The top pre-market NASDAQ Stock Market gainers are: McCormick & Schmick's Seafood Restaurants, BioCryst Pharmaceuticals, Central European Distribution, DryShips, and Polycom. The top pre-market NASDAQ Stock Market losers are: Targacept, Amylin Pharmaceuticals, SemiLEDs, Allot Communications, and Legacy Reserves.

Gainers

McCormick & Schmick's Seafood Restaurants, Inc. (MSSR) stock jumped 27.92 percent to $8.66 in the pre-market trading. The company said it agreed to be acquired by Landry's for $8.75 per share in cash. Landry's MSA Co. Inc., a unit of Landry's, will acquire all of the outstanding shares of McCormick & Schmick's for $8.75 per share in cash, for a total equity value of about $131.6 million. Landry's will finance the transaction through a combination of cash and debt, for which it has arranged financing, and expects to close the transaction in late December 2011 or early January 2012.

Under the terms of the agreement, which has been unanimously approved by the McCormick & Schmick's board of directors, Landry's will commence a tender offer no later than 10 business days from the date hereof for all outstanding common stock of McCormick & Schmick's for $8.75 in cash. The consideration represents a premium of about 29 percent to McCormick & Schmick's closing stock price on Nov. 7, and a premium of about 31 percent to the average 90 day trading price of $6.69. Upon the completion of the tender offer, Landry's will acquire all remaining shares of McCormick & Schmick's through a second-step merger.

BioCryst Pharmaceuticals, Inc. (BCRX) stock climbed 10.34 percent to $3.20 in the pre-market trading. The company presented new results from its Phase 2b randomized, double-blind, dose-response study of BCX4208 in patients with gout who have failed to reach the clinically important serum uric acid (sUA) goal of <6 mg/dL on allopurinol alone. The results were accepted as a late-breaking oral presentation titled BCX4208 Combined With Allopurinol Increases Response Rates in Patients With Gout Who Fail to Reach Goal Range Serum Urate on Allopurinol Alone: A Randomized, Double-Blind, Placebo-Controlled Trial at the 2011 American College of Rheumatology and the Association of Rheumatology Health Professionals (ACR/ARHP) Annual Scientific Meeting. The primary endpoint of the study was successfully achieved. When added to allopurinol 300 mg, BCX4208 was superior to allopurinol plus placebo (p=0.009 overall). BCX4208 doses evaluated in the study showed response rates ranging from 33 percent to 49 percent, about doubling the proportion of patients reaching goal on placebo (18 percent). BCX4208 added to allopurinol was generally safe and well-tolerated at all doses studied.

Central European Distribution Corp. (CEDC) stock grew 7.35 percent to $3.65 in the pre-market trading.

DryShips, Inc. (DRYS) stock increased 5.88 percent to $2.88 in the pre-market trading. Profit for the third quarter was $25 million or $0.07 per share, down from $57.7 million or $0.21 per share last year. Adjusted earnings were $56.5 million or $0.16 per share. Revenue rose to $318.05 million from $225.53 million. Analysts had expected profit of $0.15 per share on revenue of $302.63 million.

Polycom, Inc. (PLCM) stock gained 4.80 percent to $19.64 in the pre-market trading.

Losers

Targacept, Inc. (TRGT) stock plunged 56.43 percent to $8.33 in the pre-market trading. AstraZeneca and Targacept announced top-line results from the first of four RENAISSANCE Phase 3 studies investigating the efficacy and tolerability of TC-5214 as an adjunct therapy to an antidepressant in patients with major depressive disorder (MDD) who do not respond adequately to initial antidepressant treatment. The study did not meet its primary endpoint of change on the Montgomery-Asberg Depression Rating Scale (MADRS) after eight weeks of treatment with TC-5214 as compared to placebo. TC-5214 was overall well tolerated in the study and showed an adverse event profile generally consistent with the earlier Phase 2b study. Analyses of the full data set from the RENAISSANCE 3 study remain ongoing.

The RENAISSANCE clinical trial program consists of four randomized, double blind, placebo controlled Phase 3 efficacy and tolerability studies and a fifth long-term safety study. The results announced today are from the RENAISSANCE 3 study, a flexible dose trial conducted in Europe. All RENAISSANCE Phase 3 studies have now completed enrollment, and reporting of all results is expected by the first half of 2012. TC-5214 has the potential to be a first-in-class nicotinic channel modulator to serve as an adjunct treatment for MDD in patients with an inadequate response to initial antidepressant therapies, for example, selective serotonin reuptake inhibitors (SSRIs) or serotonin/norephinephrine reuptake inhibitors (SNRIs). An NDA filing in the US is planned for the second half of 2012, with an MAA filing in the EU targeted for 2015.

Amylin Pharmaceuticals, Inc. (AMLN) stock plummeted 13.54 percent to $9.45 in the pre-market trading. Amylin and Eli Lilly and Co. (LLY) announced an agreement to end their alliance for exenatide and resolve the outstanding litigation between the companies. As part of the deal, the parties would transition full responsibility for the worldwide development and commercialization of exenatide to Amylin, starting in the United States (U.S.) on Nov. 30, and progressing to all markets by the end of 2013. According to the new global agreement, Amylin would make a one-time, upfront payment to Lilly of $250 million.

Also, Amylin would agree to make future revenue sharing payments to Lilly in an amount equal to 15 percent of global net sales of exenatide products until Amylin has made aggregate payments to Lilly of $1.2 billion plus accrued interest. Amylin would issue a secured note in the amount of $1.2 billion to Lilly under which any revenue sharing payments made to Lilly would reduce amounts outstanding under the note. Amylin would also pay a $150 million milestone to Lilly contingent upon FDA approval of a once monthly suspension version of exenatide that is currently in Phase 2. The companies also agreed that the maturity date for the $165 million line of credit that Amylin drew from Lilly earlier in the year would be extended from the second quarter of 2014 to the second quarter of 2016.

SemiLEDs Corp. (LEDS) stock fell 9.09 percent to $3.50 in the pre-market trading. Loss for the fourth quarter was $13.63 million or $0.50 per share, compared to a profit of $1.43 million or $0.18 per share last year. Adjusted loss was $13.24 million or $0.49 per share, compared to a profit of $5.40 million or $0.18 per share last year. Revenue fell to $5.33 million from $11.49 million. Analysts had expected a loss of $0.21 per share on revenue of $5.72 million. Looking ahead into the first quarter, the company expects loss of $0.29 to $0.31 per share and revenue of $6 million to $7 million, while Street predicts a loss of $0.13 per share on revenue of $7.48 million.

Allot Communications Ltd. (ALLT) stock tumbled 7.13 percent to $14.20 in the pre-market trading. The company said it offers for sale 5 million ordinary shares in an underwritten public offering. The company has also granted the underwriters a 30-day option to purchase up to 750,000 additional ordinary shares to cover any over-allotments. The company plans to use the net proceeds from the offering for general corporate purposes, including working capital and potential acquisitions. BofA Merrill Lynch, Jefferies & Company, Inc. and RBC Capital Markets, LLC will act as joint book-running managers, Oppenheimer & Co. Inc. will act as lead manager and Wunderlich Securities, Inc. will act as co-manager.

Legacy Reserves Lp (LGCY) stock slid 4.89 percent to $28.58 in the pre-market trading. The company said it plans to sell 3.4 million units in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to 510,000 additional units. Legacy Reserves LP plans to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, to repay outstanding borrowings under its revolving credit facility. UBS Investment Bank, Raymond James and Citigroup will act as joint book-running managers of the offering.