Unusual 11 Mid-Day Movers 12/07: ROY, IHO, ASIA, ZILG Higher; SOMX, ZLC, AEZS, NCT Lower
Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX) 59.8% LOWER; today announced that the company has received a Complete Response Letter from the U.S. FDA for its New Drug Application for Silenor(R) (doxepin) for the treatment of insomnia. Based on its review, the FDA has determined that the NDA cannot be approved in its present form. Somaxon previously received a Complete Response Letter for the NDA in February 2009, and it resubmitted the NDA in June 2009.
International Royalty Corporation (NYSE: ROY) 50.6% HIGHER; announced today that it has been informed of the intention of Franco-Nevada Corporation to, directly or indirectly through a wholly-owned subsidiary, make a formal all-cash offer to IRC shareholders to acquire any or all of the outstanding common shares of IRC for C$6.75 cash per share. IRC's board of directors will be meeting with its legal and financial advisors to consider an appropriate response to Franco-Nevada Corporation's intention regarding the offer and the board will communicate further with IRC's securityholders in due course.
Invitel Holdings A/S (AMEX: IHO) 47.7% HIGHER; announced today a solicitation of consents by its subsidiary, Magyar Telecom B.V., from holders of Magyar Telecom's outstanding floating rate notes due 2013 to certain proposed amendments and waivers to the indenture governing the Notes. The purpose of the Proposed Amendments and Waivers is to amend the Indenture to permit Invitel and its subsidiaries to refinance certain of its indebtedness.
Zale Corp. (NYSE: ZLC) 22% LOWER; Soleil Securities downgrades the stock from Hold to Sell. Price target $2.50. Click here for the full report.
AsiaInfo Holdings, Inc. (NASDAQ: ASIA) 20.6% HIGHER; and Linkage Technologies International Holdings Limited today jointly announced that they have signed a definitive agreement to merge, forming AsiaInfo-Linkage, Inc. The transaction will leverage both AsiaInfo's and Linkage's leading market positions and complementary customer bases to provide a robust, full-service offering to telecom operators. Under the terms of the agreement, Linkage shareholders will receive $60 million in cash and approximately 26.8 million AsiaInfo shares upon closing of the transaction.
Zilog, Inc. (NASDAQ: ZILG) 18.9% HIGHER; IXYS Corporation (NASDAQ: IXYS) today announced that it has entered into a definitive agreement to acquire Zilog. Under the terms of the agreement, IXYS will acquire all of Zilog’s outstanding common shares for $3.5858 per share in cash, or approximately $62.4 million. The acquisition is subject to the approval of Zilog shareholders and other customary closing conditions. The transaction is expected to be completed during the quarter ended March 31, 2010.
AEterna Zentaris Inc. (NASDAQ: AEZS) 18.8% LOWER; today reported Phase 3 results for its European efficacy trial Z-036 in benign prostatic hyperplasia (BPH), with cetrorelix pamoate. Study Z-036 did not reach its primary endpoint. There were no clear differences in overall efficacy, with all 3 groups (including placebo) showing an improvement in International Prostate Symptom Score (IPSS) of approximately 6 points that was maintained throughout the 52 weeks. There was observation of an improvement in uroflow, both maximum and mean, and in residual volume in all treatment groups. Click here for the full report.
Newcastle Investment (NYSE: NCT) 16.7% LOWER; it seems the $1.70ish level was a support level for numerous technical traders. After the stock began heading toward this level, downside intensified sharply. The stock has already traded nearly 1.3 million shares, which compares to its average daily volume of just 354,000 shares.
Culp (NYSE: CFI) 16.4% HIGHER; appears to be breaking over the $8 level on technicals as this level served as a strong resistance point over the last several years. Volume is very heavy today.
Allos Therapeutics, Inc. (NASDAQ: ALTH) 14.2% LOWER; today reported new analyses of data from the Company's pivotal PROPEL trial of FOLOTYN (pralatrexate injection) in patients with relapsed or refractory peripheral T-cell lymphoma. In addition, the Company reported preliminary results from its Phase 1/2 study of FOLOTYN in combination with gemcitabine in patients with relapsed or refractory lymphoproliferative malignancies. These data were presented during a poster session at the 51st Annual Meeting of the American Society of Hematology in New Orleans, LA. Click here for the full report. The stock was also downgraded at Wells Fargo.
Synovus Financial (NYSE: SNV) 13% HIGHER; continuing higher today following Friday's 21% jump. The stock was upgraded to Market Perform at FBR Capital this morning.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
International Royalty Corporation (NYSE: ROY) 50.6% HIGHER; announced today that it has been informed of the intention of Franco-Nevada Corporation to, directly or indirectly through a wholly-owned subsidiary, make a formal all-cash offer to IRC shareholders to acquire any or all of the outstanding common shares of IRC for C$6.75 cash per share. IRC's board of directors will be meeting with its legal and financial advisors to consider an appropriate response to Franco-Nevada Corporation's intention regarding the offer and the board will communicate further with IRC's securityholders in due course.
Invitel Holdings A/S (AMEX: IHO) 47.7% HIGHER; announced today a solicitation of consents by its subsidiary, Magyar Telecom B.V., from holders of Magyar Telecom's outstanding floating rate notes due 2013 to certain proposed amendments and waivers to the indenture governing the Notes. The purpose of the Proposed Amendments and Waivers is to amend the Indenture to permit Invitel and its subsidiaries to refinance certain of its indebtedness.
Zale Corp. (NYSE: ZLC) 22% LOWER; Soleil Securities downgrades the stock from Hold to Sell. Price target $2.50. Click here for the full report.
AsiaInfo Holdings, Inc. (NASDAQ: ASIA) 20.6% HIGHER; and Linkage Technologies International Holdings Limited today jointly announced that they have signed a definitive agreement to merge, forming AsiaInfo-Linkage, Inc. The transaction will leverage both AsiaInfo's and Linkage's leading market positions and complementary customer bases to provide a robust, full-service offering to telecom operators. Under the terms of the agreement, Linkage shareholders will receive $60 million in cash and approximately 26.8 million AsiaInfo shares upon closing of the transaction.
Zilog, Inc. (NASDAQ: ZILG) 18.9% HIGHER; IXYS Corporation (NASDAQ: IXYS) today announced that it has entered into a definitive agreement to acquire Zilog. Under the terms of the agreement, IXYS will acquire all of Zilog’s outstanding common shares for $3.5858 per share in cash, or approximately $62.4 million. The acquisition is subject to the approval of Zilog shareholders and other customary closing conditions. The transaction is expected to be completed during the quarter ended March 31, 2010.
AEterna Zentaris Inc. (NASDAQ: AEZS) 18.8% LOWER; today reported Phase 3 results for its European efficacy trial Z-036 in benign prostatic hyperplasia (BPH), with cetrorelix pamoate. Study Z-036 did not reach its primary endpoint. There were no clear differences in overall efficacy, with all 3 groups (including placebo) showing an improvement in International Prostate Symptom Score (IPSS) of approximately 6 points that was maintained throughout the 52 weeks. There was observation of an improvement in uroflow, both maximum and mean, and in residual volume in all treatment groups. Click here for the full report.
Newcastle Investment (NYSE: NCT) 16.7% LOWER; it seems the $1.70ish level was a support level for numerous technical traders. After the stock began heading toward this level, downside intensified sharply. The stock has already traded nearly 1.3 million shares, which compares to its average daily volume of just 354,000 shares.
Culp (NYSE: CFI) 16.4% HIGHER; appears to be breaking over the $8 level on technicals as this level served as a strong resistance point over the last several years. Volume is very heavy today.
Allos Therapeutics, Inc. (NASDAQ: ALTH) 14.2% LOWER; today reported new analyses of data from the Company's pivotal PROPEL trial of FOLOTYN (pralatrexate injection) in patients with relapsed or refractory peripheral T-cell lymphoma. In addition, the Company reported preliminary results from its Phase 1/2 study of FOLOTYN in combination with gemcitabine in patients with relapsed or refractory lymphoproliferative malignancies. These data were presented during a poster session at the 51st Annual Meeting of the American Society of Hematology in New Orleans, LA. Click here for the full report. The stock was also downgraded at Wells Fargo.
Synovus Financial (NYSE: SNV) 13% HIGHER; continuing higher today following Friday's 21% jump. The stock was upgraded to Market Perform at FBR Capital this morning.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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