Unusual 11 Mid-Day Movers 11/2: (EGRX) (NVCR) (AVXS) Higher; (ADPT) (CEMP) (TNDM) Lower
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
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Cempra (Nasdaq: CEMP) 57.5% LOWER; shares trading lower with FDA briefing documents posted today.
Tandem Diabetes Care®, Inc. (Nasdaq: TNDM) 57.0% LOWER; reported Q3 results. Operating loss for the third quarter of 2016 was $28.4 million, compared to $18.7 million for the same period of 2015. Operating margin for the third quarter was negative 231 percent compared to negative 119 percent in the same period of last year.
Intersect ENT (Nasdaq: XENT) 43.9% LOWER; JPMorgan downgraded Intersect ENT from Overweight to Neutral with a price target of $16.00 (from $25.00). The change follows the release of the final HOPPS rule.
Dynegy (NYSE: DYN) 32.8% LOWER; reported Q3 EPS of ($1.81), may not compare to the analyst estimate of $0.21. Revenue for the quarter came in at $1.18 billion versus the consensus estimate of $1.27 billion. Dynegy initiated 2017 guidance with an Adjusted EBITDA range of $1,200 to $1,400 million and a Free Cash Flow range of $150 to $350 million. The ranges assume that the ENGIE and Elwood transactions close in 2016, and that the Genco restructuring is completed in the first quarter of 2017. Additionally, the guidance ranges contemplate the significant major outage schedule, particularly for the ENGIE fleet.
Eagle Pharmaceuticals, Inc. (Nasdaq: EGRX) 21.9% HIGHER; Teva Pharma and Eagle Pharma announced that the Centers for Medicare & Medicaid Services (CMS) has established a unique, product-specific billing code, or J-code (J9034), for BENDEKA (bendamustine hydrochloride) Injection. The J-code will become effective on January 1, 2017.
Novocure (Nasdaq: NVCR) 20.2% HIGHER; reported financial results for the quarter ended September 30, 2016. For the three months ended September 30, 2016, revenues increased to $21.7 million compared to $9.0 million for the same period in 2015, representing 142 percent growth. This growth was primarily driven by increased Optune adoption. Net losses for the three months ended September 30, 2016, were $33.6 million compared to net losses of $26.0 million for the same period in 2015.
AveXis, Inc. (Nasdaq: AVXS) 20.0% HIGHER; announced that the planned pivotal study of AVXS-101 in spinal muscular atrophy (SMA) Type 1 will reflect a single-arm design, using natural history of the disease as a comparator, and enroll approximately 20 patients. This update is based on the receipt of the minutes following the Type B meeting with the U.S. Food and Drug Administration (FDA) held on September 30, 2016.
02micro (Nasdaq: OIIM) 17.5% HIGHER; reported Q3 EPS of $0.07, $0.08 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $14.4 million versus the consensus estimate of $14.25 million.
TriNet Group (NYSE: TNET) 16.4% HIGHER; reported Q3 EPS of $0.29, $0.02 better than the analyst estimate of $0.27. Revenue for the quarter came in at $161 million versus the consensus estimate of $152.36 million. "Our third quarter results reflect continued progress on our strategic growth initiatives," said Burton M. Goldfield, TriNet's President and CEO. "During the quarter, we launched a new vertical product, TriNet Technology, and today we announced the availability of our fourth industry specific product, TriNet Financial Services, strengthening our ability to serve our key vertical markets. We believe we are well positioned to end the year with strong momentum."
Enphase Energy (Nasdaq: ENPH) 15.8% HIGHER; reported Q3 EPS of ($0.28), $0.04 worse than the analyst estimate of ($0.24). Revenue for the quarter came in at $88.7 million versus the consensus estimate of $89.69 million. Enphase Energy sees Q4 2016 revenue of $90-100 million, versus the consensus of $92.9 million.
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