The top pre-market NASDAQ stock market gainers are: BioSante Pharmaceuticals, Harris & Harris Group, LM Ericsson Telephone, Savient Pharmaceuticals, and Skyworks Solutions. The top pre-market NASDAQ stock market losers are: Tellabs, Eagle Bulk Shipping, Rediff.com India, Randgold Resources, and DryShips.
Shares of BioSante Pharmaceuticals, Inc. (BPAX) advanced 8.56 percent to $2.03 in the pre-market trading. The company announced receipt of Orphan Drug designation for its Melanoma Cancer Vaccine in the treatment of stage IIb to IV melanoma, from the FDA’s Office of Orphan Products Development. Melanoma is the most deadly form of skin cancer.
The orphan drug designation for the Melanoma Cancer Vaccine is BioSante’s fourth orphan drug designation for BioSante’s portfolio of cancer vaccines; the company also has received orphan drug designations for its vaccines to treat pancreatic cancer, acute myeloid leukemia and chronic myeloid leukemia.
Harris & Harris Group, Inc. (TINY) stock soared 7.69 percent to $5.18 in the pre-market trading. Amgen has agreed to acquire BioVex Group, while Harris & Harris Group is an investor in the privately held BioVex Group. The transaction is expected to close in the first quarter of 2011.
LM Ericsson Telephone Co. (ERIC) stock gained 4.01 percent to $12.20 in the pre-market trading, following its higher fourth quarter earnings. Profit was 4.4 billion Swedish kronar, 504 percent higher than 0.7 billion Swedish kronar last year. Earnings per share rose to 1.34 Swedish kronar from 0.10 Swedish kronar. Sales grew 8 percent to 62.8 billion Swedish kronar.
Shares of Savient Pharmaceuticals, Inc. (SVNT) soared 3.84 percent to $10.28 in the pre-market session. The company said its board has named John Johnson as chief executive officer, effective Jan. 31. Johnson will also serve as a member of Savient's board of directors. Johnson joined Savient from Eli Lilly & Co. (LLY) where he hold the position of senior vice president and president of Lilly Oncology business unit. Johnson has resigned from Eli Lilly effective Jan. 28.
Shares of Skyworks Solutions Inc. (SWKS) increased 2.09 percent to $29.80 in the pre-market session.
Shares of Tellabs Inc. (TLAB) lost 20.88 percent to $5.57 in the pre-market trading, following its lower-than-expected fourth quarter earnings. Adjusted profit was $5.7 million or 2 cents a share, down from $36.1 million or 9 cents a share last year. Revenue rose to $410.5 million from $389.3 million. Analysts had expected profit of 8 cents a share on revenue of $418.36 million. The company expects first quarter revenue of $315 million to $335 million, while analysts predict $402.71 million.
Eagle Bulk Shipping, Inc. (EGLE) stock fell 8.63 percent to $4.13 in the pre-market session.
Shares of Rediff.com India Ltd. (REDF) slid 4.03 percent to $7.14 in the pre-market trading. In 2011, inflation concerns have punished Indian equities and while some relief in food prices has started to creep into the market, most analysts are expecting the Reserve Bank of India, the country's central bank, to raise interest rates by 0.25 percent at its meeting next Tuesday, according to Indie Research. Some economists said a 0.50 percent hike also can't be ruled out, according to the Wall Street Journal.
Shares of Randgold Resources Ltd. (GOLD) declined 2.67 percent to $77.17 in the pre-market trading.
DryShips, Inc. (DRYS) stock decreased 2.44 percent to $4.79 in the pre-market session.