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Stock Market & Financial Investment News

News Breaks
May 29, 2014
08:55 EDTFMI, FMI, FMIFoundation Medicine management to meet with Leerink
Group breakfast to be held in Chicago n June 1 at 9 am hosted by Leerink.
News For FMI From The Last 14 Days
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January 16, 2015
16:36 EDTFMIMarket finishes week lower on continued oil, global growth worries
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10:01 EDTFMIOn The Fly: Analyst Downgrade Summary
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05:51 EDTFMIFoundation Medicine downgraded to Market Perform from Outperform at Leerink
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January 13, 2015
07:51 EDTFMIRoche deal positive, says Bernstein
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January 12, 2015
16:32 EDTFMIOn The Fly: Closing Wrap
Stocks spent almost the entire session in negative territory as the continued slump in crude oil prices weighed on equities. As the price of crude searches for a bottom, analysts and investors are concerned about how the low prices may affect U.S. economic growth. It had been estimated that more than half of the expected growth in the S&P 500's earnings would come from the oil industry and the continued drop in oil prices may be wiping out the chances of earnings increasing from the prior quarter. The earnings season unofficially kicks off tonight when Alcoa (AA) reports its fourth quarter earnings. ECONOMIC EVENTS: In the U.S., no major economic data was released. WTI and Brent crude both suffered slides of 5% during the session, sending WTI oil below $46 and Brent near $47 per barrel. Of note, Goldman Sachs said it sees oil prices bottoming in Q2 of this year at $42 a barrel. Goldman lowered its Brent crude oil price estimate for 2015 to $50 a barrel from $84 and for 2016 onwards to $70 a barrel from $90. COMPANY NEWS: Shire (SHPG) shares trading in New York slipped $8.39, or 3.86%, to $209.10 after the company announced over this weekend that it struck a deal to acquire NPS Pharmaceuticals (NPSP) for $46 per share in cash, for a total consideration of approximately $5.2B. NPS shares gained $3.44, or 8.21%, to $45.35... Shares of flash storage provider SanDisk (SNDK) dropped $13.47, or 13.88%, to $83.57 after the company cut its revenue outlook for Q4 and added that non-GAAP gross margin for the quarter is expected to be approximately 45%, compared to the previously guided range of 47%-49%. "The lower revenue was primarily due to weaker than expected sales of retail and iNAND products," SanDisk explained. Micron (MU) fell $1.87, or 5.56%, to $31.66 following the warning from its peer. MAJOR MOVERS: Among the notable gainers was Foundation Medicine (FMI), whose shares surged $22.81, or 95.32%, to $46.74 after the company and Roche (RHHBY) announced that they will enter into a strategic collaboration. Roche will invest in Foundation as part of the deal, resulting in Roche owning a minimum of 52.4% and a maximum of 56.3% of Foundation Medicine on a fully diluted basis. Also higher was Build-A-Bear Workshop (BBW), which jumped $3.12, or 16.75%, to $21.75 after the toy company gave a fourth quarter revenue view that beat expectations. Among the noteworthy losers was Arrowhead Research (ARWR), which fell $2.16, or 23.84%, to $6.90 after announcing that the FDA verbally informed the company of a partial clinical hold on its study of ARC-520 in patients with chronic hepatitis B infection. Also lower were shares of Sarepta Therapeutics (SRPT), which dropped $2.04, or 14.62%, to $11.91 after the company provided data through Week 168 from its Phase IIb open-label extension study of eteplirsen in patients with Duchenne muscular dystrophy. INDEXES: The Dow fell 96.53, or 0.54%, to 17,640.84, the Nasdaq lost 39.36, or 0.84%, to 4,664.71, and the S&P 500 declined 16.55, or 0.81%, to 2,028.26.
12:46 EDTFMIOn The Fly: Midday Wrap
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10:06 EDTFMIHigh option volume stocks
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09:30 EDTFMIOn The Fly: Pre-market Movers
HIGHER: Foundation Medicine (FMI) up 138.9% following transaction with Roche (RHHBY)... Celator Pharmaceuticals (CPXX), up 19.1% after announcing promising Phase 2 data for CPX-351... Second Sight (EYES), up 16.7% after Health Canada approves Argus II retinal prosthesis system... Aegerion (AEGR), up 7.8% after reporting preliminary fourth quarter results and guidance... Express (EXPR), up 4.5% after reporting preliminary fourth quarter results. NOTABLE: NPS Pharmaceuticals (NPSP), up 8.5% following acquisition by Shire (SHPG)... Shire is down 1.1% in pre-market trading. LOWER: Arrowhead (ARWR), down 20.9% after FDA clears company to begin modified study of ARC-520 in a preliminary call of a partial clinical hold... Tiffany (TIF), down 10.4% after lowering fiscal 2014 net EPS guidance... SanDisk (SNDK), down 10.1% after lowering fourth quarter outlook... Ascena Retail (ASNA), down 5.8% after lowering fiscal 2015 adjusted EPS view... Sarepta Therapeutics (SRPT), down 5.9% after reporting long-term outcomes from Phase IIb Eteplirsen study... Loral Space & Communications (LORL), down 3.6% following a NY Post article that reported that talks to sell itself to the Ontario Teachers’ Pension Plan have ended... Southwestern Energy (SWN), down 4.2% after filing to sell 20.3M shares of stock and 26M depository shares.
08:28 EDTFMIFoundation Medicine likely to benefit from article, says JMP Securities
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06:40 EDTFMIFoundation Medicine to host conference call
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05:25 EDTFMIFoundation Medicine up 100.6% following transaction with Roche
05:22 EDTFMIFoundation Medicine announces strategic collaboration with Roche
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05:21 EDTFMIRoche to acquire majority interest in Foundation Medicine for $50 per share
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05:17 EDTFMIFoundation Medicine reports preliminary Q4 revenue $18.7M, consensus $17.51M
Foundation Medicine announced preliminary unaudited total revenue of approximately $18.7M in Q4 and $61.1M for the full year ended December 31, 2014, a 93% and 111% increase from the $9.7M and $29.0M recorded in 4Q13 and FY13, respectively. The company reported 7,233 clinical tests to ordering physicians in Q4, compared to a total of 3,752 tests reported during 3Q13. A total of 24,271 FoundationOne clinical tests were reported to ordering physicians for the full year ended December 31, 2014, a 167% increase over the 9,095 tests reported in 2013. FoundationOne and FoundationOne Heme are fully informative genomic profiles used by oncologists to identify the molecular alterations in a patient's tumor and match them with clinically relevant targeted therapies and clinical trials.

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