Stocks Gapping Down 2017-03-24
ADPT Adeptus Health Inc. (ADPT) said the New York Stock Exchange has warned it could see its stock delisted after Adeptus failed to file in Form 10-K annual report on time with the appropriate regulators. The company earlier this month said it needed to write down its deferred tax assets and make other changes to its prior financial reports after it identified material weaknesses with its internal control over financial reporting. Under NYSE rules, Adeptus now has six months starting on March 16 to file its 10-K report with the U.S. Securities and Exchange Commission to avoid a potential delisting from the stock exchange.
BLCM Bellicum Pharmaceuticals (BLCM) said late Thursday that it has priced an underwritten public offering of 5 million shares of common stock at a price of $12 per share, or a 7% discount from the stock's previous close, for total expected gross proceeds of $60 million. The underwriters have been granted a 30-day option to purchase up to 750,000 additional shares to cover over-allotments. The offering is expected to close on or about March 29, subject to customary closing conditions.
CHMI Cherry Hill Mortgage Investment (CHMI) said late Thursday that it has priced an underwritten public offering of 4.5 million shares of common stock at $16.50 per share, or a 2.5% discount from the stock's previous close. The underwriters have been granted a 30-day option to purchase up to a maximum of 675,000 additional shares. The company intends to use the net proceeds for general corporate purposes.
CDOR Condor Hospitality Trust (CDOR) priced a public offering of nearly 4.2 million shares of its common stock at $10.50 a share. This is a discount of 6% to Thursday's close of $11.26. The company said it will receive $39.6 million of net proceeds, which it will use to fund a portion of the purchase price of the four Home2 Suites hotels currently under contract to purchase.
CBAY CymaBay Therapeutics, Inc. (CBAY) announced financial results and a corporate update for the quarter and twelve months ended December 31, 2016. “In 2016, we made significant progress in our two clinical development programs, seladelpar for the treatment of primary biliary cholangitis, and arhalofenate, a unique Urate-Lowering Anti-Flare Therapy (ULAFT) candidate for the treatment of gout,” said Dr. Harold Van Wart, Chief Executive Officer of CymaBay Therapeutics . “We initiated a new dose-ranging Phase 2 study of seladelpar in patients with PBC to optimize dose selection on the strength of promising results from our earlier proof-of-concept study in this indication. At the end of 2016, we entered into an exclusive license agreement with Kowa Pharmaceuticals America, Inc. for the development and commercialization of arhalofenate in the U.S. Our accomplishments in 2016 have positioned us to advance our goal to become a leader in the development of novel therapies to treat liver diseases with high unmet medical need as we step forward into 2017.”
FINL Finish Line (FINL) issued downside guidance on FY18 EPS and reported mixed Q4 results. FINL was down 16% at $13.45 recently. The current 52-week range is between $15.18 and $24.52. For Q4 ended Feb. 25, adjusted EPS was $0.50 per share, down from $0.85 per share a year earlier and below the $0.70 per share consensus of analysts polled by Capital IQ. Revenues fell 0.4% year-over-year to $557.5 million, but beat expectations for $544.9 million. Comparable sales decreased 4.5%. For FY18 ending March 3, Finish Line expects EPS of $1.12 to $1.23 per share, well below the $1.44 per share consensus, with comparable sales increasing by the low-single digits.
GME GameStop (GME) reported Q4 EPS of $2.38, $0.09 better than the analyst estimate of $2.29. Revenue for the quarter came in at $3.05 billion versus the consensus estimate of $3.1 billion. GUIDANCE: GameStop sees FY2016 revenue of $494.1 billion. GameStop sees FY 2017 EPS $3.10-$3.40 versus consensus of $3.69. Sees FY 2017 Sales (2%) to 2%. Expects to close 2% to 3% of global stores Will Stop Providing Qrt EPS/Same-Store Sales Guidance.
MDGS Medigus (MDGS) priced the sale of 979,714 class A units and and nearly 1.2 million class B units at $3.50 per unit. MDGS was at $3.36 recently, a new low if it holds into regular trading. The current 52-week range is between $4.10 and $32.50. Each class A unit consists of one American Depositary Share, and one series A warrant to purchase one ADS, and each class B unit consists of one pre-funded warrant to purchase one ADS, and one series A warrant to purchase one ADS.
MYL Mylan (MYL) 44M Shares Said Offered at $39.50-$40.25
OXM Oxford Industries (OXM) reported Q4 EPS of $0.73, $0.19 worse than the analyst estimate of $0.92. Revenue for the quarter came in at $261 million versus the consensus estimate of $267.28 million.
SPWH Sportmans Warehouse (SPWH) reported Q4 EPS of $0.25, $0.01 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $221.4 million versus the consensus estimate of $227.39 million.
XENE Xenon Pharmaceuticals (XENE) said Friday that XEN801, its topical stearoyl Co-A desaturase-1 developed for the potential treatment of moderate to severe acne, did not demonstrate a statistically significant difference from vehicle placebo in its primary endpoint. The primary endpoint was the percent change in total lesion count from baseline to week 12. The results also showed that XEN801 did not demonstrate statistical significance relative to key secondary efficacy endpoints. XEN801 did demonstrate a favorable safety and tolerability profile, with no drug-related serious adverse events.
CLMT Calumet Specialty Products Partners L.P. (CLMT) was downgraded to Underperform from Neutral with a $3 price target at Credit Suisse.
DK Delek US Holdings Inc. (DK) was downgraded to Neutral from Outperform with a $26 price target at Credit Suisse.
IGT International Game Technology PLC (IGT) was downgraded to Hold from Buy at Argus after disappointing guidance.
KNX Knight Transportation Inc. (KNX) was downgraded to Underweight from Equal Weight with a $30 price target at Barclays.
SWFT Swift Transportation Co. (SWFT) was downgraded to Equal Weight from Overweight with a $24 price target at Barclays.
TSO Tesoro Corp. (TSO) was downgraded to Neutral from Outperform with a $93 price target at Credit Suisse.
WNR Western Refining Inc. (WNR) was downgraded to Neutral from Outperform with a $40 price target at Credit Suisse.
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