Morning Movers 9/18: BPFH, IOC, HEAT, LAVA, EROC Higher; FSP, ARNA, EDR, NMM Lower

September 18, 2009 10:10 AM EDT

Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) 26.7% HIGHER; announced last night that it has completed the sale of Coral Gables, Florida-based Gibraltar Private Bank & Trust for $93 million to private investors. Separately, the company announced the sale of RINET Company, LLC, to the RINET management team. Based in Boston, RINET is a wealth advisory firm catering to very high-net-worth clients and their families. The transaction is not expected to have a material impact on BPFH earnings or its financial position. The stock was also upgraded at KBW.

Interoil Corp. (NYSE: IOC) 15.4% HIGHER; Morgan Stanley initiates coverage on the stock with an Overweight rating. Click here to see the full report.

SmartHeat Inc. (Nasdaq: HEAT) 14.8% HIGHER; the pricing of a public offering of 7,246,087 shares of its common stock at a public offering price of $9.00 per share. The size of the common stock offering has been increased from the previously disclosed 5,000,000 shares.

Franklin Street Properties Corp. (NYSE: FSP) 11.5% LOWER; announced that it has priced an underwritten public offering of 8,000,000 shares of its common stock at a price to the public of $13.00 per share. The offering was increased from a previously announced offering size of 6,000,000 shares.

Magma Design (Nasdaq: LAVA) 10.7% HIGHER; upgraded to Buy at Canaccord Adams this morning following a number of insider buys last night.

Eagle Rock Energy Partners, L.P. (NASDAQ: EROC) 9.9% HIGHER; announced that the Board of the general partner of the general partner of the Partnership (received a letter from Natural Gas Partners VII, L.P. and Natural Gas Partners VIII, L.P. on September 17, 2009 wherein NGP proposed a series of transactions between NGP and the Partnership.

Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) 9.2% LOWER; reported positive, highly significant top-line results from the BLOSSOM (Behavioral modification and LOrcaserin Second Study for Obesity Management) trial. BLOSSOM confirms the results previously reported for the BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management) trial and completes the lorcaserin Phase 3 pivotal registration program of 7,190 patients evaluated for up to two years. Arena plans to submit a New Drug Application, or NDA, for lorcaserin to the US Food and Drug Administration, or FDA, in December.

SXC Health Solutions Corp. (NASDAQ: SXCI) 8.9% HIGHER; announced today the pricing of its previously announced public offering of common shares. Under the offering, SXC will sell 4,500,000 common shares at a price to the public of $41.50 per share. The offering was increased from the previously announced offering size of 3,500,000 common shares. In connection with the offering, SXC has granted the underwriters a 30-day option to purchase up to an additional 675,000 of its common shares at the public offering price to cover over-allotments, if any. The offering is expected to close on September 23, 2009, subject to customary closing conditions.

VIVUS, Inc. (Nasdaq: VVUS) 8.1% HIGHER; announced today the pricing of an underwritten public offering of 9,000,000 shares of its common stock at a price to the public of $10.50 per share.

Education Realty Trust (NYSE: EDR) 8.1% LOWER; Bank of America downgrades the stock from Neutral to Underperform. Price target $5.25.

Navios Maritime Partners L.P. (NYSE: NMM) 8.1% LOWER; priced its follow-on public offering of 2,800,000 common units, which represent limited partnership interests, at $12.21 per unit.

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