. $15.38 represents a 46% over the closing price of ICTG as of October 5th, 2009.

MannKind Corp. (Nasdaq: MNKD) 23.2% LOWER; In an 8-k filing with the SEC, MannKind said it won't enter a marketing partnership for AFRESA before the end of 2009. Click here to see the full report. The stock was also downgraded to Underweight at JPMorgan.

ACADIA Pharmaceuticals (Nasdaq: ACAD) 23.6% HIGHER; updated its Phase III program for pimavanserin. This drug is being collaborated with Bioval Lobratories International SRL, a subsidiary of Bioval Corporation. ACADIA and Bioval have remained committed to the successful development of pimavanserin through the Phase III PDP trial, quotes Bill Wells, Bioval's CEO, "We remain enthusiastic about pimavanserin's prospects in a number of specialty CNS indications, including schizophrenia where existing data for the molecule as co-therapy are compelling."

Avocent Corporation (NASDAQ: AVCT) 21.1% HIGHER; Emerson (NYSE: EMR) agreed to acquire Avocent in an all-cash tender offer of $25 per share, or approximately $1.2 billion.

Verenium Corporation (Nasdaq: VRNM) (Nasdaq: VRNMD) 20.5% LOWER; priced an underwritten public offering of 2,250,000 shares of its common stock and warrants to purchase an additional 900,000 shares of common stock at a price to the public of $6.00 per unit.

SurModics, Inc. (Nasdaq: SRDX) 19.7% HIGHER; entered into an agreement where Roche and Genetech obtained the rights to SurModics proprietary biodegradable microparticle drug delivery system to develop and commericalize a sustained drug delivery formulation of Lucentis (ranibizumab injection). The contract also provide Genetech and Roche the opportunity to develop additional compounds for the treatment of ophthalmic diseases. Surmodic will receive $3.5 million up front, with the possibility to receive up to $200 million upon the successful development and commercialization of multiple products. Surmodic will also receive undisclosed royalties on product sales.

Nutrisystem, Inc. (Nasdaq: NTRI) 17.9% HIGHER; has aligned with Walmart (NYSE: WMT) to offer customers the convenience of a Nutrisystem 14-Day Starter Program for the first time in the retail channel. "Our alliance with Walmart is an extension of our goal to consistently offer consumers a convenient, affordable and effective weight loss option," said Will Auchincloss, Senior Vice President of Business Development at Nutrisystem. "Walmart provides us with a new and valuable distribution channel to broaden our customer base and build awareness of our product at the retail level."

American Reprographics Company (NYSE: ARP) 17.9% LOWER; today announced the successful completion of an amendment to its senior secured credit agreement on October 5, 2009. The company lowers its FY09 EPS guidance from $0.50-$0.70 to $0.27-$0.33, excluding one-time charges of $0.05 to $0.07 for charges related to the amendment of the senior secured credit agreement as noted above. The Street is currently looking for FY09 EPS of $0.54. Based on preliminary revenue results from the third quarter, the Company anticipates sales to be weaker in the second half of 2009. Management attributed the projected loss of revenue to the lack of commercial construction activity across the nation as credit markets remain tight and financing for new construction remains severely restrained. Net revenue for Q3 is currently expected to be in the range of $117-$119 million. The analyst consensus is $123.71 million.

Pre-Paid Legal Services, Inc. (NYSE: PPD) 14% LOWER; announced that as part of a fact-finding inquiry, we have received a subpoena from the Division of Enforcement of the SEC. The subpoena requires us to produce a variety of documents pertaining to our treasury stock repurchase program; our ADRS program and other marketing practices; membership statistical information; segment reporting; the FTC contingency disclosure; and other operational practices. This investigation is a fact-finding inquiry and does not mean that the SEC has reached any conclusions.

Pluristem Therapeutics Inc.. (Nasdaq: PSTI) 12.9% LOWER; entered into definitive agreements with selected institutional investors to sell common stock and warrants for aggregate gross proceeds of approximately $3.0 million, before deducting placement agent fees and estimated offering expenses. The offering includes 2,702,822 shares of common stock and warrants to purchase 1,081,129 shares of common stock. The price per share of Common Stock is $1.12, and the exercise price of the warrants is $1.60.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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