Unusual 11 Mid-Day Movers 7/2: MAXY, APOL, ERII, NSTR Higher; MBRK, TTP, ALDN, DTG Lower

July 2, 2008 12:32 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

MiddleBrook Pharmaceuticals, Inc. (Nasdaq: MBRK) 55.4% LOWER; said completed its previously announced review of strategic alternatives and has entered into an agreement with Equity Group Investments, L.L.C. for a $100 million equity investment in the Company.

Titan Pharmaceuticals, Inc. (AMEX: TTP) 45.8% LOWER; today announced initial analyses show that Spheramine(R) did not meet the Phase IIb clinical study's primary or key secondary endpoints, with no significant differences detected between the Spheramine and sham surgery arms of the study after 12 months of follow-up. With shares of Titan down about $0.60 today, the stock has moved the extremely important psychological barrier of $1.00.

Aladdin Knowledge Systems Ltd. (Nasdaq: ALDN) 30.1% LOWER; sees Q2 revenues between $26.0 million and $26.5 million and non-GAAP EPS of $0.04. The consensus is $30.3 million and $0.27. Aladdin sees FY08 revenues between $112.0 million and $120.0 million and non-GAAP EPS of $0.48 to $0.56. The consensus is $125.8 million and $1.13.

Dollar Thrifty Automotive Group (NYSE: DTG) 28.6% LOWER; after announcing yesterday that it does not expect to achieve the previously issued guidance for its FY08, several analysts came out with negative notes on the stock, causing the stock to sink two days in a row. Soleil downgraded the stock from Buy to Hold and lowered its price target from $20 to $7.50, while Goldman Sachs maintained a Neutral rating but lowers its target from $14 to $6.50.

Maxygen (NASDAQ: MAXY) 27.4% HIGHER; Bayer HealthCare today announced the acquisition of Maxygen's hemophilia program assets, including a next-generation recombinant Factor VIIa protein known as MAXY-VII. The lead therapeutic candidate is expected to enter Phase 1 clinical testing in the third quarter of 2008. The total transaction is valued at $90 million upfront with a final, potential milestone payment of $30 million. This agreement also includes a license to use Maxygen’s MolecularBreedin technology, a novel research platform, for exploiting gene targets.

Apollo Group (Nasdaq: APOL) 22.8% HIGHER; reports Q3 EPS of $0.85, 7 cents better than the analyst estimate of $0.78. Revenues for the quarter were $835.2 million, versus the consensus of $806.89 million. Announces a $500 million buyback.

Energy Recovery, Inc. (NASDAQ: ERII) 22.6% HIGHER; today announced the pricing of its initial public offering of 14 million shares of its common stock at $8.50 per share. The new stock gapped higher by nearly $2 and has most recently traded at $10.42.

Visteon (NYSE: VC) 20.9% LOWER; downgraded by Merrill Lynch this morning from Neutral to Underperform. Price target $1.

Northstar Neuroscience, Inc. (NASDAQ: NSTR) 20% HIGHER; Tang Capital Partners, LP today announced that it has made a proposal to acquire Northstar in a negotiated transaction for a price of $2.25 per share in cash.

Schawk, Inc. (NYSE: SGK) 19.2% HIGHER; reports Q1 EPS of $0.15, 2 cents better than the analyst estimate of $0.13. Revenues for the quarter were $126.4 million, compared to $129.6 in the same quarter last year.

Tengasco (AMEX: TGC) 12.7% HIGHER; shares have been absolutely on fire since mid-May, when its stock price was under $1. With the stock trading around $3.40 today, Tengasco has risen by more than 300% in less than 2 months. Tengasco is involved in E&P and transportation of oil and natural gas in Tennessee and Kansas.

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