Pre-Open Stock Movers 04/08: (AFOP) (DEPO) (AVXL) Higher; (VKTX) (SEAC) (RT) Lower (more...)

April 8, 2016 9:30 AM EDT

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Today's pre-open movers:

Viking Therapeutics, Inc. (NASDAQ: VKTX) 39.9% LOWER; announced the pricing of an underwritten public offering of 7,500,000 shares of its common stock and warrants to purchase up to 7,500,000 shares of its common stock at a public offering price of $1.25 per share of common stock and related warrant

SeaChange Int'l (NASDAQ: SEAC) 21.2% LOWER; reported Q4 EPS of $0.00, $0.01 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $27.2 million versus the consensus estimate of $30.49 million. SeaChange Int'l sees Q1 2017 EPS of ($0.24)-($0.18), versus the consensus of ($0.05). SeaChange Int'l sees Q1 2017 revenue of $20-22 million, versus the consensus of $25.6 million. SeaChange Int'l sees FY2017 EPS of $0.05-$0.15, versus the consensus of $0.05. SeaChange Int'l sees FY2017 revenue of $110-120 million, versus the consensus of $121.1 million. CEO terminated.

Alliance Fiber Optic Products, Inc. (Nasdaq: AFOP) 19.2% HIGHER; Corning Incorporated (NYSE: GLW) and Alliance Fiber Optic Products, Inc. (Nasdaq: AFOP) announced today that they have entered into a definitive merger agreement under which Corning will acquire Alliance Fiber Optic Products. Under terms of the agreement, Corning will make an all-cash tender offer to acquire all of the outstanding common shares of Alliance Fiber Optic Products, Inc. (AFOP) for $18.50 per share, representing a transaction value of approximately $305 million.

Ruby Tuesday (NYSE: RT) 17.6% LOWER; reported Q3 EPS of $0.03, $0.02 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $271.5 million versus the consensus estimate of $284.14 million. Same-restaurant sales decreased 3.1%, which included a 140 basis point negative impact due to temporary store closures resulting from severe winter weather, compared to a 0.3% decline in the third quarter of the prior fiscal year. GUIDANCE: Ruby Tuesday sees FY2016 EPS of $0.05-$0.08, versus prior guidance of $0.12-$0.17 and the consensus of $0.12. In addition, announced the resignation of CFO Jill Golder.

DepoMed, Inc. (NASDAQ: DEPO) 15.1% HIGHER; In a 13D filing, hedge fund Starboard Value LP disclosed a 9.8%, or 5,965,000 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending March 31, 2016. The firm expressed significant concerns regarding serious corporate governance deficiencies, questionable capital allocation decisions, and egregious actions taken by the Issuers Board to impede strategic interest in acquiring the Issuer and to suppress shareholder rights and seeks to elect a slate of directors.

Anavex Life Sciences Corp. (Nasdaq: AVXL) 14.3% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation (ODD) to ANAVEX 3-71 for the treatment of Frontotemporal dementia (FTD).

Gap Inc. (NYSE: GPS) 9.1% HIGHER; March comps fall 6%

Duluth Holdings Inc. (NASDAQ: DLTH) 8.9% HIGHER; reported Q4 EPS of $0.37, $0.09 better than the analyst estimate of $0.28. Revenue for the quarter came in at $140.4 million versus the consensus estimate of $133.21 million.

DURECT Corporation (Nasdaq: DRRX) 6% LOWER; announced that after the PERSIST Phase 3 trial for POSIMIR® was underway and enrolling patients at multiple sites, the Company received a letter from FDA advising the Company to make a number of amendments to the PERSIST trial. One of the recommendations was to incorporate standard bupivacaine HCl as an active control. The Company had a follow-up call with the FDA this week to discuss the advice letter, as a result of which the Company has decided to implement the FDA's recommendations. This change will add to the time and cost to complete the PERSIST trial, but the Company believes that a positive outcome from this trial design would result in a stronger NDA filing and potentially provide commercial advantages. The Company will provide an update on the impact to PERSIST once it has worked through the logistics of making this change. In the interim, the Company will continue enrollment under the existing protocol. As a point of reference, the Company notes that in cohort 2 of the BESST trial, which like PERSIST was in laparoscopic cholecystectomy patients, the control arm was also standard bupivacaine HCl and POSIMIR achieved a statistically significant pain reduction over 72 hours compared to the control when using the same statistical method being used in PERSIST.

Conatus Pharmaceuticals Inc. (NASDAQ: CNAT) 5.9% HIGHER; gains related to Intercept Pharmaceuticals FDA panel backing of OCA

Abiomed, Inc. (NASDAQ: ABMD) 4.4% HIGHER; announced that it has received U.S. Food and Drug Administration (FDA) Pre-Market Approval (PMA) for its Impella 2.5, Impella CP, Impella 5.0 and Impella LD heart pumps to provide treatment of ongoing cardiogenic shock. In this setting, the Impella heart pumps stabilize the patient’s hemodynamics, unload the left ventricle, perfuse the end organs and allow for recovery of the native heart. This latest approval adds to the prior FDA indication of Impella 2.5 for high risk percutaneous coronary intervention (PCI), or Protected PCI™, received in March 2015.

Ulta Salon (NASDAQ: ULTA) 4% HIGHER; will replace Tenet Healthcare Corp. (NYSE: THC) in the S&P 500

PriceSmart (NASDAQ: PSMT) 3.8% LOWER; reported Q2 EPS of $0.85, $0.03 worse than the analyst estimate of $0.88. Revenue for the quarter came in at $777.9 million versus the consensus estimate of $775.12 million.

Boot Barn (NYSE: BOOT) 3.7% LOWER; JPMorgan downgraded from Overweight to Neutral with a price target of $7.00 (from $11.00).

Clovis Oncology, Inc. (NASDAQ: CLVS) 3.2% HIGHER; FDA briefing documents posted.

Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) 2.3% LOWER; announced that the U.S. Food and Drug Administration (FDA)s Gastrointestinal Drugs Advisory Committee voted 17 to 0 to recommend accelerated approval of Ocaliva (obeticholic acid) for the treatment of patients with primary biliary cirrhosis, recently renamed primary biliary cholangitis (PBC). The target date for the FDA to take action under the Prescription Drug User Fee Act (PDUFA) is May 29, 2016. The FDA is not bound by the Advisory Committee's guidance, but takes its advice into consideration when reviewing investigational medicines. If approved, Ocaliva would be the first new treatment for PBC in nearly 20 years. Downgraded at Morgan Stanley.

Relypsa, Inc. (NASDAQ: RLYP) 1.4% HIGHER; adds to large intra-day gains on takeover rumors

AK Steel (NYSE: AKS) 1.2% LOWER; downgraded to Sell at UBS

WD-40 Co. (NASDAQ: WDFC) 1% LOWER; reported Q2 EPS of $0.94, $0.08 better than the analyst estimate of $0.86. Revenue for the quarter came in at $94.6 million versus the consensus estimate of $99.1 million. GUIDANCE: WD-40 Co. sees FY2016 EPS of $3.40-$3.47, versus the consensus of $3.36. WD-40 Co. sees FY2016 revenue of $385-394 million, versus the consensus of $394.5 million.



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