Post-Market NASDAQ Movers (TIVO, ARNA, AONE, UNIS, TISI, LPHI, APKT, BMTI, PRGS, AMRN)

   on January 04 2012 4:07 AM
A pedestrian walks past the NASDAQ building in New York City
A pedestrian walks past the Nasdaq building in New York. REUTERS

The top after-market NASDAQ stock market gainers are: TiVo, Arena Pharmaceuticals, A123 Systems, Unilife and Team. The top after-market NASDAQ Stock Market losers are: Life Partners Holdings, Acme Packet, BioMimetic Therapeutics, Progress Software and Amarin.

Gainers

TiVo Inc. (TIVO) stock jumped 14.01 percent to $10.17 in after-market trading. The company said it has resolved a patent suit with AT&T Inc. (T) and will receive $215 million in split payments through 2018 from the communications giant. The two companies have also agreed to a mutual patent licensing deal. As per the terms of the settlement, AT&T agreed to pay TiVo an initial payment of $51 million, followed by recurring quarterly guaranteed payments through June 2018, totaling $164 million, which together yield minimum payments of $215 million. In addition to these minimum payments, AT&T will pay incremental recurring per subscriber monthly license fees through July 2018 should AT&T's DVR subscriber base exceed certain levels. TiVo and AT&T agreed, as part of the settlement, to dismiss all pending litigation between the companies with prejudice. The companies also entered into a cross license of their respective patent portfolios in the advanced television field.

Arena Pharmaceuticals, Inc. (ARNA) stock climbed 13.02 percent to $2.17 in after-market trading. The company said it submitted additional data with the U.S. Food and Drug Administration (FDA) related to its obesity drug candidate lorcaserin. The move was in response to the complete response letter issued by the agency, following a review of Arena's new drug application for lorcaserin. Arena and its marketing partner for lorcaserin - Eisai Inc. - said they have provided the FDA with data not included in the original NDA, including results from the Phase 3 BLOOM-DM trial that evaluated the drug candidate for weight loss in patients with Type 2 diabetes. In addition, the information given to the FDA includes details of a two-year lorcaserin rat carcinogenicity study, related to concerns of tumor in rats following lorcaserin tests.

Lorcaserin is an investigational drug candidate intended for weight management, including weight loss and maintenance of weight loss, in patients who are obese (BMI more than or equal to 30) or patients who are overweight (BMI more than or equal to 27) and have at least one weight-related co-morbid condition. Lorcaserin is a new chemical entity that is believed to act as a selective serotonin 2C receptor agonist. The serotonin 2C receptor is expressed in the brain, including the hypothalamus, an area believed to be involved in the control of appetite and metabolism.

A123 Systems, Inc. (AONE) stock grew 6.12 percent to $2.08 in after-market trading. The stock closed 21.74 percent higher at $1.96 on Tuesday, after Fisker Automotive Inc. said most plug-in electric sports cars using A123 packs already have been fixed. Fisker last Thursday recalled 239 units of its luxury Karma sedan to fix a hose clamp in the A123 battery pack at risk of leaking coolant, potentially causing a fire. Fisker said on Tuesday that repairs or inspections had been completed and a majority of cars were back in service after getting new packs, according to Bloomberg.

Unilife Corp. (UNIS) stock gained 5.86 percent to $3.43 in after-market trading.

Team Inc. (TISI) stock increased 4.35 percent to $31.20 in after-market trading. Profit for the second quarter was $10.3 million or $0.50 per share, up from $8 million or $0.41 per share last year. Adjusted profit rose to $10.8 million or $0.53 per share from $8.4 million or $0.43 per share. Revenue grew 19 percent to $158 million. Analysts had expected profit of $0.49 per share on revenue of $154.1 million. Looking ahead into the fiscal 2012, the company raised its adjusted earnings guidance to range of $1.55 to $1.70 per share from previous forecast of $1.45 to $1.60 per share. The company also increased its 2012 revenue outlook to range of $585 million to $610 million from previous range of $550 million to $575 million. Wall Street analysts predict profit of $1.61 per share on revenue of $589.24 million for the full year.

Losers

Life Partners Holdings, Inc. (LPHI) stock plunged 19.94 percent to $5.10 in after-market trading. The company responded to notice that a lawsuit has been filed against it by the Securities and Exchange Commission. The company believes the action is without merit and will vigorously defend itself and its officers. The lawsuit targeted Life Partners Holdings and certain of its officers but no claims were filed against the company's operating unit, Life Partners Inc., and the action has no effect on any of Life Partners Inc.'s transactions or clients.

It is very disappointing that the SEC has chosen to pursue litigation over issues that we believe have no merit and financial presentation issues that we do not believe are material. We have always done our best to deliver value to our shareholders and to run an honest and transparent company. We intend to vigorously defend ourselves against these meritless claims, said Brian Pardo, Chairman of Life Partners.

Acme Packet, Inc. (APKT) stock plummeted 17.95 percent to $26.10 in after-market trading. The company said it expects fourth quarter adjusted earnings of $0.26 to $0.28 per share and revenue of $84 million to $86 million, while Wall Street predicts profit of $0.37 per share on revenue of $93.42 million. For the full year 2011, the company lowered its adjusted earnings guidance to range of $1.03 to $1.05 per share from previous forecast of $1.14 to $1.18 per share. The company also reduced its 2011 revenue outlook to range of $308 million to $310 million from previous range of $315 million to $320 million. Wall Street analysts predict profit of $1.14 per share on revenue of $317.95 million for the full year. The company said its results were impacted by uncertainty in the North American service provider market.

Outside of the North American service provider market, Acme Packet continued to perform very well, particularly in our enterprise business as well as in our Europe and Latin America businesses. Looking ahead, we believe we are very well positioned to leverage the broad, multi-year, secular growth drivers associated with the global transition from TDM to IP for real time communications like voice and video, said Andy Ory, President and Chief Executive Officer of Acme Packet.

BioMimetic Therapeutics Inc. (BMTI) stock fell 10.65 percent to $2.60 in after-market trading. The company said it received a comprehensive post-panel response letter from the FDA related to the company's Pre-Market Approval or PMA application for Augment Bone Graft for use as an alternative to autograft in hindfoot and ankle fusion procedures. The FDA acknowledged that the independent Advisory Panel voted in favor of a reasonable assurance of safety, effectiveness and a positive benefit: risk ratio. However, in the letter, the FDA asked the company submit additional information from the Augment pivotal study as it relates to the product's safety and effectiveness, as well as additional information relating to antibody safety and reproductive issues. The FDA also requested that the company submit additional information relating to post-approval studies to monitor the cancer safety of the product and further evaluate its pharmacokinetic (PK) profile in humans. The company currently expects it will submit an amendment to the Augment PMA by mid-2012 that will include all of the requested additional information.

Separately, BioMimetic Therapeutics announced receipt of the CE Mark approval of GEM 21S Growth factor Enhanced Matrix in the European Union (EU). GEM 21S was approved in the EU with broader periodontal and alveolar bone regeneration indications for use than previously approved in the U.S. and Canada. The additional indications approved in the EU are for the treatment of osseous defects resulting from tooth extraction and trauma. Additionally, GEM 21S is approved in the EU for use in compromised patients where poor healing may occur. This approval, obtained on behalf of Luitpold Pharmaceuticals Inc., triggers a $10 million final milestone payment from Luitpold to the company. The company said the milestone payment was a condition of the company's sale of GEM 21S to Luitpold in 2008. The payment will be in addition to the company's 2011 year-end cash guidance of $55 million to $62 million.

Progress Software Corp. (PRGS) stock tumbled 8.59 percent to $18.10 in after-market trading. Profit for the fourth quarter was $11.7 million or $0.18 per share, down from $21.3 million or $0.31 per share last year. Adjusted earnings declined to $21.5 million or $0.34 per share from $32.2 million or $0.47 per share. Revenue decreased 6 percent to $136.3 million. Analysts had expected profit of $0.33 per share on revenue of $133.54 million. Looking ahead into the first quarter, the company expects adjusted earnings of about $0.25 and adjusted revenue of about $120 million, while Wall Street predicts profit of $0.38 per share on revenue of $132.04 million.

Amarin Corp. plc (AMRN) stock slid 7.66 percent to $6.51 in after-market trading. The company said its unit Corsicanto Ltd. has commenced an offering of $150 million in aggregate principal amount of exchangeable senior notes due 2032. Corsicanto expects to grant the initial purchasers a 30-day option to purchase additional notes solely to cover over-allotments, if any. The notes will be exchangeable under certain circumstances for cash, Amarin's American Depositary Shares, or a combination thereof, based on an exchange rate to be determined.

Amarin said it intends to use the net proceeds from the offering, subject to approval by the U.S. Food and Drug Administration of its new drug application, to fund the commercial launch of AMR101, whether in collaboration with a strategic partner or on its own. Amarin plans such use of proceeds to include funding the manufacture of commercial supply of AMR101 and funding the expansion of its sales and marketing capabilities. The company also plans to use the net proceeds from the offering to continue to fund patient enrollment in the cardiovascular outcomes study of AMR101, to fund the submission of a supplemental NDA filing for the indication studied in the ANCHOR trial and for general corporate and working capital purposes.

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