Unusual 11 Mid-Day Movers 9/9: (APVO) (LXRX) (EARS) Higher; (VMEM) (LNTH) (HOV) Lower
- Donald Trump Sworn in as 45th U.S. President
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- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
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Aptevo Therapeutics (Nasdaq: APVO) 23.4% HIGHER; Piper Jaffray earlier initiated coverage on Aptevo Therapeutics with an Overweight rating and a price target of $7.
Lantheus Holdings, Inc. (Nasdaq: LNTH) 21.3% LOWER; announced an agreement to sell 5,200,000 shares of its common stock to Credit Suisse and Jefferies LLC as underwriters in an underwritten public offering pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on Form S-3. The Company intends to use a combination of net proceeds from this offering, together with cash on hand, to pay down approximately $55 million of the outstanding principal balance under its senior secured credit facilities. Credit Suisse and Jefferies LLC will act as underwriters for the offering.
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) 19.1% HIGHER; announced that the pivotal inTandem1 Phase 3 clinical trial of sotagliflozin met its primary endpoint, showing a statistically significant reduction in A1C at 24 weeks in patients with type 1 diabetes on a background of optimized insulin.
Auris Medical Holding AG (Nasdaq: EARS) 16.5% HIGHER; announced that it has reached the midpoint for enrollment in the HEALOS Phase 3 clinical trial of AM-111 in idiopathic sudden sensorineural hearing loss, or ISSNHL, which is also known as sudden deafness.
Cinedigm Corp. (Nasdaq: CIDM) 15.6% HIGHER; On September 8, 2016, Cinedigm Corp. amended its Second Amended and Restated 2000 Equity Incentive Plan (the "Plan Amendment") to specify the permitted uses, with respect to future grants, of shares subject to earlier grants that were terminated, forfeited, expired or cancelled and/or for which such shares were never issued. The Plan Amendment does not constitute a material amendment pursuant to Nasdaq Listing Rule 5635(c).
Lpath, Inc. (Nasdaq: LPTN) 15.6% HIGHER; Lpath and Apollo Endosurgery, Inc. announced that they have entered into a definitive merger agreement under which the security holders of Apollo would become the majority owners of Lpath. Under terms of the agreement, Lpath will issue new shares of its common stock or rights to acquire its common stock to Apollo security holders. The Apollo security holders are expected to own approximately 95.8 percent of the combined company and the Lpath security holders are expected to own approximately 4.2 percent of the combined company, subject to adjustments as described in the merger agreement.
Finisar (Nasdaq: FNSR) 15.0% HIGHER; reported Q1 EPS of $0.38, $0.08 better than the analyst estimate of $0.30. Revenue for the quarter came in at $341.3 million versus the consensus estimate of $332.75 million. Finisar sees Q2 2017 EPS of $0.44-$0.50, versus the consensus of $0.32. Finisar sees Q2 2017 revenue of $355-375 million, versus the consensus of $342.9 million.
Hovnanian Enterprises (NYSE: HOV) 11.6% LOWER; reported Q3 EPS of $0.00, $0.06 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $716.9 million versus the consensus estimate of $732.51 million. Hovnanian Enterprises sees FY2016 revenue of $2.7-2.9 billion, versus the consensus of $2.75 billion.
Global Ship Lease, Inc. (NYSE: GSL) 10.6% LOWER; announced that the Company’s Board of Directors has declared a cash dividend of $0.546875 per depositary share, each representing a 1/100th interest in a share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE: GSLPrB). The dividend represents payment for the period from July 1, 2016 to September 30, 2016 and will be paid on October 3, 2016 to all Series B Preferred Shareholders of record as of September 26, 2016.
iCAD (Nasdaq: ICAD) 10.5% LOWER; announced that Kevin Burns, President, Chief Financial Officer and Chief Operating Officer, is resigning from the Company effective September 23, 2016. Mr. Burns’ resignation is a result of a new career opportunity and is not the result of any dispute or disagreement with the Company or any matter relating to the Company's accounting practices or financial statements.
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