Unusual 11 Mid-Day Movers 2/27: DISK, BARE, SUP, ATPG Higher; SOMX, SNTA, VRNM, C Lower

February 27, 2009 12:31 PM EST

Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX) 81.8% LOWER; received a Complete Response Letter from the FDA for its New Drug Application (NDA) for Silenor for the treatment of insomnia. Based on its review, the FDA has determined that the NDA cannot be approved in its present form.

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) 78.6% LOWER; said based on an analysis by an independent Data Monitoring Committee, it has suspended the SYMMETRYSM trial, the Phase 3 clinical study comparing elesclomol in combination with paclitaxel to paclitaxel alone in chemo-naïve patients with stage IV metastatic melanoma. The decision to suspend the SYMMETRY trial was based on the results of an analysis by the independent DMC which identified safety concerns, including an imbalance in overall survival, with a greater number of deaths occurring in the combination arm (elesclomol with paclitaxel) compared to the control arm (paclitaxel alone). The final analysis of the primary endpoint as assessed by independent reviewers has not been carried out yet.

Verenium (Nasdaq: VRNM) 55.8% LOWER; in a Form 8-K this morning, the company disclosed that it expects the conversion price for its 8% Notes will reset to a price substantially less than the current conversion price of $4.09 per share, possibly as low as $1.47 per share, and Verenium anticipates that some and possibly many holders of the 8% Notes may elect to convert their notes to stock once the conversion price for the 8% Notes resets.

Citigroup, Inc. (NYSE: C) 34.6% LOWER; Will issue common stock in exchange for preferred securities. Based on the maximum eligible conversion, the U.S. government would own approximately 36 percent of Citi's outstanding common stock and existing shareholders would own approximately 26 percent of the outstanding shares. Click here to view our full report on the news. Also, here is some interesting commentary on the impacts this development could have on other financials.

Image Entertainment, Inc. (NASDAQ: DISK) 28.1% HIGHER; announced today that it believes it is close to reaching an agreement to amend the merger agreement with Nyx Acquisitions, Inc.

Macquarie (NYSE: MIC) 27.2% LOWER; following its Q4 earnings report yesterday morning, and the ensuing 38% slide, the stock is continuing lower today.

Bare Escentuals, Inc. (Nasdaq: BARE) 25.1% HIGHER; reports Q4 EPS of $0.26, 2 cents better than the analyst estimate of $0.24. Revenues for the quarter were $147.1 million, versus the consensus of $142.11 million. Sees Q1 EPS of $0.12-$0.15, verus the consensus of $0.23.

Superior Industries (NYSE: SUP) 23% HIGHER; the stock was upgraded at Robert W. Baird and Credit Suisse this morning following the company's Q4 earnings report yesterday before the market opened. Both firms moved the stock up to Neutral.

ATP Oil & Gas Corporation (NASDAQ: ATPG) 21.5% HIGHER; GE Energy Financial Services, a unit of GE (NYSE: GE), has agreed to invest $150 million in a partnership with ATP which will own and operate a floating oil and gas production unit in deepwater Gulf of Mexico.

Calpine Corporation (NYSE: CPN) 17.4% HIGHER; reports Q4 loss of $0.28, versus the analyst estimate of ($0.12). Revenues for the quarter were $1.97 billion, versus the consensus of $1.47 billion.

LKQ Corp. (Nasdaq: LKQX) 12.8% HIGHER; continuing higher today following the company's Q4 earnings release yesterday before the market opened.

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

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Credit Suisse
• UBS
• Citi
• Robert W Baird
• Unusual 11 Mid-Day Movers

Add Your Comment

Name

Subject

Body

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