Unusual 11 Mid-Day Movers 9/20: (TBRA) (GLMD) (DTSI) Higher; (ASNA) (HNI) (MGT) Lower

September 20, 2016 12:58 PM EDT

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Tobira Therapeutics, Inc. (Nasdaq: TBRA) 714.2% HIGHER; Allergan plc and Tobira Therapeutics announced that they have entered into a definitive agreement under which Allergan will acquire Tobira for an upfront payment of $28.35 per share, in cash, and up to $49.84 per share in Contingent Value Rights (CVRs) that may be payable based on the successful completion of certain development, regulatory and commercial milestones, for a total potential consideration of up to $1.695 billion. The Boards of Directors of both companies have unanimously approved the transaction.

Ascena Retail Group (Nasdaq: ASNA) 28.3% LOWER; reported Q4 EPS of $0.08, $0.08 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $1.81 billion versus the consensus estimate of $1.77 billion. Ascena Retail Group sees FY2017 EPS of $0.60 - $0.65, versus the consensus of $0.83. Ascena Retail Group sees FY2017 revenue of $6.9 - $7.0 billion, versus the consensus of $7.17 billion.

Galmed Pharmaceuticals (Nasdaq: GLMD) 28.2% HIGHER; moving higher amid Tobira Therapeutics news.

DTS, Inc., (Nasdaq: DTSI) 23.2% HIGHER; Tessera Technologies and DTS, Inc. announced that they have entered into a definitive agreement under which Tessera will acquire DTS for $42.50 per share, representing a 28% premium to DTS’s 30-day volume weighted average price as of September 19, 2016. The all-cash transaction is valued at approximately $850 million.

HNI Corporation (NYSE: HNI) 21.4% LOWER; said it expects third quarter non-GAAP earnings per diluted share to be in the range of $0.74 to $0.79 compared to its previous guidance of $0.90 to $0.95. (The Street sees Q3 revenue of $631.5 million and EPS of $0.95.)

MGT Capital Investments, Inc. (NYSE: MGT) 21.0% LOWER; announced that the New York Stock Exchange informed the Company late yesterday afternoon that it will not approve the listing on the Exchange of the 43.8 million shares that the Company is required to issue in order to complete the closing of the D-Vassive merger. The Company and John McAfee remain committed to closing the transaction and are exploring alternatives.

Natural Alternatives International, Inc. (Nasdaq: NAII) 20.2% HIGHER; announced net income of $9.5 million, or $1.44 per diluted share, on net sales of $114.2 million for the fiscal year ended June 30, 2016. Fiscal 2016 results were favorably impacted by the sale of our domestic corporate headquarters in San Marcos, CA during the third quarter that resulted in a one-time gain on the sale, net of tax, equal to $1.0 million, or $0.15 per diluted share. Excluding this transaction, our net income from recurring business during fiscal 2016 was $8.5 million, or $1.29 per diluted share.

Conatus Pharmaceuticals (Nasdaq: CNAT) 20.0% HIGHER; also gaining on Tobira Therapeutics M&A news today.

Windtree Therapeutics, Inc. (Nasdaq: WINT) 18.2% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation for AEROSURF® (lucinactant for inhalation) for the treatment of premature infants with respiratory distress syndrome (RDS). AEROSURF is a novel, investigational combination drug/device product that is being developed to deliver aerosolized KL4 surfactant to premature infants with RDS, potentially reducing the need for invasive endotracheal intubation and mechanical ventilation to administer surfactant therapy.

Venaxis, Inc. (Nasdaq: APPY) 15.2% LOWER; announced that following its acquisition of BiOptix Diagnostics, Inc., ("BiOptix") that was announced on September 13, 2016, Venaxis has issued the following letter to its shareholders. For more color, click here.

Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) 9.7% LOWER; updated its expectations for third quarter media revenues. Based on current and anticipated pacings of political advertising spending, the Company is revising its third quarter 2016 media revenues to be approximately $637 million to $638 million, up 28% as compared to third quarter 2015, including approximately $46 million of political spending in the quarter. On August 3, 2016, the Company provided guidance for third quarter 2016 media revenues of approximately $649.2 million to $663.2 million, up 30.3% to 33.1% as compared to third quarter 2015, and including $58 million to $68 million of political spending.

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