Unusual 11 Mid-Day Movers 9/21: (GALT) (CONN) (BIOA) Higher; (MSTX) (MIRN) (PCRX) Lower

September 21, 2016 12:57 PM EDT

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Mast Therapeutics, Inc. (NYSE: MSTX) 81.5% LOWER; reported top-line results from EPIC, a Phase 3 clinical study of its investigational new drug vepoloxamer (also known as MST-188) for the treatment of individuals with sickle cell disease experiencing vaso-occlusive crisis (VOC). The study did not meet its primary efficacy endpoint of demonstrating a statistically significant reduction in the mean duration of VOC (82 hours in the vepoloxamer group compared to 78 hours in the placebo group in the intent-to-treat population (p=0.09)).

Galectin Therapeutics (Nasdaq: GALT) 25.1% HIGHER; moving higher once again as speculators reprice NASH stocks following Allergen's takeover of Tobira yesterday.

Mirna Therapeutics, Inc. (Nasdaq: MIRN) 21.1% LOWER; announced its decision to close the ongoing Phase 1 study of MRX34, its investigational microRNA therapy for multiple cancers. The Company voluntarily halted enrollment and dosing in the clinical study following multiple immune-related severe adverse events (SAE) observed in patients dosed with MRX34 over the course of the trial.

Conn's Inc. (Nasdaq: CONN) 20.0% HIGHER; Stifel upgraded Conn's Inc. from Hold to Buy with a price target of $16.00.

BioAmber Inc. (NYSE: BIOA) 13.8% HIGHER; announced an important milestone in its application for a $360 million loan guarantee from the U.S. Department of Energy (U.S. DOE). This loan guarantee is in connection with the Company's goal of securing non-dilutive funding for its proposed second manufacturing facility that would be located in the United States.

Cerecor Inc. (Nasdaq: CERC) 13.0% HIGHER; announced that it has completed patient enrollment in its Phase 2 clinical trial for CERC-301, Clin301-203, as an oral, rapidly acting adjunctive treatment of major depressive disorder. The Company now expects to report top-line data from this trial in November 2016.

Abeona Therapeutics Inc. (Nasdaq: ABEO) 12.1% HIGHER; announced the exclusive worldwide license of a next generation gene therapy AAV capsid portfolio from University of North Carolina at Chapel Hill.

Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) 11.6% HIGHER; announced that top-line data from the Phase III SUNRISE trial of bavituximab in patients with previously treated locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) will be presented as a late-breaking oral presentation at the upcoming European Society for Medical Oncology (ESMO) 2016 Congress. Presented data will include a biomarker in the SUNRISE trial that correlated with a statistically significant improvement in overall survival for patients treated with bavituximab in combination with docetaxel compared to patients treated with docetaxel alone. Peregrine will file a new patent application directed to the use of the biomarker prior to the presentation of results at the ESMO 2016 Congress, which is being held October 7-11, 2016 in Copenhagen, Denmark.

Pacira Pharmaceuticals, Inc. (Nasdaq: PCRX) 10.4% LOWER; announced new data regarding the benefit of EXPAREL® (bupivacaine liposome injectable suspension) for patients undergoing third molar (wisdom teeth) extraction, marking the official launch of the product to the oral surgeon community. EXPAREL is a local analgesic that provides prolonged non-opioid postsurgical pain control.

CareDx, Inc. (Nasdaq: CDNA) 9.3% LOWER; announced the pricing of its public offering of 2.25 million shares of its common stock at a price to the public of $4.00 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to 337,500 additional shares of its common stock. All of the shares will be offered and sold by CareDx.

Skechers USA (NYSE: SKX) 9.1% LOWER; Morgan Stanley downgraded Skechers USA from Overweight to Equalweight with a price target of $25.00 (from $41.00). Analyst Jay Sole noted that consumer's preferred athletic footwear styles are shifting toward pure fashion. As Sketchers adjusts its assortment, he sees slower sales and increasing SG&A. Overall he thinks risk/reward looks balanced.

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