Unusual 11 Mid-Day Movers 9/14: (VTAE) (ACST) (SRPT) Higher; (LFVN) (RFIL) (RLGT) Lower
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Acasti Pharma (Nasdaq: ACST) 33.6% HIGHER; announced that its bridging study for novel drug candidate CaPre? (omega-3 phospholipid) has successfully met its objectives, supporting Acasti's strategy to pursue the U.S. Food and Drug Administration's (FDA) 505(b)(2) regulatory pathway for approval. Acasti is developing CaPre for the treatment of patients with severe hypertriglyceridemia, a metabolic condition that contributes to increased risk of cardiovascular disease and pancreatitis. The 505(b)(2) regulatory pathway allows Acasti to streamline the overall development program required to support a New Drug Application (NDA) by relying on the safety data of an approved drug.
Sarepta Therapeutics (Nasdaq: SRPT) 24.5% HIGHER; The U.S. FDA confirmed that reviewer Ronald Farkas left the agency. Further details regarding the departure weren’t provided.
LifeVantage Corporation (Nasdaq: LFVN) 17.3% LOWER; announced that it will delay the release of its fourth quarter and fiscal year 2016 financial results. Following an internal review by Company personnel of its policies and procedures, the Company is in the process of reviewing its sales into certain international markets and the revenue and income tax accruals associated with such sales.
RF Industries, Ltd. (Nasdaq: RFIL) 16.9% LOWER; announced results for the third quarter and nine months ended July 31, 2016. Net sales for the third quarter of fiscal 2016 decreased 8% to $7.6 million compared to $8.3 million in the same quarter last year. The net loss for the quarter was $597,000, or $0.07 per share, including one-time expenses of $256,000 for an unconsummated strategic transaction to enhance sales growth in the emerging Distributed Antenna Systems (DAS) marketplace. This compares to net income of $211,000, or $0.02 per diluted share, in the third quarter of fiscal 2015.
Radiant Logistics (NYSE: RLGT) 15.6% LOWER; reported Q4 EPS of ($0.01), $0.04 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $183.6 million versus the consensus estimate of $202.59 million.
Venaxis, Inc. (Nasdaq: APPY) 15.1% LOWER; announced that it has acquired BiOptix Diagnostics. BiOptix has developed a proprietary Enhanced Surface Plasmon Resonance ("E-SPR") technology platform for the detection of molecular interactions.
Morgans Hotel Group Co. (Nasdaq: MHGC) 15.1% HIGHER; announced that it has received a letter dated September 13, 2016, the redacted text of which is included in this press release, from the group identified in Morgans’ proxy materials as “Bidder V.” This letter reconfirms the interest of Bidder V in pursuing an acquisition of the common stock of Morgans for $2.75 per share.
Red Lion Hotels Corporation (NYSE: RLH) 14.8% HIGHER; announced it has entered into a definitive agreement to acquire the global brands and brand operations of Vantage Hospitality Group, Inc. (“Vantage”) based in Coral Springs, Florida for an initial aggregate price of $23 million in cash and 690,000 shares of the Company’s common stock, which closed today at $6.96 per share.
Educational Development Corporation (Nasdaq: EDUC) 11.9% LOWER; reported historic record net revenues for the month of August 2016 (unaudited). Randall White, CEO of Educational Development Corporation, announced that the Company achieved record net revenues of $10.0 million for the month of August compared to $5.0 million for August last year. The Company was led by the direct sales division, Usborne Books & More (“UBAM”), with net revenues of $9.1 million compared to $3.9 million last August. The Company has previously reported expected earnings per share in the range of $1.00-1.10 per share, and with the improved supplier terms and efficiency, this remains the Company's expectation.
PTC Therapeutics, Inc. (Nasdaq: PTCT) 10.1% HIGHER; also gaining along with Sarepta today.
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