The top pre-market NASDAQ stock market gainers are: Global Defense Technology & Systems, DUSA Pharmaceuticals, BioSante Pharmaceuticals, Nova Measuring Instruments, and Novavax. The top pre-market NASDAQ stock market losers are: Fuel Systems Solutions, Sigma Designs, YRC Worldwide, Perry Ellis International, and The Bancorp.
Global Defense Technology & Systems, Inc. (GTEC) stock jumped 50.81 percent to $24.25 in the pre-market trading, as it agreed to be acquired by Ares Management LLC for about $222 million. The cash offer at $24.25 per share represents a premium of 51 percent over GTEC's Wednesday closing price. Including debt, the deal is valued at $315 million.
DUSA Pharmaceuticals Inc. (DUSA) stock climbed 18.75 percent to $3.80 in the pre-market trading. Profit for the fourth quarter was $2.91 million or 12 cents a share, up from $366,588 or 2 cents a share last year. Adjusted profit was $3.0 million or 12 cents a share, up from $878,361 or 4 cents a share last year. Revenue rose to $12.0 million from $8.77 million.
BioSante Pharmaceuticals, Inc. (BPAX) stock jumped 18.23 percent to $2.40 in the pre-market trading, as it published results from a Phase II clinical study that shows BioSante’s Pancreas Cancer Vaccine increased the median survival of resected pancreatic cancer patients from 15 to 20 months, as reported in published data, to 24.8 months, an increase of more than 25 percent. In addition, the vaccine demonstrated a 35 percent increase in one year survival, from 63 percent to 85 percent. A new multicenter clinical study is planned to begin this year.
In the study, the primary endpoint was disease free survival and secondary endpoints were overall survival and toxicity, and the induction of mesothelin specific T cell responses. The median disease-free survival of patients was 17.3 months (95% CI, 14.6–22.8) with median survival of 24.8 months (95% CI, 21.2–31.6). The administration of immunotherapy was well tolerated.
Nova Measuring Instruments Ltd. (NVMI) stock grew 6.32 percent to $9.92 in the pre-market trading. The company said it received $12 million orders from 3 major foundries for its integrated and standalone metrology tools. The tools will support manufacturing and development for both the 4x and 3x technology nodes, and are expected to ship within the first and second quarters of 2011.
Novavax, Inc. (NVAX) stock increased 5.84 percent to $2.90 in the pre-market trading.
Fuel Systems Solutions, Inc. (FSYS) stock plunged 12.59 percent to $24.30 in the pre-market trading. Loss for the fourth quarter was $417,000 or $0.02 a share, compared to a profit of $19.87 million or $1.12 a share last year. Revenue fell to $83.11 million from $163.72 million. Analysts had expected profit of $0.10 a share on revenue of $79.98 million.
Fuel Systems expects full year 2011 revenue of $375 million to $400 million, while Street predicts 402.28 million. The company anticipates gross margin of 23 percent to 25 percent and operating margin of 5 percent to 7 percent.
Sigma Designs, Inc. (SIGM) stock slid 4.02 percent to $9.30 in the pre-market trading, as it sees a temporary dip in revenue for the first half of 2012. The company expects first quarter revenue of $60 million to $65 million, while Street predicts $68.05 million. The company expects its second half of fiscal 2012 to be a significant improvement over the first half.
Sigma Designs reported adjusted profit for the fourth quarter of $10.1 million or 32 cents a share, down from $11.3 million or 37 cents a share last year. Revenue rose to $70.6 million from $68.1 million. Analysts had expected profit of 31 cents a share on revenue of $70.45 million.
YRC Worldwide Inc. (YRCW) stock moved down 0.90 percent to $2.20 in the pre-market trading.
Perry Ellis International Inc. (PERY) stock moved down 0.76 percent to $28.60 in the pre-market trading. The company said it priced its previously announced offering of 2 million shares of its common stock at $28.00 per share. The company also said it has priced $150 million of its 7.875% senior subordinated notes due 2019 at 100% of the aggregate principal amount thereof. The transactions will close on March 8, 2011.
The company granted the underwriters a 30-day option to purchase up to an additional 15% of the common stock sold to cover overallotments. In addition, certain selling shareholders of the company identified in the prospectus supplement sold an additional 600,000 shares of common stock in the public offering at $28.00 per share.
The Bancorp Inc. (TBBK) stock moved down 0.35 percent to $8.50 in the pre-market trading. The company said it has priced a public offering of 6.1 million shares of common stock at $8.25 per share for gross proceeds of approximately $50.3 million. The company expects to close the sale of the shares on or about March 8, 2011.
UBS Investment Bank and Sandler O’Neill + Partners, L.P. are acting as the joint book-running managers and Sterne Agee is acting as co-manager for the offering. The underwriters will have a 30-day option to purchase up to an additional 915,000 shares of common stock from Bancorp to cover over-allotments, if any.