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August 12, 2014
09:21 EDTKATE, SUPN, TIPT, FRF, TCAP, HCLP, FLO, CALL, SOL, NOAH, EXAS, DNDN, CNAT, ICPT, ANF, INSYOn The Fly: Pre-market Movers
HIGHER: Intercept (ICPT), up 46% after upgraded at Leerink and Citigroup following OCA data. Conatus Pharmaceuticals (CNAT), which also develops treatments for liver disease, up 8.5%... Fontegra Financial (FRF), up 40% after Tiptree Financial (TIPT) to acquire the company for $10.00 per share in cash... Insys Therapeutics (INSY), up 15.4% after submiting NDA for new formula of Dronabinol Oral Solution, saying it is on track to submit at least four IND applications with the FDA in the second half of 2014... Exact Sciences (EXAS), up 8% after announcing FDA approved for Cologuard... Abercrombie & Fitch (ANF), up 2.7% after upgraded at Stifel. UP AFTER EARNINGS: Kate Spade (KATE), up 5.5%... Noah Holdings (NOAH), up 3%... ReneSola (SOL), up 5%... Supernus (SUPN), up 14%. LOWER: NII Holdings (NIHD), down 54.5% after warning it needs to make "key decisions" to address liquidity, "likely" to file a voluntary petition for relief under Chapter 11 of the Bankruptcy Code... Dendreon (DNDN), down 23.6% after warning that its alternatives could leave shareholders with no ownership... magicJack (CALL), down 10.3%, downgraded at Canaccord following Q2 results... Hi-Crush Partners (HCLP), down 4.7% after filing to sell 3.26M common units representing limited partners... Triangle Capital (TCAP), down 3.8% after filing to sell 4M shares of common stock. DOWN AFTER EARNINGS: Nuance (NUAN), down 9.4%... Flowers Foods (FLO), down 7.8%.
News For KATE;ANF;ICPT;CNAT;DNDN;EXAS;NOAH;SOL;CALL;FLO;HCLP;TCAP;FRF;TIPT;SUPN;INSY From The Last 14 Days
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October 15, 2014
16:34 EDTINSYInsys Therapeutics receives DEA approval to produce pharmaceutical Cannabidiol
Insys Therapeutics announced that its FDA inspected and Drug Enforcement Agency approved facility in Round Rock, Texas, has received DEA approval to manufacture synthetically its pharmaceutical grade Cannabidiol. The company has also been granted a quota to produce 15kg of CBD in 2014 and expects a larger quota in 2015 for its continued clinical studies. Insys believes these quantities are sufficient to pursue its CBD development program as currently planned. Insys held a pre-IND meeting with the FDA in September 2014 regarding its development program for CBD in pediatric patients suffering from Dravet Syndrome and Lennox-Gastaut Syndrome, two rare forms of pediatric epilepsy. Insys projects to file an IND in December 2014 for these indications. Babich also noted that Insys has compared its pharmaceutical CBD, which is synthetically produced, with plant-derived CBD obtained from the National Institute on Drug Abuse (NIDA), and found both materials contain an identical chemical structure. "We are pleased that testing in our laboratories has confirmed our long-standing belief that our pharmaceutical CBD is the chemical structure of plant-derived CBD and we believe our purity levels will provide consistent material in the clinical programs," Babich concluded.
16:31 EDTINSYInsys Therapeutics provides update on Dronabinol Oral Solution NDA
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11:27 EDTEXASOptions with decreasing implied volatility
Options with decreasing implied volatility: EXAS INO ATLS LOCO OPK INFY EUO FDO
09:21 EDTICPTIntercept pullback a buying opportunity, says Summer Street
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07:24 EDTICPTIntercept management to meet with Deutsche Bank
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October 14, 2014
17:03 EDTKATEKate Spade appoints Thomas Linko as CFO
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11:17 EDTEXASOptions with decreasing implied volatility
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09:08 EDTSUPNSupernus announces Paragraph IV ANDA filing for Trokendi XR
Supernus Pharmaceuticals announced that on October 13, the company received a Paragraph IV Notice Letter from Zydus Pharmaceuticals advising Supernus of the filing by Zydus of an Abbreviated New Drug Application seeking approval for topiramate extended-release capsules. Supernus is currently reviewing the details of this Notice Letter and intends to vigorously enforce its intellectual property rights relating to Trokendi XR. The product is currently protected by three issued patents that are listed in the FDA's Orange Book and expire no earlier than 2027.
October 13, 2014
12:25 EDTCNATConatus management to meet with Piper Jaffray
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12:01 EDTEXASOptions with decreasing implied volatility
Options with decreasing implied volatility: EXAS INFY YUM FDO HSY
07:31 EDTEXASExact Sciences price target raised to $42 from $25 at Benchmark Co.
Benchmark Co. raised its price target for Exact Sciences shares to $42 citing the Medicare coverage decision and reimbursement rate of $502 for the company's test. The firm had previously modeled a price of $300 for Cologuard. It reiterates a Buy rating on the name.
October 10, 2014
16:22 EDTEXASOn The Fly: Closing Wrap
Stocks on Wall Street had a bit of a see-saw trading day, but ended the session in the red once again. The Nasdaq took the brunt of the losses, falling over 2%, while the Dow's slide erased its gains for the year. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. Oil slumped to a four-year low during the session, as brent crude touched $88.11 intra-day, its lowest level since December 2010. COMPANY NEWS: The semiconductor sector was weak across the board after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Microchip, which also pre-announced weaker than expected second quarter revenue, dropped $5.58, or 12.26%, to $39.96. Intel (INTC) fell $1.71, or 5.09%, to $31.91, Avago (AVGO) declined $9.24, or 11.46%, to $71.36, Texas Instruments (TXN) slipped $3.28, or 7.13%, to $42.74 and Micron (MU) dropped $2.71, or 8.86%, to $27.93. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied $6.48, or 35.76%, to $24.60 after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Also higher was Dave & Buster (PLAY), which gained $1.28 to $17.28 after commencing trading on the Nasdaq following its initial public offering. Among the noteworthy losers was Procera Networks (PKT), which was downgraded by at least four research firms and plunged $2.85, or 33.33%, to $5.70 after the company warned its Q3 revenue will miss expectations. Also lower were shares of Caesars (CZR), which dropped $1.92, or 17.36%, to $9.14 after disclosing in a regulatory filing that its Chief Accounting Officer resigned to accept a position with another company. INDEXES: The Dow fell 115.15, or 0.69%, to 16,544.10, the Nasdaq plunged 102.10, or 2.33%, to 4,276.24, and the S&P 500 dropped 22.08, or 1.15%, to 1,906.13.
13:08 EDTEXASOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
11:18 EDTEXASOptions with decreasing implied volatility
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11:05 EDTEXASExact Sciences jumps after CMS agrees to cover cancer test
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09:00 EDTEXASOn The Fly: Pre-market Movers
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07:50 EDTEXASExact Sciences to see significant short squeeze on CMS decision, says Canaccord
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07:32 EDTEXASExact Sciences price target raised to $27 from $20 at Jefferies
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07:16 EDTEXASExact Sciences CMS decision a 'major positive' for shares, says Mizuho
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07:12 EDTEXASExact Sciences price target raised to $34 from $28 at JMP Securities
JMP Securities increased its price target on Exact Sciences after CMS stated that the company's colorectal screening tool would be covered by Medicare and granted the company's request to price the test at $502. The firm thinks Cologuard will become the standard of care for the detection of colorectal cancer. It reiterates an Outperform rating on the stock. .
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