Unusual 11 Mid-Day Movers 06/21: EFJI, AIPC, UTSI, MELA, RADA, BVF Higher; AFFY, CYPB, ZIOP, FORD, PCBC Lower
Affymax, Inc. (Nasdaq: AFFY) 68.5% LOWER; Affymax and Takeda Global Research & Development Center, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited, today announced preliminary top-line results from the Phase 3 clinical program for the investigational drug, Hematide/peginesatide, for the treatment of anemia in chronic renal failure patients. The primary efficacy endpoint, the mean change in hemoglobin (Hb) from baseline, in each of the four Phase 3 studies (EMERALD 1, EMERALD 2, PEARL 1 and PEARL 2) met the statistical criteria for non-inferiority, when Hematide was compared to epoetin and darbepoetin, in correcting and/or maintaining Hb in the target range. Click here for the full report. The stock was also downgraded by Piper Jaffray, Cowen and RBC.
EF Johnson Technologies, Inc. (Nasdaq: EFJI) 38.8% HIGHER; announced that it has entered into an amendment to its merger agreement with an affiliate of Francisco Partners. Under the terms of the amended merger agreement, an affiliate of Francisco Partners will acquire all of the outstanding shares of EF Johnson Technologies' common stock for $1.50 per share in cash. This is an increase of over 42% over the $1.05 per share cash purchase price contemplated by the parties' original merger agreement previously announced on May 17, 2010.
Cypress Bioscience, Inc. (Nasdaq: CYPB) 30.2% LOWER; announced that Cypress has entered into an exclusive North American license for the development and commercialization of BioLineRx's novel antipsychotic (BL-1020, hereafter, CYP-1020), a potential breakthrough treatment for schizophrenia. Specific terms of the transaction were not disclosed, but the total upfront payment to BioLineRx was $30 million, with total potential clinical and regulatory milestones of up to $160 million through to approval in the United States (the majority of which are related to improvement in cognition), potential commercial milestones of $85 million, and a potential additional $90 million associated with approval for additional indications in the United States or for approval in other countries in North America.
ZIOPHARM Oncology, Inc. (Nasdaq: ZIOP) 27.4% LOWER; announced guidance today regarding the Company’s planned pivotal Phase III trial for palifosfamide in metastatic soft tissue sarcoma, including details of the proposed study’s design, timing and regulatory review. Click here for the full report.
American Italian Pasta Company (Nasdaq: AIPC) 26% HIGHER; Ralcorp Holdings, Inc. (NYSE: RAH) and AIPC today announced that the Boards of Directors of both companies have unanimously approved a definitive merger agreement under which Ralcorp will acquire all of the outstanding shares of AIPC common stock for $53.00 per share in cash, for a total purchase price of approximately $1.2 billion, net of cash acquired.
Forward Industries Inc. (Nasdaq: FORD) 15.0% LOWER; an amended 13D form was filed late Friday, showing that majority holder, LaGrange, was disappointed with the Board o Directors adoptiong of a shareholder irghts plan and increasing the amount of outstanding shares of the company. LaGrange is looking ot remove members of the Board ahead of their proposed shareholder meeting.
UTStarcom, Inc. (Nasdaq: UTSI) 14.2% HIGHER; shares spiking midday, no new news out though. May be a resistance level at $2.05, triggering buy stop orders.
MELA Sciences, Inc. (Nasdaq: MELA) 14.0% HIGHER; shares gapped higher today, probably on a positive Barron's article over the weekend. The article notes the implications and possibilities of their new MelaFind device, which is slated for U.S. FDA review in late-August.
RADA Electronic Industries Ltd. (Nasdaq: RADA) 12.4% HIGHER; has signed a follow on contract to upgrade the aircraft of a customer in Latin America, having a value of close to $6.5M.
Pacific Capital Bancorp (Nasdaq: PCBC) 12.4% LOWER; gapped down from Friday's close, may have seen a support level at $1.05.
Biovail (NYSE: BVF) 11.6% HIGHER; Valeant (NYSE: VRX) and Biovail today announced that both companies’ Boards of Directors have unanimously approved a definitive merger agreement under which the companies would combine to generate enhanced value for stockholders. Under the terms of the agreement, Valeant stockholders will receive a one-time special cash dividend of $16.77 per share immediately prior to closing of the merger and 1.7809 shares of Biovail common stock upon closing of the merger in exchange for each share of Valeant common stock they own.
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