Stocks Gapping Up 2017-03-24
AKTS Akoustis Technologies (AKTS) said it has agreed to acquire a semiconductor wafer manufacturing operation and microelectromechanical systems from the Research Foundation for the State University of New York and Fuller Road Management Corporation. The manufacturing facility is located in Canandaigua, New York. Akoustis will pay $2.8 million in cash at closing, expected in Q2. The company said it expects to achieve shorter time-to-market for its products by consolidating manufacturing in the acquired facility.
EBIO Eleven Biotherapeutics (EBIO) reported early Friday a Q4 loss of $0.15 per diluted share compared with a loss of $0.53 per share a year ago. Total revenue jumped to $825,000 from $565,000 a year ago, according to a company statement. "In the year ahead, we plan to progress our ongoing phase 3 registration clinical trial of Vicinium, initiate a phase 1/2a clinical trial of Proxinium in combination with a checkpoint inhibitor and continue preclinical development of VB6-845d, the lead product candidate in our systemic pipeline," said CEO Stephen Hurly. "With $25.3 million in cash as of Dec. 31, we expect to have sufficient funds to support our clinical and preclinical development efforts into early 2018," he added.
HTGM HTG Molecular Diagnostics (HTGM) reported financial results for the fourth quarter and year ended December 31, 2016. Revenue for the fourth quarter of 2016 was $1.5 million . Net loss from operations was $5.2 million for the fourth quarter of 2016, compared to $5.3 million for the fourth quarter of 2015. Net loss per share was $(0.76) for the fourth quarter of 2016 and $(0.83) for the fourth quarter of 2015. “In 2016, we believe HTG made significant strides in customer adoption and building a solid platform for long-term growth,” said TJ Johnson, HTG’s President and CEO.
RXDX Ignyta, Inc. (RXDX) announced that it is exploring strategic options for taladegib and has entered into an amended and restated license, development and commercialization agreement with Eli Lilly and Company for the taladegib oncology program. Ignyta had previously disclosed it was in discussions with Lilly regarding the optimal path forward for taladegib in the context of its pipeline priorities, which are focused substantially on molecularly targeted therapies, including its lead product candidate, entrectinib.
SNAK Inventure Foods, Inc. (SNAK) announced the strategic sale of Fresh Frozen Foods to The Pictsweet Company, a family-owned grower and processor of frozen vegetables, in a cash transaction for approximately $23.7 million.
KBH KB Home (KBH) reported Q1 EPS of $0.15, $0.02 better than the analyst estimate of $0.13. Revenue for the quarter came in at $818.6 million versus the consensus estimate of $802.79 million.
MU Micron Technology (MU) reported Q2 EPS of $0.90, $0.05 better than the analyst estimate of $0.85. Revenue for the quarter came in at $4.65 billion versus the consensus estimate of $4.64 billion. Micron sees Q3 EPS of $1.43-$1.57 and revs of $5.2-$5.6 billion, versus the consensus of $0.89 and $4.7 billion, respectively.
NVCN Neovasc Inc (NVCN) announced financial results for the quarter and year ended December 31, 2016 (all figures in U.S. dollars unless otherwise indicated). Revenues for the quarter ended December 31, 2016 were $2,761,122 compared to $2,224,046 for the same period in 2015. Reducer revenues increased by 47% to $282,515 for the quarter ended December 31, 2016 compared to $192,013 , for the same period in 2015. Contract manufacturing and consulting services revenues were slightly increased in comparison to the same period in 2015. Due to a recent agreement with Boston Scientific Corporation ("Boston Scientific") the Company expects a decline in revenue in the coming periods. This is consistent with the Company's strategy to focus its business towards development and commercialization of its own products, the Reducer and the Tiara.
PGH Pengrowth Energy (PGH) said that it has agreed to sell its non-producing Montney lands at Bernadet in North East British Columbia for cash consideration of $92 million. The effective and closing date of the transaction is expected to occur on or about March 31, subject to customary closing conditions. Details of the buyer were not disclosed.
QTNT Quotient Limited (QTNT) announced that eight new rare antisera blood typing reagent products have been licensed for commercialization in the U.S. by the U.S. Food and Drug Administration.
RGLS Regulus Therapeutics (RGLS) Chairman of the Board Stelios Papadopoulos acquired 500,000 shares on March 21-22 at $1.20-$1.23.
SEAS SeaWorld Entertainment (SEAS) said Friday that Zhonghong Zhuoye Group Co., focused on growth opportunities in the leisure, tourism, and culture industries, will acquire an about 21% equity interest in SeaWorld from certain funds affiliated with Blackstone (BX) at a price of $23.00 per share. Under the agreement SeaWorld will advise Zhonghong Holding exclusively on the concept development and design of theme parks, water parks, and family entertainment centers to be developed and operated by Zhonghong Holding, including exclusive rights in China, Taiwan, Hong Kong and Macau. The agreement contains certain restrictions on Zhonghong Group's ability to sell its interest in SeaWorld for a period of two years, limitations on its ability to acquire more than 24.9% of SeaWorld's outstanding shares without the approval of the independent directors of SeaWorld's board and other customary restrictions including voting and standstill to protect SeaWorld and all of its stockholders.
SCVL Shoe Carnival (SCVL) reported Q4 EPS of $0.07, $0.03 better than the analyst estimate of $0.04. Revenue for the quarter came in at $234.2 million versus the consensus estimate of $234.89 million.
SPHS Sophiris Bio Inc. (SPHS) announced that data from its successful Phase 2a study of topsalysin, which evaluated the drug as a focal treatment for localized prostate cancer, will be presented as a poster on March 26, 2017 at the 32nd Annual European Association of Urology in London, UK. The poster has been selected by conference organizers as one of the best posters at the congress.
TRP TransCanada Corporation (TRP) announced that the U.S. Department of State has signed and issued a Presidential Permit to construct the Keystone XL Pipeline. "This is a significant milestone for the Keystone XL project," said Russ Girling , TransCanada's president and chief executive officer. "We greatly appreciate President Trump's Administration for reviewing and approving this important initiative and we look forward to working with them as we continue to invest in and strengthen North America's energy infrastructure."
UAA Under Armour Inc (UAA) has strengthened over the past three years and is well positioned in the “high-growth athletic apparel and footwear space,” Jefferies’ Randal J. Konik said in a report. He added that the company had “significant opportunity to scale” in the years ahead. Konik upgraded the rating on Under Armour to Buy, while raising the price target from $19 to $27 . He mentioned that the share price had bottomed. Furthermore, stock valuation had compressed both on an absolute basis and relative to peers, providing “significant upside in the years to come.”
VSTM Verastem, Inc (VSTM) reported financial results for the year ended December 31, 2016 , and also provided an overview of certain corporate developments. Net loss for the year ended December 31, 2016 (2016 Period) was $36.4 million , or $0.99 per share, as compared to a net loss of $57.9 million , or $1.61 per share, for the year ended December 31, 2015 (2015 Period). Net loss includes non-cash stock-based compensation expense of $6.2 million and $9.7 million for the 2016 Period and 2015 Period, respectively.
ZAIS ZAIS Group (ZAIS) reported Q4 adjusted EPS of $0.29, compared to a loss of $0.68 a year earlier. The company reported revenues of $16.7 million, up from $5.0 million a year ago.
ADBE Adobe Systems Inc. (ADBE) was raised to Outperform from Neutral and the price target was raised to $150 from $125 at Credit Suisse.
AA Alcoa Corp. (AA) was raised to Buy from Hold with a $40 price target at Berenberg.
AAPL Apple Inc. (AAPL) was reiterated as Buy and the price target was raised to $165 from $135 at Instinet (Nomura).
CCOI Cogent Communications Holdings Inc. (CCOI) was started with a Buy rating and assigned a $48 price target at Deutsche Bank.
FTV Fortive Corp. (FTV) was raised to Overweight from Neutral with a $66 price target at JPMorgan.
FI Frank’s International N.V. (FI) was raised to Hold from Sell and the price target was raised to $11 from $10 at Jefferies.
HBAN Huntington Bancshares Inc. (HBAN) was started with a Buy rating and assigned a $16.50 price target at D.A. Davidson.
LFC China Life Insurance Co. Ltd. (LFC) was raised to Neutral from Sell at Citigroup.
SKX Skechers USA Inc. (SKX) was raised to Outperform from Market Perform with a $35 price target at Cowen.
VRTU Virtusa Corp. (VRTU) was raised to Outperform from Market Perform with a $38 price target at Cowen.
ZSAN Zosano Pharma Corp. (ZSAN) was started with an Overweight rating and assigned a $4 price target at Piper Jaffray.
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