Unusual 11 Mid-Day Movers 8/15: (SORL) (PWX) (AETI) Higher; (AUPH) (PSG) (MSLI) Lower

August 15, 2016 1:00 PM EDT
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Aurinia Pharmaceuticals Inc. (Nasdaq: AUPH) 55.1% LOWER; announced positive top-line results from the Phase 2b AURA-LV (AURA) clinical study in patients with active lupus nephritis (LN). The trial achieved its primary endpoint, demonstrating statistically significantly greater complete remission (CR) (as defined by confirmed urinary protein/creatinine ratio of =0.5 mg/mg at 24 weeks and confirmed at 26 weeks) in patients treated with 23.7 mg of voclosporin twice daily (p=0.045). Based on the results of the 24-week analysis, Aurinia plans to meet with the U.S. Food and Drug Administration in the fourth quarter of 2016 to discuss these data and the drug’s subsequent clinical development and path to registration in LN. Further analyses of the data will also be conducted and will be released later this year. Additionally, the Company plans to submit the results for presentation at a major medical meeting in the near future. The study will continue through 48 weeks, and these data will be available for release in early 2017.

Sorl Auto Parts (Nasdaq: SORL) 54.0% HIGHER; reported Q2 EPS of $0.37, $0.19 better than the analyst estimate of $0.18. Revenue for the quarter came in at $73.5 million versus the consensus estimate of $57.71 million.

Performance Sports Group (NYSE: PSG) 52.3% LOWER; announced that it its 10-K will not be filed by the required filing date of August 15, 2016. The failure is expected to result in a default under the Company's credit facilities.

Providence and Worcester Railroad Company (Nasdaq: PWX) 50.9% HIGHER; Genesee & Wyoming announced that it has agreed to acquire Providence and Worcester Railroad Company for $25.00 per share, or approximately $126 million.

American Electric Technologies (Nasdaq: AETI) 48.5% HIGHER; reported Q2 EPS of $0.01, versus ($0.36) reported last year. Revenue for the quarter came in at $11.44 million, versus $12.3 million reported last year.

Ocean Bio-Chem (Nasdaq: OBCI) 28.3% HIGHER; reported Q2 EPS of $0.07, versus $0.01 reported last year. Revenue for the quarter came in at $8.72 million, versus $8.74 million reported last year.

Merus Labs International Inc. (Nasdaq: MSLI) 23.5% LOWER; Revenue increased to $25.7 million for fiscal Q3 2016 from $9.5 million in the prior year quarter. Gross Basis Revenue increased to $32.6 million for fiscal Q3 2016 from $13.7 million in fiscal Q3 2015. Merus' sales performance and outlook remain consistent with expectations. Higher than planned expenses during the second half of the current fiscal year are expected to result in the Company's fiscal 2016 adjusted EBITDA, without consideration of additional acquisitions, to be in the $43 to $46 million range. The longer than expected regulatory process for the Sintrom manufacturing transfer is the main driver along with some additional one-time and ongoing expenses related to enhancing the European technical operations team.

Servotronics, Inc. (NYSE: SVT) 21.3% HIGHER; reported Q2 results. Net income increased approximately 62% for three months ended June 30, 2016 to $1,004,000 (or $0.45 per share Basic and $0.43 Diluted) compared to net income for the same period of 2015 of $621,000 (or $0.28 per share Basic and $0.27 Diluted).

Cinedigm Corp. (Nasdaq: CIDM) 16.6% HIGHER; trading strong ahead of Q1 results expected out later today.

Cleantech Solutions (Nasdaq: CLNT) 15.5% LOWER; reported Q2 EPS of ($0.15), versus $0.31 reported last year. Revenue for the quarter came in at $4.06 million, versus $15.2 million reported last year. The company said, We continue to evaluate the viability of the our forged rolled rings and related components segment and our petroleum and chemical equipment segment on an ongoing basis, and may exit these businesses if we determine that it will be unlikely we can operate them profitably. Meanwhile, we are focused on reinvigorating our core dyeing machine business and improving our competitive position in this market.

Ever-Glory (Nasdaq: EVK) 13.1% HIGHER; reported Q2 EPS of $0.21, versus $0.24 reported last year. Revenue for the quarter came in at $80.7 million, versus $75.7 million reported last year.

Diversicare Healthcare Services, Inc. (Nasdaq: DVCR) 12.0% LOWER; announced that the Company has entered into Operation Transfer Agreements to assume the operations of 22 facilities from Golden Living, totaling approximately 2,600 acquired skilled nursing beds. The transactions are subject to closing conditions, including but not limited to, licensure and due diligence. The facilities are located in Alabama and Mississippi and the transactions are expected to become effective in the fourth quarter of 2016. This portfolio is expected to contribute in excess of $185 million in annual revenues. Diversicare will lease 20 facilities from Golden Living, and will assume the leases of the other two facilities.

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