Pre-Open Stock Movers 09/07: (RTRX) (AAOI) (FRAN) (CMG) Higher; (SFM) (HDS) (CASY) Lower (more...)
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Today's Pre-Open Stock Movers:
Retrophin, Inc. (Nasdaq: RTRX) 25.6% HIGHER; announced positive top-line results from the Phase 2 DUET study of sparsentan for the treatment of focal segmental glomerulosclerosis (FSGS), a rare kidney disorder without an approved pharmacologic treatment that often leads to end-stage renal disease. The study achieved statistical significance in the primary efficacy endpoint for the overall sparsentan treatment group, demonstrating a greater than two-fold reduction of proteinuria compared to irbesartan after the eight-week, double-blind treatment period.
Applied Optoelectronics, Inc. (Nasdaq: AAOI) 22% HIGHER; announced updated guidance for its third quarter ended Sept. 30, 2016. Revenue in the range of $63.0 million to $65.0 million, above the prior outlook of $56.0 million to $59.0 million. (The Street sees revenue of $58.2 million.) Non-GAAP fully diluted earnings per share in the range of $0.26 to $0.29, using a weighted-average fully diluted share count of approximately 18.0 million shares. This is above the prior outlook of $0.16 to $0.21 per share. (The Street sees EPS of $0.19.)
Agios Pharma (NASDAQ: AGIO) 21.2% HIGHER; announced that its collaboration partner Celgene Corporation expects to submit a new drug application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for enasidenib (AG-221), a first-in-class, oral, selective, potent inhibitor of mutant isocitrate dehydrogenase-2 (“IDH2”), in relapsed and/or refractory acute myeloid leukemia (“AML”). The NDA will be based on data from the ongoing phase 1/2 study of AG-221 in patients with advanced hematologic malignancies with an IDH2 mutation. The NDA submission is expected to occur by year-end 2016. Celgene will be discussing the planned enasidenib NDA submission at theCiti 11th Annual Biotech Conference in Boston in a webcast event on Wednesday, September 7, 2016 at 12:00 pm ET.
Sprouts Farmers Market, Inc. (Nasdaq: SFM) 14.9% LOWER; announced updated guidance in advance of participation in the Goldman Sachs 23rd Annual Global Retailing Conference on September 8, 2016. This update reflects the impact of significant ongoing deflation, the stepped-up promotional environment and our cautious outlook for the remainder of the year. Comparable store sales growth for the third quarter ending October 2, 2016 is now expected to be approximately flat. The prolonged deflationary environment, competitive landscape and industry dynamics have prompted heavy promotions across the industry, adversely impacting retail deflation and traffic generation. Given the current environment, we are adjusting our full-year 2016 comparable store sales growth to be in the range of 1.5% to 2.5% and earnings per share to be in the range of $0.83 to $0.86. *** The Street sees FY16 EPS of $0.94 and revenue of $1.05 billion.
Francesca's (NASDAQ: FRAN) 13% HIGHER; reported Q2 EPS of $0.27, $0.09 better than the analyst estimate of $0.18. Revenue for the quarter came in at $115.3 million versus the consensus estimate of $109.16 million. Comparable sales were flat compared to the same prior year period. GUIDANCE: Francesca's sees Q3 2016 EPS of $0.16-$0.19, versus the consensus of $0.15. Francesca's sees Q3 2016 revenue of $114-118 million, versus the consensus of $109.7 million. Francesca's sees FY2016 EPS of $0.96-$1.03, versus the consensus of $0.87. Francesca's sees FY2016 revenue of $473-488 million, versus the consensus of $467.0 million.
Curis, Inc. (Nasdaq: CRIS) 11.4% HIGHER; announced that its collaborator, Aurigene Discovery Technologies Ltd., will receive 10.2 million shares of Curis’s common stock, priced at $2.40 per share, representing a 39% premium to the closing price on September 2, 2016, in lieu of receiving up to $24.5 million of milestone and other payments from Curis that may become due under the companies’ 2015 collaboration agreement.
HD Supply Holdings (NASDAQ: HDS) 10.4% LOWER; reported Q2 EPS of $0.85, in-line with the analyst estimate of $0.85. Revenue for the quarter came in at $2 billion versus the consensus estimate of $2.03 billion. As of July 31, 2016, HD Supply’s combined liquidity of approximately $1,513 million was comprised of $313 million in cash and cash equivalents and $1,200 million of additional available borrowings under HD Supply, Inc.’s senior asset-backed lending facility, based on qualifying inventory and receivables. GUIDANCE: HD Supply Holdings sees Q3 2016 EPS of $0.77 - $0.82, versus the consensus of $0.91. HD Supply Holdings sees Q3 2016 revenue of $1.985 - $2.035 billion, versus the consensus of $2.06 billion.
Casey's General Stores (NASDAQ: CASY) 8.5% LOWER; reported Q1 EPS of $1.70, $0.11 worse than the analyst estimate of $1.81. Revenue for the quarter came in at $1.97 billion versus the consensus estimate of $1.99 billion.
Organovo Holdings, Inc. (Nasdaq: ONVO) 6.6% HIGHER; announced that it has begun commercial contracting for its second tissue service, the ExVive Human Kidney. This kidney proximal tubule model is a natural expansion of the Companys preclinical product and service portfolio, allowing customers to study the effects of drug exposure on a key portion of the human kidney relevant to drug discovery and development. Organovo has already signed multiple commercial orders and is collaborating on toxicology panels and transporter studies, including with two global, top 25 pharmaceutical companies, as part of an early access program.
Western Digital Corp. (NASDAQ: WDC) 5.9% HIGHER; raises Q1 outlook. Enabled by ongoing strong execution, the company now expects its first quarter revenue to be in the range of $4.45 billion to $4.55 billion compared to its earlier forecast of $4.4 billion to $4.5 billion. Non-GAAP gross margin is expected to be approximately 33%, versus the earlier forecast of 32%, due to the improved mix and pricing. Non-GAAP operating expenses are expected to be approximately $905 million, versus the earlier forecast of $875 million, reflecting higher incentive compensation due to the stronger business performance. Net interest expense is forecasted to be lower than previously expected due to the recently completed re-pricing of the companys U.S. Term Loan B debt. The company now expects first quarter EPS, on a non-GAAP basis to be in the range of $1.00 to $1.05, compared with its earlier forecast range of $0.85 to $0.90. The company will report its full results for the first fiscal quarter in late October. *** The Street sees Q1 revenue of $4.45 billion and EPS of $0.90.
Momenta Pharmaceuticals (NASDAQ: MNTA) 5.6% LOWER; Maxim Group downgraded from Hold to Sell with a price target of $6.00
Dave & Buster's Entertainment (NASDAQ: PLAY) 5.6% LOWER; reported Q2 EPS of $0.50, $0.06 better than the analyst estimate of $0.44. Revenue for the quarter came in at $244.3 million versus the consensus estimate of $243.14 million. Comparable store sales increased 1.0% compared to an 11.0% increase. Dave & Buster's Entertainment reaffirmed FY2016 guidance.
Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) 4.6% HIGHER; Valeant Pharmaceuticals International, Inc. (NYSE: VRX) and Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) announced the U.S. commercial launch of RELISTOR® (methylnaltrexone bromide) Tablets, which is now available for prescribing. RELISTOR Tablets (450 mg once daily) were approved by the U.S. Food and Drug Administration (FDA) for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain on July 19, 2016.
Sigma Designs (NASDAQ: SIGM) 4.2% LOWER; reported Q2 EPS of $0.07, $0.06 better than the analyst estimate of $0.01. Revenue for the quarter came in at $61.3 million versus the consensus estimate of $61.19 million.
HealthEquity (NASDAQ: HQY) 3.7% HIGHER; reported Q2 EPS of $0.16, $0.03 better than the analyst estimate of $0.13. Revenue for the quarter came in at $44.2 million versus the consensus estimate of $43.38 million. GUIDANCE: HealthEquity sees FY2017 revenue of $174-178 million, versus prior guidance of $173-177 million and the consensus of $176.5 million.
Oiln (NYSE: OLN) 3.5% LOWER; Longbow Research downgraded from Neutral to Underperform with a price target of $17.00.
AMD (Nasdaq: AMD) 3.5% LOWER; announced that it intends to commence concurrent public offerings, subject to market and other conditions, of approximately $600 million of its common stock (the "Shares") and $450 million aggregate principal amount of its convertible senior notes due 2026 (the "New Notes"). AMD is offering all of the Shares and the New Notes. In addition, AMD expects to grant the underwriters a 30-day option to purchase up to approximately $90 million of additional shares of common stock at the public offering price and up to $67.5 million principal amount of additional convertible senior notes.
Seagate Technology (NYSE: STX) 3.3% HIGHER; up on higher guidance from peer WDC
Beazer Homes USA, Inc. (NYSE: BZH) 2.6% HIGHER; In conjunction with its announced proposed Senior Offering, Beazer Homes USA, Inc. (NYSE: BZH) announced the following results for the first two months of its fiscal fourth quarter. New orders rose 23% compared to the same period of the prior fiscal year, primarily driven by an improved absorption pace, as community count was relatively flat over the time period. Additionally, the Company continues to expect its fourth quarter backlog conversion ratio to be between 75-80%.
Valeant Pharmaceuticals (NYSE: VRX) 2.5% HIGHER; Valeant and Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) announced the U.S. commercial launch of RELISTOR® (methylnaltrexone bromide) Tablets, which is now available for prescribing. RELISTOR Tablets (450 mg once daily) were approved by the U.S. Food and Drug Administration (FDA) for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain on July 19, 2016.
Callon Petroleum Company (NYSE: CPE) 2% LOWER; announced that it has commenced, subject to market and other conditions, an underwritten public offering of 23,000,000 shares of its common stock by the Company. The Company expects to grant the underwriters an option to purchase up to an additional 3,450,000 shares of common stock from the Company. Proceeds from the offering are expected to be used to fund substantially all of the pending Plymouth Acquisition, as described in the Company's Report on Form 8-K filed with the Securities and Exchange Commission on September 6, 2016. If the pending Plymouth Acquisition is not consummated, the Company intends to use the net proceeds of this offering to fund a portion of its exploration and development activities and for general corporate purposes, which may include leasehold interest and property acquisitions, repayment of indebtedness and working capital.
Ollies Bargain Outlet Holdings, Inc. (Nasdaq: OLLI) 1.6% LOWER; announced that affiliates of CCMP Capital Advisors, LP (CCMP) intend to offer 13,725,798 shares of the Companys common stock, par value $0.001 per share (the Common Stock), in an underwritten public offering. The offering consists entirely of secondary shares to be sold by CCMP. CCMP will receive all of the proceeds from the offering.
Catalent, Inc. (NYSE: CTLT) 1.2% LOWER; announced the launch of a secondary public offering of its common stock. Certain stockholders of Catalent (the Selling Stockholders) are offering for sale to the public all of the approximately 19.0 million shares of Catalents common stock owned by them. Catalent is not offering any stock in this transaction and will not receive any proceeds from the sale of the shares by the Selling Stockholders.
Finisar Corporation (NASDAQ: FNSR) 1.6% HIGHER; up on AAOI raised guidance
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