Unusual 11 Mid-Day Movers 6/23: MGRM, CGEN, GRH, RJET Higher; ACUR, HALO, PCBC, MTXX Lower

June 23, 2009 12:10 PM EDT

Monogram Biosciences, Inc. (NASDAQ: MGRM) 169% HIGHER; Laboratory Corporation of America Holdings (NYSE: LH) and Monogram have entered into a definitive agreement and plan of merger under which LabCorp will acquire all of the outstanding shares of Monogram in a cash tender offer for $4.55 per share for an implied total equity value of approximately $106.7 million, or a total enterprise value of approximately $155 million at March 31, 2009, including net indebtedness.

Compugen Ltd. (NASDAQ: CGEN) 45.5% HIGHER; announced that CGEN-25007, a novel peptide antagonist of gp96 with potent anti-inflammatory activity, has shown positive therapeutic effects in an animal model of inflammatory bowel disease, a commonly used term covering ulcerative colitis and Crohn's disease. Click here for the full report.

Acura Pharmaceuticals, Inc. (Nasdaq: ACUR) 27.5% LOWER; announced today receipt from the U.S. FDA of a review letter related to our New Drug Application for Acurox(r) (oxycodone hydrochloride/niacin) Tablets. On February 22, 2009, Acurox(r) was granted a priority review classification by the FDA with a Prescription Drug User Fee Act date of June 30, 2009. FDA stated in the review letter that their comments are preliminary, subject to change, and do not reflect a final decision on the information reviewed or a review of the entire NDA.

GreenHunter Energy, Inc. (AMEX: GRH) 21.6% HIGHER; a subsidiary, GreenHunter Biofuels, announced today the execution of a definitive Amendment to its existing Credit Agreement with WestLB AG in the original principal amount of $38.5 million and $10 million, the Company's term loan and working capital line of credit with the Lender, respectively.

Halozyme Therapeutics, Inc. (Nasdaq: HALO) 16% LOWER; today announced that it intends to offer up to 5,200,000 shares of its common stock in an underwritten public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Pacific Capital Bancorp (Nasdaq: PCBC) 15.7% LOWER; continuing lower today following news yesterday that the company has deferred regularly scheduled interest payments on its outstanding $69.4 million of junior subordinated notes relating to its trust preferred securities. Click here for the full report. Shares fell nearly 9% on the news yesterday.

Matrixx Initiatives Inc. (Nasdaq: MTXX) 15.4% LOWER; disclosed in an SEC filing received an informal inquiry from the SEC requesting certain documents and information relating to the previously disclosed June 16, 2009 warning letter issued to the Company by the United States FDA.

Republic Airways Holdings, Inc. (Nasdaq: RJET) 15.1% HIGHER; Frontier Airlines Holdings, Inc. today announced it has entered into an investment agreement with Republic Airways by which Republic will serve as equity sponsor for Frontier's plan of reorganization and purchase 100% of the equity in the reorganized company for $108.75 million.

Rambus (Nasdaq: RMBS) 14.7% LOWER; lowers its Q2 sales guidance from $27-$30 million to $26.7-$27.2 million. The Street is currently looking for Q2 sales of $27.26 million.

America's Car-Mart, Inc. (Nasdaq: CRMT) 10% HIGHER; reports Q4 EPS of $0.43, 5 cents better than the analyst estimate of $0.38. Revenue for the quarter was $77.9 million, versus the consensus of $74.94 million.

Owens Corning (NYSE: OC) 9.7% HIGHER; spiking mid-day on heavier-than-normal trading volume. We are not hearing anything that would justify today's move.

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

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