Morning Movers 01/11: PEIX, EPCT, MMR, TUES, KTII Higher; CYCC, LUNA, IOC, ASBC, HOGS Lower
Pacific Ethanol, Inc. (Nasdaq: PEIX) 51.6% HIGHER; after rising 60% on Friday and 13% on Thursday following news that it will resumed ethanol production at its 60 million gallon per year Magic Valley facility, PEIX is up another 55% today. Traders may also be playing the ethanol stock as the price at the pump for E-85 looks considerably favorable with rising crude and gasoline prices.
EpiCept Corporation (Nasdaq: EPCT) 38.7% HIGHER; announced today that it has entered into an exclusive commercialization agreement for Ceplene(R) (histamine dihydrochloride) with Meda AB, (OMX Nordic Exchange: MEDA-A-ST) a leading international specialty pharmaceutical company based in Stockholm.
McMoRan Exploration Co. (NYSE: MMR) 33.7% HIGHER; announced today a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water. The well has been drilled to a measured depth of 28,263 feet and has been logged with pipe-conveyed wireline logs to 28,134 feet. Click here for the full report.
Tuesday Morning Corp. (Nasdaq: TUES) 30.7% HIGHER; reports Q2 sales of $289.6 million, which compares to the estimate of $264 million. Same store sales rose 5.1% during the quarter. Sees Q2 EPS of $0.40-$0.43, which compares to the Street estimate of a loss of $0.18. Revises its FY09 outlook to $805-$815 million in sales, and EPS of $0.06-$0.10.
K-Tron International, Inc. (Nasdaq: KTII) 30.6% HIGHER; Hillenbrand, Inc. (NYSE: HI) and K-Tron have signed a definitive merger agreement providing for Hillenbrand's acquisition of K-Tron for $150 per share in cash. Click here to see the full report.
Energy XXI (NASDAQ: EXXI) 28.9% HIGHER; see McMoRan Exploration.
MAP Pharmaceuticals, Inc. (NASDAQ: MAPP) 27.7% HIGHER; today announced that the U.S. FDA has informed the Company that a second pivotal efficacy study is not required for the Company's LEVADEX new drug application submission for the acute treatment of migraine. The Company announced in May 2009 that the efficacy portion of its Phase 3 FREEDOM-301 clinical study of LEVADEX met all four primary endpoints. The Company had previously anticipated initiating a second pivotal efficacy study in the first quarter of 2010. Click here to see the full report.
CEL-SCI Corporation (Amex: CVM) 16% HIGHER; announced today it has completed the validation of all critical utilities and manufacturing equipment at its GMP manufacturing facility in Maryland. Completion of this validation effort represents a very important milestone as it allows CEL-SCI to move forward with its drug manufacturing plans for the investigational cancer drug Multikine® for the upcoming head and neck Phase III clinical trial. The manufacturing facility is now also ready to offer Contract Manufacturing services which could commence following the manufacture of Multikine.
PhotoMedex (Nasdaq: PHMD) 15.9% HIGHER; PHMD and Galderma Laboratories, L.P. have entered into a co-promotion agreement for Galderma's photodynamic therapy application for the treatment of actinic keratoses. Under the terms of the agreement, PhotoMedex' sales force will promote Galderma's drug Metvixia(R) (methyl aminolevulinate) Cream, 16.8% and Galderma's Aktilite(R) CL128 LED (light-emitting diode) lamp to healthcare professionals, including dermatologists, plastic surgeons and cosmetic surgeons throughout the United States. Galderma will provide marketing support and distribution. The three-year agreement begins in January; no financial terms have been disclosed.
Inhibitex, Inc. (NASDAQ: INHX) 14.5% HIGHER; today announced that its collaborator, Pfizer, Inc. (NYSE: PFE), has initiated patient recruitment for 408-patient, randomized, double-blind Phase I clinical trial to evaluate the safety, tolerability, and immunogenicity of three ascending dose levels of a 3-antigen Staphylococcus aureus (S. aureus) vaccine (SA3Ag) in healthy adults. The SA3Ag vaccine contains an antigen originating from the Company's MSCRAMM(R) protein platform. Click here for the full report.
Cyclacel Pharmaceuticals, Inc. (Nasdaq: CYCC) 14% LOWER; announced today that it has entered into definitive agreements to raise $7.2 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, and up to an additional $2.3 million, in a registered direct offering with select institutional investors. Also said it will not declare a dividend on preferred shares.
Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX) 13.3% HIGHER; today announced significant progress in three HCV programs. Click here to see the full report.
AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) 13.2% HIGHER; today provided an update on the commercial launch of Feraheme(R) (ferumoxytol) Injection for intravenous use, including preliminary fourth quarter 2009 Feraheme net product revenues estimates, as well as an update on the Company's international and label expansion efforts. Click here to see more details.
Luna Innovations (Nasdaq: LUNA) 13.1% LOWER; the stock surged nearly 72% on Friday following news of an extended development and supply agreement with Intuitive Surgical (Nasdaq: ISRG).
BioFuel Energy (Nasdaq: BIOF) 11.2% HIGHER; see Pacific Ethanol.
InterOil Corporation (NYSE: IOC) 10.8% LOWER; today announced that during the last seven hours of drill stem test 2 at the Antelope-2 well in Papua New Guinea the well flowed at a stabilized rate of approximately 11 MMcfd on a 48/64 inch choke and the condensate-to-gas ratio averaged 20.7 barrels per million cubic feet of natural gas. This is a 15% increase in CGR from DST 1 which was performed at the top of the reservoir.
Associated Banc-Corp (NASDAQ: ASBC) 10.3% LOWER; announced today that it has commenced an underwritten public offering of up to $400 million of its common stock. Associated Banc-Corp intends to use the net proceeds of this offering to provide additional capital to Associated Bank, National Association to support continued growth, and for working capital and other general corporate purposes. Associated Banc-Corp intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares sold in the offering to cover over-allotments, if any.
Zhongpin Inc. (Nasdaq: HOGS) 9.7% LOWER; Mr. Warren Wang, Zhongpin's CFO, said, "For the year 2010, Zhongpin's sales revenues are currently expected to be within a range of $900 million to $940 million, with gross profit within the range of $106 million to $115 million and net income within the range of $52 million to $57 million. The resulting diluted earnings per share for the year 2010 is currently expected to be within the range of $1.49 to $1.64 per share." Consensus sees FY10 revs of $930.03 million and an EPS of $1.75.
Cytokinetics, Incorporated (NASDAQ: CYTK) 9.6% HIGHER; announced positive data from Part B of its Phase I, first-time-in-humans, randomized, double-blind, placebo-controlled, clinical trial of CK-2017357 in healthy volunteers. Click here to see the full report.
Inovio Biomedical Corporation (Amex: INO) 8.9% HIGHER; announced today that it has expanded its existing license agreement with the University of Pennsylvania, adding exclusive worldwide licenses for technology and intellectual property for novel DNA vaccines against pandemic influenza, Chikungunya, and foot-and-mouth disease.
China Finance Online (Nasdaq: JRJC) 8.8% HIGHER; J.P. Morgan upgrades the stock from Neutral to Overweight. Price target $12.
Helen of Troy Limited (NASDAQ: HELE) 8.7% LOWER; reports Q3 EPS of $0.80, 7 cents better than the analyst estimate of $0.73. Revenue for the quarter was $189.4 million, which compares to the estimate of $197.99 million.
PAREXEL International Corporation (Nasdaq: PRXL) 8.6% HIGHER; today raised its financial guidance expectations for its Q2 and FY10. The Company's updated financial guidance takes into account the projected impact from second quarter new business wins and cancellations, revised expectations for the amount and timing of a previously announced restructuring charge, and the impact of recent foreign exchange rates. For Q2, sales guidance raised from $275-$280 million to $280-$285 million, versus the consensus of $276.34 million, with adj-EPS of $0.21-$0.23, up from $0.19-$0.21 previously. The Street is looking for Q2 EPS of $0.20. For FY10, sales guidance moves from $1.105-$1.125 billion to $1.115-$1.145 billion, versus the consensus of $1.1 billion. Adj-EPS move from $0.87-$0.97 to $0.90-$1.00, which compares to the Street estimate of $0.91.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
EpiCept Corporation (Nasdaq: EPCT) 38.7% HIGHER; announced today that it has entered into an exclusive commercialization agreement for Ceplene(R) (histamine dihydrochloride) with Meda AB, (OMX Nordic Exchange: MEDA-A-ST) a leading international specialty pharmaceutical company based in Stockholm.
McMoRan Exploration Co. (NYSE: MMR) 33.7% HIGHER; announced today a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water. The well has been drilled to a measured depth of 28,263 feet and has been logged with pipe-conveyed wireline logs to 28,134 feet. Click here for the full report.
Tuesday Morning Corp. (Nasdaq: TUES) 30.7% HIGHER; reports Q2 sales of $289.6 million, which compares to the estimate of $264 million. Same store sales rose 5.1% during the quarter. Sees Q2 EPS of $0.40-$0.43, which compares to the Street estimate of a loss of $0.18. Revises its FY09 outlook to $805-$815 million in sales, and EPS of $0.06-$0.10.
K-Tron International, Inc. (Nasdaq: KTII) 30.6% HIGHER; Hillenbrand, Inc. (NYSE: HI) and K-Tron have signed a definitive merger agreement providing for Hillenbrand's acquisition of K-Tron for $150 per share in cash. Click here to see the full report.
Energy XXI (NASDAQ: EXXI) 28.9% HIGHER; see McMoRan Exploration.
MAP Pharmaceuticals, Inc. (NASDAQ: MAPP) 27.7% HIGHER; today announced that the U.S. FDA has informed the Company that a second pivotal efficacy study is not required for the Company's LEVADEX new drug application submission for the acute treatment of migraine. The Company announced in May 2009 that the efficacy portion of its Phase 3 FREEDOM-301 clinical study of LEVADEX met all four primary endpoints. The Company had previously anticipated initiating a second pivotal efficacy study in the first quarter of 2010. Click here to see the full report.
CEL-SCI Corporation (Amex: CVM) 16% HIGHER; announced today it has completed the validation of all critical utilities and manufacturing equipment at its GMP manufacturing facility in Maryland. Completion of this validation effort represents a very important milestone as it allows CEL-SCI to move forward with its drug manufacturing plans for the investigational cancer drug Multikine® for the upcoming head and neck Phase III clinical trial. The manufacturing facility is now also ready to offer Contract Manufacturing services which could commence following the manufacture of Multikine.
PhotoMedex (Nasdaq: PHMD) 15.9% HIGHER; PHMD and Galderma Laboratories, L.P. have entered into a co-promotion agreement for Galderma's photodynamic therapy application for the treatment of actinic keratoses. Under the terms of the agreement, PhotoMedex' sales force will promote Galderma's drug Metvixia(R) (methyl aminolevulinate) Cream, 16.8% and Galderma's Aktilite(R) CL128 LED (light-emitting diode) lamp to healthcare professionals, including dermatologists, plastic surgeons and cosmetic surgeons throughout the United States. Galderma will provide marketing support and distribution. The three-year agreement begins in January; no financial terms have been disclosed.
Inhibitex, Inc. (NASDAQ: INHX) 14.5% HIGHER; today announced that its collaborator, Pfizer, Inc. (NYSE: PFE), has initiated patient recruitment for 408-patient, randomized, double-blind Phase I clinical trial to evaluate the safety, tolerability, and immunogenicity of three ascending dose levels of a 3-antigen Staphylococcus aureus (S. aureus) vaccine (SA3Ag) in healthy adults. The SA3Ag vaccine contains an antigen originating from the Company's MSCRAMM(R) protein platform. Click here for the full report.
Cyclacel Pharmaceuticals, Inc. (Nasdaq: CYCC) 14% LOWER; announced today that it has entered into definitive agreements to raise $7.2 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, and up to an additional $2.3 million, in a registered direct offering with select institutional investors. Also said it will not declare a dividend on preferred shares.
Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX) 13.3% HIGHER; today announced significant progress in three HCV programs. Click here to see the full report.
AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) 13.2% HIGHER; today provided an update on the commercial launch of Feraheme(R) (ferumoxytol) Injection for intravenous use, including preliminary fourth quarter 2009 Feraheme net product revenues estimates, as well as an update on the Company's international and label expansion efforts. Click here to see more details.
Luna Innovations (Nasdaq: LUNA) 13.1% LOWER; the stock surged nearly 72% on Friday following news of an extended development and supply agreement with Intuitive Surgical (Nasdaq: ISRG).
BioFuel Energy (Nasdaq: BIOF) 11.2% HIGHER; see Pacific Ethanol.
InterOil Corporation (NYSE: IOC) 10.8% LOWER; today announced that during the last seven hours of drill stem test 2 at the Antelope-2 well in Papua New Guinea the well flowed at a stabilized rate of approximately 11 MMcfd on a 48/64 inch choke and the condensate-to-gas ratio averaged 20.7 barrels per million cubic feet of natural gas. This is a 15% increase in CGR from DST 1 which was performed at the top of the reservoir.
Associated Banc-Corp (NASDAQ: ASBC) 10.3% LOWER; announced today that it has commenced an underwritten public offering of up to $400 million of its common stock. Associated Banc-Corp intends to use the net proceeds of this offering to provide additional capital to Associated Bank, National Association to support continued growth, and for working capital and other general corporate purposes. Associated Banc-Corp intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares sold in the offering to cover over-allotments, if any.
Zhongpin Inc. (Nasdaq: HOGS) 9.7% LOWER; Mr. Warren Wang, Zhongpin's CFO, said, "For the year 2010, Zhongpin's sales revenues are currently expected to be within a range of $900 million to $940 million, with gross profit within the range of $106 million to $115 million and net income within the range of $52 million to $57 million. The resulting diluted earnings per share for the year 2010 is currently expected to be within the range of $1.49 to $1.64 per share." Consensus sees FY10 revs of $930.03 million and an EPS of $1.75.
Cytokinetics, Incorporated (NASDAQ: CYTK) 9.6% HIGHER; announced positive data from Part B of its Phase I, first-time-in-humans, randomized, double-blind, placebo-controlled, clinical trial of CK-2017357 in healthy volunteers. Click here to see the full report.
Inovio Biomedical Corporation (Amex: INO) 8.9% HIGHER; announced today that it has expanded its existing license agreement with the University of Pennsylvania, adding exclusive worldwide licenses for technology and intellectual property for novel DNA vaccines against pandemic influenza, Chikungunya, and foot-and-mouth disease.
China Finance Online (Nasdaq: JRJC) 8.8% HIGHER; J.P. Morgan upgrades the stock from Neutral to Overweight. Price target $12.
Helen of Troy Limited (NASDAQ: HELE) 8.7% LOWER; reports Q3 EPS of $0.80, 7 cents better than the analyst estimate of $0.73. Revenue for the quarter was $189.4 million, which compares to the estimate of $197.99 million.
PAREXEL International Corporation (Nasdaq: PRXL) 8.6% HIGHER; today raised its financial guidance expectations for its Q2 and FY10. The Company's updated financial guidance takes into account the projected impact from second quarter new business wins and cancellations, revised expectations for the amount and timing of a previously announced restructuring charge, and the impact of recent foreign exchange rates. For Q2, sales guidance raised from $275-$280 million to $280-$285 million, versus the consensus of $276.34 million, with adj-EPS of $0.21-$0.23, up from $0.19-$0.21 previously. The Street is looking for Q2 EPS of $0.20. For FY10, sales guidance moves from $1.105-$1.125 billion to $1.115-$1.145 billion, versus the consensus of $1.1 billion. Adj-EPS move from $0.87-$0.97 to $0.90-$1.00, which compares to the Street estimate of $0.91.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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