Pre-Open Movers 3/12; Progenics (PGNX) Sinks On Failed Drug Results, Thornburg Mortgage (TMA) Surges on Upgrade

March 12, 2008 9:21 AM EDT

StreetInsider.com Pre-Open Movers:

Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) 49% LOWER; Wyeth (NYSE: WYE) and Progenics Pharmaceuticals announced preliminary findings from the first of two phase 3 clinical trials of intravenous methylnaltrexone being evaluated for the management of postoperative ileus in patients recovering from segmental colectomy surgical procedures. Preliminary results from the phase 3 clinical trial conducted by Wyeth showed that treatment did not achieve the primary end point of the study: a reduction in time to recovery of gastrointestinal function (i.e., time to first bowel movement) as compared to placebo. The study also did not show that secondary measures of surgical recovery, including time to discharge eligibility, were superior to placebo.

Third Wave Technologies Inc. (NASDAQ: TWTI) 40% HIGHER; said it achieved all primary clinical endpoints in the clinical trial for its human papillomavirus tests. The company expects to submit the trial results to the FDA for both its high-risk and 16/18 genotyping products in April.

Thornburg Mortgage Inc. (NYSE: TMA) 30% HIGHER; Bear Stearns upgraded the stock from Underperform to Peer Perform, saying survival of the company is more likely after the Fed's new $200B liquidity plan which is targeting mortgage securities.

Handleman Company (NYSE: HDL) 25% HIGHER; reports Q3 EPS of $0.12 compared to $0.21 for the same period last year. Revenues for the third quarter of this fiscal year were $346.9 million, compared to $485.0 million for the third quarter of last year.

DivX (Nasdaq: DIVX) 24% LOWER; reported Q4 GAAP EPS of $0.11 vs. the analyst estimate of $0.15 - may not be comparable. Revenues for the quarter were $24.5 million, versus the consensus of $22.5 million. Sees Q1 revenue between $24.5-25.5 million vs. $26.29 million consensus. Sees Non-GAAP EPS between $0.13-0.15 vs. consensus of $0.19. Sees FY revenue between $95-$100 million vs. $104.24 million consensus. Sees FY Non-GAAP EPS between $0.44-0.52 vs. $0.67 consensus.

Immucor, Inc. (Nasdaq: BLUD) 19% LOWER; signed a definitive agreement to acquire BioArray Solutions Ltd., a privately held company based in Warren, NJ that has pioneered the development of molecular diagnostic systems which enable rapid and comprehensive antigen determination for donors and recipients of blood transfusions by DNA analysis (genotyping) using its proprietary BeadChip(TM) system for molecular medicine. The purchase price will be approximately $117 million in cash. In its first full year of ownership, Immucor expects that this acquisition will reduce diluted earnings per share by approximately $0.20 to $0.23 per share, including approximately $0.05 per share of non-cash amortization of acquired intangible assets.

Humana Inc. (NYSE: HUM) 17% LOWER; warns for Q1 and FY08. Humana now anticipates EPS for 1Q08 in the range of $0.44 to $0.46 versus its previous guidance of $0.80 to $0.85 with EPS for FY08 now projected to be in the range of $4.00 to $4.25 compared to previous guidance of $5.35 to $5.55.

CombinatoRx, Incorporated (NASDAQ: CRXX) 13% HIGHER; announced top line results of its randomized, blinded, placebo-controlled Phase 2 proof-of-concept clinical trial of CRx-191 in plaque psoriasis. CRx-191 is a topical synergistic combination drug candidate in development for psoriasis and other steroid-responsive dermatoses. The trial evaluated the efficacy, safety and tolerability of two doses of CRx-191 compared to placebo in subjects with psoriasis. In this trial, the high dose of CRx-191 demonstrated an 81% reduction in psoriatic infiltrate from baseline to day 12, compared to 11% for placebo. This reduction demonstrated with CRx-191 was statistically significant (P<0.0001). Similarly, CRx-191 demonstrated a 58% reduction in erythema (redness) from baseline to day 12, as compared to 6% with placebo.

JA Solar (Nasdaq: JASO) 12% HIGHER; reports Q4 EPS of $0.09, which included items and may not compare to the consensus of $0.09. Revenues came in at $144.2 million, versus the consensus of $117.8 million. JASO sees FY08 revenues of $990-$1.1 billion, versus the consensus of $761.5 million. Expect 2008 gross margin to be above 20%.

Cepheid (Nasdaq: CPHD) 10% LOWER; Reports from CNBC a study of the hospital quick test for a "Superbug" doesnt cut the number of infection and it is expensive.

Park-Ohio Holdings Corp. (Nasdaq: PKOH) 9% LOWER; Downgraded by Morgan Joseph

ICF International (Nasdaq: ICFI) 6% LOWER; reported Q4 EPS of $0.67 (ex-items), 4 cents better than the analyst estimate of $0.63. Revenues for the quarter were $186.4 million, versus the consensus of $179.7 million. For the first quarter of 2008, the company expects revenues to range between $175-$180 million and EPS to range from $0.48 to $0.52. (Consensus is $178.60 million and $0.52, respectively). Based on currently available information, the company expects its existing portfolio of business to generate revenues of $690 million to $720 million for full year 2008 and EPS between $1.85 to $2.10. (Consensus is $681.40 million and $2.00, respectively).

Vimpel-Communications (VIP) 5% LOWER; reports Q4 earnings of $0.36 per share, below the consensus of $0.39. Revenues came in at $2.01 billion, versus the consensus of $2.01 billion

J. Crew (NYSE: JCG) 3.6% HIGHER; reported Q4 EPS of $0.41 ex-items, 2 cents better than the analyst estimate of $0.39. Revenues for the quarter were $399.9 million, versus the consensus of $400.85 million. Sees full year 08 EPS $1.85-$1.87 versus $1.83.

Take-Two (Nasdaq: TTWO) 3% HIGHER; reported Q1 EPS of ($0.52), 1 cent worse than the analyst estimate of a loss of $0.51. Revenues for the quarter were $240.4 million, versus the consensus of $211.15 million. Q2 EPS $1.00 to $1.10 versus $1.04. Revenues Q2 $450 million to $500 million versus $462.8 million.

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[LJ]

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