Pre-Open Stock Movers 10/04: (SMMT) (SDRL) (ARLZ) Higher; (TRIB) (IRMD) (TWTR) Lower (more...)

October 4, 2016 9:22 AM EDT

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Today's Pre-Open Stock Movers

Summit Therapeutics plc (Nasdaq: SMMT) 80% HIGHER; Sarepta Therapeutics (Nasdaq: SRPT) and Summit Therapeutics plc (Nasdaq: SMMT) announced that they have entered into an exclusive license and collaboration agreement granting Sarepta rights in Europe, as well as in Turkey and the Commonwealth of Independent States (‘the licensed territory’), to Summit’s utrophin modulator pipeline, including its lead clinical candidate, ezutromid, for the treatment of Duchenne muscular dystrophy (‘DMD’). As part of the agreement, Sarepta also obtains an option to license Latin American rights to Summit’s utrophin modulator pipeline. Summit retains commercialization rights in all other countries.

Trinity Biotech plc (Nasdaq: TRIB) 53% LOWER; announced today that it is withdrawing its 510(k) premarket notification submission for the Meritas Troponin-I Test and Meritas Point-of-Care Analyzer.

Seadrill's (NYSE: SDRL) 38% HIGHER; John Fredriksen, Chairman and largest shareholder, is willing to lend it as much as $1.2 billion as part of a potential deal with banks and bondholders to restructure its debt, according to Bloomberg.

Aralez Pharmaceuticals Inc. (Nasdaq: ARLZ) 19% HIGHER; announced it willacquire the U.S. rights to Toprol-XL (metoprolol succinate) and its Authorized Generic (AG) pursuant to an agreement entered into between AstraZeneca and Aralez Pharmaceuticals Trading DAC, a subsidiary of Aralez. Toprol-XL is a cardioselective beta-blocker indicated for the treatment of hypertension, alone or in combination with other antihypertensives; the long term treatment of angina pectoris and treatment of stable, symptomatic (NYHA class II or III) heart failure of specific origins. It was first approved in the U.S. in 1992. AstraZeneca recorded U.S. net revenues from Toprol-XL and its AG of $89 million and $53 million in 2015 and year-to-date June 2016, respectively. The transaction is expected to be immediately EBITDA accretive and to move profitability forward to 2017, in each case on an adjusted EBITDA basis. The transaction is expected to be completed in the fourth quarter of 2016, subject to customary closing conditions.

Iradimed Corp. (Nasdaq: IRMD) 14.8% LOWER; revised its third quarter and full year 2016 financial guidance lower.

Conatus Pharmaceuticals Inc. (NASDAQ: CNAT) 9.2% HIGHER; announced today that abstracts for four posters two addressing clinical results and two addressing preclinical results with the companys pan-caspase inhibitor, emricasan have been accepted for presentation at The Liver Meeting®, the annual meeting of the American Association for the Study of Liver Diseases (AASLD) in Boston November 11-15, 2016.

Celldex Therapeutics (NASDAQ: CLDX) 8.8% HIGHER; Brean assumes at Buy

Aquinox Pharmaceutical (NASDAQ: AQXP) 7% HIGHER; Leerink Partners resumes coverage with a Outperform rating and a price target of $24.00.

Nova Lifestyle (NASDAQ: NVFY) 5.3% HIGHER; adds to 40% intra-day gains.

Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) 5% HIGHER; will replace Parkway Properties Inc. (NYSE: PKY) in the S&P SmallCap 600 after the close on Wednesday, October 5.

Pandora (NYSE: P) 3.9% HIGHER; Goldman Sachs adds to CL Buy.

Darden Restaurants (NYSE: DRI) 3.6% HIGHER; reported Q1 EPS of $0.88, $0.06 better than the analyst estimate of $0.82. Revenue for the quarter came in at $1.71 billion versus the consensus estimate of $1.72 billion. Darden Restaurants sees FY2017 EPS of $3.87-$3.97, versus prior guidance of $3.80-$3.90. In addition, Darden's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $500 million of its outstanding common stock.

Twitter (NYSE: TWTR) 1.3% LOWER; wort just $17-$26 in a takeover.

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