The top pre-market NASDAQ stock market gainers are: Danvers Bancorp, Drugstore.com, Cytori Therapeutics, Glu Mobile, and Micron Technology. The top pre-market NASDAQ stock market losers are: Acorda Therapeutics, VIVUS, Synaptics, MannKind, and Biogen Idec.
Danvers Bancorp Inc. (DNBK) stock jumped 28.26 percent to $21.83 in the pre-market session, following its cash and stock deal to be acquired by People's United Financial, Inc. (PBCT) for $23 a share or total consideration of about $493 million. The transaction is expected to close late in the second quarter of 2011. Danvers shareholders can elect to receive either $23.00 in cash, or 1.624 shares of People's United Financial stock for each Danvers Bancorp share held.
Shares of Drugstore.com Inc. (DSCM) advanced 14.65 percent to $2.27 in the pre-market trading.
Cytori Therapeutics, Inc. (CYTX) stock soared 9.14 percent to $5.85 in the pre-market session. The company announced the presentation of data demonstrating a statistically significant reduction in ventricular tachyarrhythmias following adipose-derived regenerative cell (ADRC) therapy in patients with acute heart attack. The post-hoc data from Cytori's APOLLO study presented at the 6th International Conference on Cell Therapy for Cardiovascular Disease.
Shares of Glu Mobile, Inc. (GLUU) gained 5.74 percent to $2.21 in the pre-market trading.
Micron Technology Inc. (MU) stock rose 4.79 percent to $10.06 in the pre-market session.
Shares of Acorda Therapeutics, Inc. (ACOR) lost 16.46 percent to $23.25 in the pre-market trading. A European panel recommended against approving Biogen Idec's multiple sclerosis drug Fampyra. The committee said the drug does not help patients much and its side effects outweight its benefits. Fampyra, or fampridine, was developed by Acorda Therapeutics.
VIVUS Inc. (VVUS) stock fell 11.03 percent to $9.28 in the pre-market session. The company said FDA requested additional information from VIVUS about birth defects involving a component of VIVUS's experimental obesity drug Qnexa before approving the product. FDA wanted VIVUS to assess the feasibility of analyzing existing databases to determine the historical incidence of oral cleft in offspring of women treated with topiramate.
Shares of Synaptics Inc. (SYNA) declined 7.64 percent to $29.60 in the pre-market trading. Adjusted profit for second quarter was $25.4 million or 72 cents a share, up from $21.7 million or 62 cents a share last year. Revenue rose 20 percent to $159.6 million. Analysts had expected profit of 68 cents a share on revenue of $158.34 million. The company expects third quarter revenue of $136 million to $146 million, while analysts project $135.74 million.
Shares of MannKind Corp. (MNKD) lost 4.70 percent to $5.88 in the pre-market trading. The company said FDA has rejected its New Drug Application for Afrezza Inhalation Provider, indicated in the control of hyperglycemia in certain types of adult diabetic patients. Afrezza is a novel, ultra rapid acting mealtime insulin therapy for the treatment of adult patients with type 1 and type 2 diabetes for the control of hyperglycemia.
Biogen Idec Inc. (BIIB) stock decreased 3.02 percent to $66.70 in the pre-market session. The company said it received negative opinion from European Medicines Agency's Committee for Medicinal Products for Human Use recommending against approval of Fampyra to improve walking ability in adult patients with multiple sclerosis. Biogen plans to appeal this opinion and request a re-examination of the decision by Committee.