Morning Movers 9/8: OPXA, ITLN, CBY, GTN, HLCS, ORH, CHP Higher; OSIR, CHIP, SPPI, AIG Lower

September 8, 2009 10:23 AM EDT

Opexa Therapeutics, Inc. (NASDAQ: OPXA) 77% HIGHER; announced results from further analysis of the double-blind, placebo-controlled, 52-week Phase IIb TERMS clinical study of 150 patients with Relapsing Remitting MS (RRMS). This analysis evaluated patients with an annualized relapse rate of one or greater at study entry (ARR>=1). More than 83% of the Tovaxin-treated group (n=85) remained relapse free at one year and the annualized relapse rate after treatment decreased to 0.20, a 42% reduction compared to placebo. Here is our full report.

Intellon Corporation (NASDAQ: ITLN) 39.8% HIGHER; Atheros Communications, Inc. (NASDAQ: ATHR) and Intellon today announced that the companies have entered into a definitive agreement for Atheros to acquire Intellon in a stock and cash transaction valued at approximately $244 million, or $181 million net of Intellon's cash, cash equivalents and short-term investments as of June 30, 2009. Click here for the full report.

Cadbury plc (NYSE: CBY) 39.4% HIGHER; Kraft Foods (NYSE: KFT) made a proposal to the Board of Cadbury to combine the two companies, which the board of Cadbury has rejected. Kraft Foods is proposing an offer for Cadbury of 300 pence in cash and 0.2589 new Kraft Foods shares per Cadbury share. This values each Cadbury share at 745 pence (based on the closing price of $28.10 for a Kraft Foods share on 4 September 2009 and an exchange rate of 1.6346 $/pounds Sterling) and values the entire issued share capital of Cadbury at pounds Sterling 10.2 billion.

Gray Television (NYSE: GTN) 34.9% HIGHER; continuing higher this week following news last Thursday that the company successfully launched its first "Mobile DTV" signal.

Osiris Therapeutics, Inc. (NASDAQ: OSIR) 34.2% LOWER; today announced preliminary results for two phase III trials evaluating Prochymal for the treatment of acute graft versus host disease. GvHD, the most common complication of bone marrow transplantation, is a life-threatening disease for which there is currently no approved treatment. Prochymal showed significant improvements in response rates in difficult-to-treat liver and gastrointestinal GvHD, however neither trial reached its primary endpoint. Click here for the full report.

Helicos BioSciences Corporation (NASDAQ: HLCS) 27.2% HIGHER; announced that the RIKEN Yokohama Institute Omics Science Center has agreed to purchase four Helicos Genetic Analysis Systems.

Odyssey Re Holdings Corp. (NYSE: ORH) 24.4% HIGHER; Fairfax Financial Holdings Limited (NYSE: FFH) proposed to acquire all of the outstanding shares of Odyssey Re common stock of that it does not currently own for $60 per share in cash, representing a 19.8% premium over today's closing price and a 23.2% premium over the 30-day average closing price.

C&D Technologies Inc. (NYSE: CHP) 16.5% HIGHER; reports Q2 loss of $0.21, 10 cents worse than the analyst estimate of ($0.11). Revenue for the quarter was $82.4 million, versus the consensus of $74.40 million.

CytRx Corporation (NASDAQ: CYTR) 14.9% HIGHER; announced its intention during the 2009 fourth quarter to submit a revised protocol for its planned Phase IIb clinical trial for arimoclomol as a treatment for amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease).

VeriChip Corporation (NASDAQ: CHIP) 14.3% LOWER; VeriChip and Steel Vault Corporation (OTCBB: SVUL) announced today that VeriChip has agreed to acquire Steel Vault and form PositiveID Corporation to offer identification tools and technologies for consumers and businesses. In conjunction with the merger, VeriChip plans to change its name to PositiveID and continue to trade on the NASDAQ. PositiveID intends to change its ticker symbol to "PSID" upon closing of the transaction. Click here for the full report.

Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) 14.2% LOWER; Morgan Joseph downgrades from Buy to Hold, citing valuation and limited upside saying the stock has appropriately reacted to expanded labeling of Zevalin and possible expanded labeling of Fusilev.

InterContinental Hotels Group (NYSE: IHG) 12% HIGHER; Credit Suisse upgrades from Neutral to Outperform.

AIG (NYSE: AIG) 9.3% LOWER; Credit Suisse downgrades American International Group from Neutral to Underperform. Click here for more color.

To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.

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