The top pre-market NASDAQ Stock Market gainers are: Oncothyreon, Affymetrix, USA Technologies, BroadSoft, and MannKind. The top pre-market NASDAQ Stock Market losers are: Zoran Corp., GTX, Auxilium Pharmaceuticals, ARM Holdings, and Lionbridge Technologies.
Oncothyreon Inc (ONTY) stock jumped 10.74 percent to $4.95 in the pre-market trading. Loss for the first quarter widened to $7.1 million or $0.24 per share from $0.8 million or $0.03 per share last year. Results included a non-cash expense of $1.5 million as a result of an increase in fair value of warrant liability versus $4.6 million decrease in fair value of warrant liability in the year-ago quarter. Revenue grew to $145,000 from $5,000. Analysts had expected a loss of $0.18 per share on revenue of $2 million.
For the full year 2011, the company expects expenses to be higher when compared to 2010, primarily as a result of the more advanced clinical development of PX-866 and IND-enabling development activities for ONT-10. Oncothyreon currently sees cash used in operations in 2011 to be about $23 million. As a result, the company predicts that its existing cash will be sufficient to fund operations for at least the next 12 months.
Affymetrix Inc. (AFFX) stock climbed 7.23 percent to $6.60 in the pre-market trading. The company said the U.S. Food and Drug Administration has cleared the addition of new gene expression reagents as accessories to its GeneChip Microarray Instrument System for in vitro diagnostic use, making Affymetrix the first in the industry to provide a comprehensive microarray-based clinical toolkit for diagnostic test development, signature discovery for companion diagnostics, and translational initiatives.
According to the company, Affymetrix Gene Profiling Reagents offer unparalleled convenience by simplifying assay workflow, decreasing hands-on time, and reducing quality control testing compared to research-use-only-produced products. Use of the Gene Profiling Reagents for clinical diagnostic test development should lead to more consistent results and lower commercialization costs for clinical providers and other Affymetrix customers.
USA Technologies Inc. (USAT) stock grew 7.02 percent to $2.59 in the pre-market trading.
BroadSoft, Inc. (BSFT) stock gained 6.18 percent to $45.85 in the pre-market trading. The company expects second quarter adjusted earnings of $0.09 to $0.11 per share and revenue of $28 million to $29 million, while Street predicts profit of $0.09 per share on revenue of $27.21 million. For the full year 2011, the company raised its adjusted earnings guidance to range of $0.67 to $0.77 per share from previous forecast of $0.56 to $0.66 per share. The company increased its 2011 revenue outlook to range of $121 million to $125 million from previous range of $116 million to $120 million. Street analysts predict profit of $0.62 per share on revenue of $119.88 million for fiscal 2011.
The company said the second quarter and full year guidance does not reflect the impact of a potential release of a tax valuation allowance relating to net deferred tax assets. The company currently expects this release could occur as early as the second quarter of 2011 and the release of the valuation allowance would be recorded as an income tax benefit, which would significantly increase the company's reported net income for the period in which the release occurs.
BroadSoft reported first quarter adjusted earnings of $5.04 million or $0.18 per share, compared to a loss of $2.11 million or $0.11 per share last year. Revenue rose to $29.65 million from $17.81 million. Analysts had expected profit of $0.12 per share on revenue of $28.56 million for the first quarter.
MannKind Corp. (MNKD) stock increased 5.75 percent to $4.60 in the pre-market trading, ahead of its first quarter earnings release. Analysts are expected MannKind to report a loss of $0.29 per share for the first quarter, compared to previous year's loss of $0.40 per share.
Zoran Corp. (ZRAN) stock plunged 13.36 percent to $8.30 in the pre-market trading. Loss for the first quarter widened to $30.4 million or $0.62 per share from $4.0 million or $0.08 per share last year. Adjusted loss widened to $21.3 million or $0.43 per share from $1.4 million or $0.03 per share. Revenue fell to $84.9 million from $90.5 million. Analysts had expected a loss of $0.38 per share on revenue of $83.27 million. Zoran currently expects second quarter adjusted loss of $0.40 to $0.43 per share and revenue of $80 million to $85 million, while Street predicts a loss of $0.18 per share on revenue of $97.04 million.
In addition, CSR Plc provided a proposed merger update. CSR said the basis of its proposed merger with Zoran, as announced on February 21, was the attractive combination of CSR's connectivity and location capabilities with Zoran's imaging and video processing as well as the strong financial case. Also, CSR said the feedback from its customers since announcement of the proposed merger has supported the strategic rationale for the proposed transaction. CSR said it has noted Zoran's latest guidance and are currently evaluating the implications of these disclosures.
GTX Inc. (GTXI) stock fell 7.22 percent to $5.01 in the pre-market trading. Loss for the first quarter was $2.6 million or $0.05 per share, compared to a profit of $44.34 million or $1.22 per share last year. Revenue plunged to $9.3 million from $56.6 million. Analysts had expected a loss of $0.13 per share on revenue of $1.54 million.
We have made strong progress in both the Ostarine and Capesaris clinical development programs. The indication we will pursue for Ostarine is the prevention and treatment of muscle wasting in patients with non-small cell lung cancer. We expect to initiate two pivotal Phase III clinical trials in the third quarter, said Mitchell Steiner, Chief Executive Officer of GTX.
We are also excited about our Capesaris program. We have met with the FDA and confirmed that the primary endpoint required for approval for Capesaris for first line treatment of advanced prostate cancer will be maintenance of castrate levels of serum total testosterone. We plan to initiate a Phase IIb clinical trial comparing Capesaris to Lupron in advanced prostate cancer patients in the second quarter of 2011. We expect this study to enroll quickly and to have primary efficacy results from this open label study in the fourth quarter of this year, said Steiner.
Auxilium Pharmaceuticals Inc. (AUXL) stock slid 2.05 percent to $22.96 in the pre-market trading. Loss for the first quarter widened to $11.8 million or $0.25 per share from $8.6 million or $0.18 per share last year. Revenue rose to $58.4 million from $45.5 million, benefiting from sharply higher revenues from its Dupuytren's contracture treatment Xiaflex. Analysts had expected a loss of $0.24 per share on revenue of $61.13 million for the first quarter. For the full year 2011, the company raised its guidance for Xiaflex contract and ex-US revenues, and also forecast a narrower full-year loss.
ARM Holdings plc (ARMH) stock decreased 1.26 percent to $28.90 in the pre-market trading.
Lionbridge Technologies Inc. (LIOX) stock declined 0.93 percent to $3.18 in the pre-market trading. Loss for the first quarter was $5.45 million or $0.09 per share, compared to a profit of $477,000 or $0.01 per share last year. Revenue declined to $99.65 million from $100.78 million. Analysts had expected a loss of $0.02 per share on revenue of $100.45 million. For the second quarter, the company expects revenue of $108 million to $112 million, while Street predicts $105.18 million. The company also reiterated its full year 2011 revenue guidance of 5 percent to 10 percent year-on-year growth.