Unusual 11 Mid-Day Movers 8/3: PCAP, TSPT, KERX, GGC Higher; HURN, RPRX, SVNT, CSCX Lower
Patriot Capital Funding, Inc. (NASDAQ: PCAP) 86.3% HIGHER; Prospect Capital Corporation (NASDAQ: PSEC) announced that it has entered into a definitive agreement to acquire Patriot Capital for $197 million, comprised of (a) cash to repay all Patriot debt, anticipated to be $110.5 million when the acquisition closes, plus (b) Prospect shares exchanged at a ratio of approximately 0.3992 Prospect shares for each Patriot share, or 8,616,467 Prospect shares for 21,584,251 Patriot shares, with such exchange ratio decreased by any tax distributions Patriot may declare before closing.
Huron Consulting (Nasdaq: HURN) 67.4% LOWER; late Friday announced a financial restatement and news that its CEO and CFO will be leaving the company. Following this news, we have analysts at Deutsche Bank, Avondale, Baird, SunTrust and Oppenheimer out downgrading the stock.
Transcept Pharmaceuticals, Inc. (Nasdaq: TSPT) 61.6% HIGHER; Purdue Pharmaceutical Products L.P. and Transcept today announced entry into an exclusive license and collaboration agreement to commercialize Intermezzo((R)) (zolpidem tartrate sublingual tablet) in the United States. If approved by the U.S. FDA), Intermezzo((R)) has the potential to be the first prescription sleep aid specifically approved for use in the middle of the night at the time a patient awakens and has difficulty returning to sleep. Click here to see the full report.
Repros Therapeutics (Nasdaq: RPRX) 50.2% LOWER; announced that, in the interest of patient safety, it is voluntarily suspending dosing of all patients in its clinical trials of Proellex. This decision is based on available information regarding the occurrence of clinically significant increases in liver enzymes with 50 mg and 25 mg doses of Proellex, coupled with recent input from a consulting panel of liver experts. The Company submitted a meeting request to the Food and Drug Administration (FDA) on July 30, 2009 and in response, FDA has proposed to change the topic of the previously scheduled End of Phase II meeting for endometriosis in late September into a discussion about the safety of Proellex and overall direction and scope of the program.
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 48.7% HIGHER; announced today that it has reached agreement with the U.S. FDA regarding a Special Protocol Assessment on the design of a Phase 3 trial for its PI3K/Akt pathway inhibitor, KRX-0401 (perifosine), in relapsed or relapsed / refractory multiple myeloma patients previously treated with bortezomib (VELCADE((R))). Click here for the full report.
Georgia Gulf Corp. (NYSE: GGC) 34.5% HIGHER; continuing higher this week following the 114% surge on Thursday and a 12% jump on Friday. The stock initially jumped on news that the company met several financial restructuring milestones.
Sify Technologies (Nasdaq: SIFY) 34.3% HIGHER; breaking out today amid no news. It appears a price of $2 was a resistant level for the stock, and after breaking through and holding this level earlier, technicians continue to jump into the stock today.
Oncothyreon Inc. (Nasdaq: ONTY) 28.5% HIGHER; today announced that clinical data relating to long-term treatment with Stimuvax were presented at the International Association for the Study of Lung Cancer's 13th World Conference on Lung Cancer in San Francisco on August 1, 2009. The presentation by Dr. Glenwood Goss from the Ottawa Hospital Cancer Centre, Ottawa, Ontario, involved 16 patients who received treatment with Stimuvax for between 2 and 8.2 years as part of the Phase 2b trial in patients with stage IIIb/IV non-small cell lung cancer. Click here for the full report.
Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) 24.6% LOWER; is under pressure this morning, down over 30%, after the company announced it has received a complete response letter from the FDA stating that the FDA can not at this time approve the Company's Biologics License Application for KRYSTEXXA as a treatment for chronic gout in patients refractory to conventional therapy. Click here for the full report.
Cardiac Science Corporation (Nasdaq: CSCX) 13.6% LOWER; reports Q2 sales $36.1 million, versus the consensus of $38.30 million.
Ducommun Incorporated (NYSE: DCO) 11% LOWER; reports Q2 EPS of $0.44, 12 cents worse than estimates. Reveneus were $103.8 million vs. $116.78 million consensus.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Huron Consulting (Nasdaq: HURN) 67.4% LOWER; late Friday announced a financial restatement and news that its CEO and CFO will be leaving the company. Following this news, we have analysts at Deutsche Bank, Avondale, Baird, SunTrust and Oppenheimer out downgrading the stock.
Transcept Pharmaceuticals, Inc. (Nasdaq: TSPT) 61.6% HIGHER; Purdue Pharmaceutical Products L.P. and Transcept today announced entry into an exclusive license and collaboration agreement to commercialize Intermezzo((R)) (zolpidem tartrate sublingual tablet) in the United States. If approved by the U.S. FDA), Intermezzo((R)) has the potential to be the first prescription sleep aid specifically approved for use in the middle of the night at the time a patient awakens and has difficulty returning to sleep. Click here to see the full report.
Repros Therapeutics (Nasdaq: RPRX) 50.2% LOWER; announced that, in the interest of patient safety, it is voluntarily suspending dosing of all patients in its clinical trials of Proellex. This decision is based on available information regarding the occurrence of clinically significant increases in liver enzymes with 50 mg and 25 mg doses of Proellex, coupled with recent input from a consulting panel of liver experts. The Company submitted a meeting request to the Food and Drug Administration (FDA) on July 30, 2009 and in response, FDA has proposed to change the topic of the previously scheduled End of Phase II meeting for endometriosis in late September into a discussion about the safety of Proellex and overall direction and scope of the program.
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 48.7% HIGHER; announced today that it has reached agreement with the U.S. FDA regarding a Special Protocol Assessment on the design of a Phase 3 trial for its PI3K/Akt pathway inhibitor, KRX-0401 (perifosine), in relapsed or relapsed / refractory multiple myeloma patients previously treated with bortezomib (VELCADE((R))). Click here for the full report.
Georgia Gulf Corp. (NYSE: GGC) 34.5% HIGHER; continuing higher this week following the 114% surge on Thursday and a 12% jump on Friday. The stock initially jumped on news that the company met several financial restructuring milestones.
Sify Technologies (Nasdaq: SIFY) 34.3% HIGHER; breaking out today amid no news. It appears a price of $2 was a resistant level for the stock, and after breaking through and holding this level earlier, technicians continue to jump into the stock today.
Oncothyreon Inc. (Nasdaq: ONTY) 28.5% HIGHER; today announced that clinical data relating to long-term treatment with Stimuvax were presented at the International Association for the Study of Lung Cancer's 13th World Conference on Lung Cancer in San Francisco on August 1, 2009. The presentation by Dr. Glenwood Goss from the Ottawa Hospital Cancer Centre, Ottawa, Ontario, involved 16 patients who received treatment with Stimuvax for between 2 and 8.2 years as part of the Phase 2b trial in patients with stage IIIb/IV non-small cell lung cancer. Click here for the full report.
Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) 24.6% LOWER; is under pressure this morning, down over 30%, after the company announced it has received a complete response letter from the FDA stating that the FDA can not at this time approve the Company's Biologics License Application for KRYSTEXXA as a treatment for chronic gout in patients refractory to conventional therapy. Click here for the full report.
Cardiac Science Corporation (Nasdaq: CSCX) 13.6% LOWER; reports Q2 sales $36.1 million, versus the consensus of $38.30 million.
Ducommun Incorporated (NYSE: DCO) 11% LOWER; reports Q2 EPS of $0.44, 12 cents worse than estimates. Reveneus were $103.8 million vs. $116.78 million consensus.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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