Unusual 11 Mid-Day Movers 10/7: (SPP) (LPCN) (GPS) Higher; (CLVS) (BSTG) (AUPH) Lower

October 7, 2016 12:57 PM EDT

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Sanchez Production Partners LP (NYSE: SPP) 29.6% HIGHER; announced that the Partnership has executed definitive agreements with Sanchez Energy Corporation.

Lipocine Inc (Nasdaq: LPCN) 29.5% HIGHER; H.C. Wainwright initiated coverage on Lipocine with a Buy rating and a price target of $25.

Gap Inc. (NYSE: GPS) 14.6% HIGHER; reported that net sales for the five-week period ended October 1, 2016 decreased 2 percent to $1.43 billion compared with net sales of $1.46 billion for the five-week period ended October 3, 2015. Comps fell 3%, versus an expected drop of 3.6%.

Clovis Oncology (Nasdaq: CLVS) 14.3% LOWER; announced the oral presentation of the primary efficacy and safety data from its NDA dataset for rucaparib at the 2016 ESMO Congress in Copenhagen. Rucaparib is currently under priority review with FDA for the monotherapy treatment of advanced ovarian cancer in patients with BRCA-mutated tumors inclusive of both germline and somatic BRCA mutations who have been treated with two or more chemotherapies, and the submission has a PDUFA date of February 23, 2017.

Biostage, Inc. (Nasdaq: BSTG) 13.6% LOWER; announced a regulatory update following its planned pre-Investigational New Drug (IND) meeting with the U.S. Food and Drug Administration (FDA) for the advancement of its lead product candidate, Cellspan Esophageal Implant, into human clinical studies.

Aurinia Pharmaceuticals Inc. (Nasdaq: AUPH) 13.6% LOWER; pulling back from a 26 percent gain on Thursday. Yesterday, the company announced 24-week data in all 10 patients from the AURION study, an open-label exploratory study to assess the short-term predictors of response using voclosporin (23.7mg BID) in combination with mycophenolate mofetil (MMF) and oral corticosteroids in patients with active lupus nephritis (LN).

Ruby Tuesday (NYSE: RT) 13.4% LOWER; reported Q1 EPS of ($0.11), versus ($0.03) reported last year. Revenue for the quarter came in at $256.7 million, versus $279.48 million reported last year. Same-restaurant sales declined 2.7% following a 0.6% increase in the first quarter of the prior fiscal year.

Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) 13.3% LOWER; announced the pricing of an underwritten public offering of 25,000,000 shares of common stock for a public offering price of $2.00 per share. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 3,750,000 shares of common stock. All of the shares in the offering are to be sold by Idera. The offering is expected to close on or about October 13, 2016, subject to customary closing conditions.

AxoGen, Inc. (Nasdaq: AXGN) 10.9% HIGHER; announced the pricing of an underwritten public offering of 2,333,334 shares of its common stock, offered at a price to the public of $7.50 per share. The gross proceeds to AxoGen from this offering are expected to be approximately $17.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by AxoGen. In addition, the Company has granted the underwriters a 30-day option to purchase up to 350,000 additional shares of its common stock. The offering is expected to close on or about October 12, 2016, subject to customary closing conditions.

Heritage Insurance Holdings, Inc. (NYSE: HRTG) 7.8% HIGHER; commented on its preparations for Hurricane Matthew and guarded optimism that losses sustained based on the storm's projected path can be absorbed by the insurance providers and the reinsurance industry.

TransEnterix (NYSE: TRXC) 7.0% HIGHER; B. Riley initiated coverage on TransEnterix with a Buy rating and a price target of $3.

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