Unusual 11 Mid-Day Movers 12/13: (SYNO) (SSW) (YMI) Higher; (ECYT) (AMPE) (IVN) (IDT) Lower
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Endocyte (Nasdaq: ECYT) 63.5% LOWER; an independent review of the PRECEDENT trial showed a decrease in the benefit compared to the original analysis. An RBC analyst said the results increase Phase 3 clinical timing and regulatory EU risk. Baird downgraded the stock to Neutral.
Synovis Life Technologies, Inc. (Nasdaq: SYNO) 50.7% HIGHER; Baxter International Inc. (NYSE: BAX) and Synovis entered a definitive agreement for Baxter to acquire Synovis for $28 per share.
Ampio Pharmaceuticals (Nasdaq: AMPE) 29% LOWER; shares have fallen well below their 200 day moving average and have seen a large increase in volume today.
Ivanhoe Mines (NYSE: IVN) 19% LOWER; an arbitrator ruled Rio Tinto (NYSE: RIO) did not breach a placement pact with Ivanhoe. The arbitrator dismissed Ivanhoe's counterclaim. Rio Tinto said it "has no intention of making a full takeover bid" for the company.
Seaspan Corporation (NYSE: SSW) 17.2% HIGHER; announced it will acquire Seaspan Management in a $54 million deal. Also announced today the commencement of a tender offer to purchase up to 10,000,000 of its Class A common shares at a price of $15.00 per share, representing a 43.5% premium to the December 12, 2011 closing price of $10.45 per share for Seaspan's shares on the New York Stock Exchange.
YM BioSciences Inc. (NYSE: YMI) 17.1% HIGHER; reported updated results from the ongoing Phase I/II study of its JAK1/JAK2 inhibitor, CYT387, for the treatment of myelofibrosis. The company showed the product demonstrated durable responses in anemia. Click here to see the full report.
RadVision (Nasdaq: RVSN) 16.4% HIGHER; a number of Israeli sources (Gloves and The Marker) are suggesting RadVision may be close to a deal to sell itself to Avaya for $200-$300 million.
Cabot Microelectronics Corporation (Nasdaq: CCMP) 16.3% HIGHER; the company intends to pay a special cash dividend of $15 per share, or approximately $345 million in aggregate, to its shareholders during the first quarter of calendar year 2012. In addition, the Board has authorized an increase in the company’s existing share repurchase program to $150 million, from the previous available authorization of approximately $83 million.
eGain Communications (Nasdaq: EGAN) 16.2% HIGHER; shares are continuing higher today following a 9 percent move higher yesterday. Prior to this week's move higher, shares had fallen 10 straight sessions. The company announced earlier the general availability of eGain 10 for Cisco Unified Contact Center Express (Unified CCX) 8.5.
IDT Corp. (NYSE: IDT) 16.6% LOWER; reported Q1 EPS of ($0.21), versus $0.70 reported last year. Revenue for the quarter came in at $376.8 million, versus $309.8 million reported last year.
China Medical Technologies, Inc. (Nasdaq: CMED) 14.9% LOWER; today announced that the Company intends to implement a debt restructuring plan to improve its balance sheet. The plan may include, without limitation, a debt-for-debt exchange with existing holders of the Company's convertible notes maturing in August 2013 and December 2016, which may potentially involve holders receiving new debts with different interest rates, maturities and principal amounts compared to the existing debts or other alternatives to be agreed.
Synovis Life Technologies, Inc. (Nasdaq: SYNO) 50.7% HIGHER; Baxter International Inc. (NYSE: BAX) and Synovis entered a definitive agreement for Baxter to acquire Synovis for $28 per share.
Ampio Pharmaceuticals (Nasdaq: AMPE) 29% LOWER; shares have fallen well below their 200 day moving average and have seen a large increase in volume today.
Ivanhoe Mines (NYSE: IVN) 19% LOWER; an arbitrator ruled Rio Tinto (NYSE: RIO) did not breach a placement pact with Ivanhoe. The arbitrator dismissed Ivanhoe's counterclaim. Rio Tinto said it "has no intention of making a full takeover bid" for the company.
Seaspan Corporation (NYSE: SSW) 17.2% HIGHER; announced it will acquire Seaspan Management in a $54 million deal. Also announced today the commencement of a tender offer to purchase up to 10,000,000 of its Class A common shares at a price of $15.00 per share, representing a 43.5% premium to the December 12, 2011 closing price of $10.45 per share for Seaspan's shares on the New York Stock Exchange.
YM BioSciences Inc. (NYSE: YMI) 17.1% HIGHER; reported updated results from the ongoing Phase I/II study of its JAK1/JAK2 inhibitor, CYT387, for the treatment of myelofibrosis. The company showed the product demonstrated durable responses in anemia. Click here to see the full report.
RadVision (Nasdaq: RVSN) 16.4% HIGHER; a number of Israeli sources (Gloves and The Marker) are suggesting RadVision may be close to a deal to sell itself to Avaya for $200-$300 million.
Cabot Microelectronics Corporation (Nasdaq: CCMP) 16.3% HIGHER; the company intends to pay a special cash dividend of $15 per share, or approximately $345 million in aggregate, to its shareholders during the first quarter of calendar year 2012. In addition, the Board has authorized an increase in the company’s existing share repurchase program to $150 million, from the previous available authorization of approximately $83 million.
eGain Communications (Nasdaq: EGAN) 16.2% HIGHER; shares are continuing higher today following a 9 percent move higher yesterday. Prior to this week's move higher, shares had fallen 10 straight sessions. The company announced earlier the general availability of eGain 10 for Cisco Unified Contact Center Express (Unified CCX) 8.5.
IDT Corp. (NYSE: IDT) 16.6% LOWER; reported Q1 EPS of ($0.21), versus $0.70 reported last year. Revenue for the quarter came in at $376.8 million, versus $309.8 million reported last year.
China Medical Technologies, Inc. (Nasdaq: CMED) 14.9% LOWER; today announced that the Company intends to implement a debt restructuring plan to improve its balance sheet. The plan may include, without limitation, a debt-for-debt exchange with existing holders of the Company's convertible notes maturing in August 2013 and December 2016, which may potentially involve holders receiving new debts with different interest rates, maturities and principal amounts compared to the existing debts or other alternatives to be agreed.
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