Pre-Open Movers 03/12: (OCLR) (ADMS) (MU) Higher; (ANTH) (SVRA) (ESPR) Lower (more...)

March 12, 2018 9:30 AM EDT
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Today's Pre-Open Stock Movers:

Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH) 83% LOWER; announced today that Sollpura did not meet the non-inferiority margin of the CFA primary endpoint in the RESULT Phase 3 clinical study of exocrine pancreatic insufficiency (EPI) due to cystic fibrosis.

Oclaro, Inc. (NASDAQ: OCLR) 26.1% HIGHER; Lumentum Holdings Inc. (NASDAQ: LITE) and Oclaro, Inc. (NASDAQ: OCLR) announced that the two companies have signed a definitive agreement, unanimously approved by the boards of directors of both companies, pursuant to which Lumentum will acquire all of the outstanding common stock of Oclaro. For each share of Oclaro stock held, Oclaro stockholders will be entitled to receive $5.60 in cash and 0.0636 of a share of Lumentum common stock, subject to the terms of the definitive agreement. The transaction values Oclaro at $9.99 per share or approximately $1.8 billion in equity value, based on the closing price of Lumentum's stock on March 9, 2018, of $68.98. The transaction value represents a premium of 27% to Oclaro's closing price on March 9, 2018 and a premium of 40% to Oclaro's 30 day average closing price. Oclaro stockholders are expected to own approximately 16% of the combined company at closing.

Savara Inc. (NASDAQ: SVRA) 12.6% LOWER; announced results from the INDIE study of Aironite (sodium nitrite inhalation solution) evaluating the use of inhaled inorganic nitrite for symptom relief in patients with heart failure with preserved ejection fraction (HFpEF). The study did not meet its primary endpoint of improvement in peak exercise capacity assessed by cardiopulmonary exercise testing (CPET), or its secondary endpoints. The topline results were presented at the American College of Cardiology 67th Annual Scientific Sessions & Expo by Barry A. Borlaug, M.D., FACC, Chair for Research, Division of Circulatory Failure, Department of Cardiovascular Medicine, Mayo Clinic and principal investigator for the study. The study was sponsored by Duke Clinical Research Institute as the Coordinating Center for the Heart Failure Clinical Research Network and was conducted primarily with grant funding from the National Heart, Lung, and Blood Institute.

Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS) 8.3% HIGHER; is announcing an update to progress on the commercial launch of GOCOVRI™ (amantadine) extended release capsules for the treatment of dyskinesia in patients with Parkinson’s disease receiving levodopa-based therapy, with or without concomitant dopaminergic medications. As of February 28, 2018, the Company has received prescriptions for GOCOVRI from approximately 390 distinct prescribers. Filled GOCOVRI prescriptions for the period from January 1, 2018, through February 28, 2018, were 742.

Esperion Therapeutics (NASDAQ: ESPR) 7.5% LOWER; falls after Sanofi (NYSE: SNY) and Regeneron (NASDAQ: REGN) said Praluent significantly reduced risk of cardiovascular events in high-risk patients, and was associated with lower death rate.

NeoPhotonics (NASDAQ: NPTN) 6.7% HIGHER; gains on OCLR takeover

Otonomy (NASDAQ: OTIC) 6.5% HIGHER; Piper Jaffray upgraded from Neutral to Overweight with a price target of $11.00 (from $8.00).

The Medicines Company (NASDAQ: MDCO) 4.6% HIGHER; gains on Regeneron's ODYSSEY results.

Micron (NYSE: MU) 3.4% HIGHER; Nomura/Instinet raises pt to $100

Broadcom (NASDAQ: AVGO) 2.8% HIGHER; Intel could be looking to acquire the company

Century Aluminum (NASDAQ: CENX) 2.7% HIGHER; BMO Capital upgraded from Market Perform to Outperform with a price target of $28.00 (from $20.00).

Sarepta Therapeutics, Inc. (NASDAQ: SRPT) 2.7% HIGHER; recently received final minutes from a February 2018 Type C meeting held with the Division of Neurology Products, United States Food and Drug Administration (the Division), to solicit the Division's guidance on the development pathway for Sarepta's therapeutic candidate, golodirsen, a phosphordiamidate morpholino oligimer engineered to treat those patients with Duchenne muscular dystrophy (DMD) who have genetic mutations subject to skipping exon 53 of the DMD gene.

Johnson Controls (NYSE: JCI) 2.5% HIGHER; announced that it is exploring strategic alternatives for its Power Solutions business.

Voyager Therapeutics (NASDAQ: VYGR) 2% LOWER; Wedbush downgraded from Outperform to Neutral with a price target of $29.00.

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