The following were the major gainers and losers in trading on Monday, September 24, 2012.
Questcor Pharmaceuticals Inc. (NASDAQ:QCOR) tumbled 36.67% in regular trading hours on Monday and slid 1.15% in aftermarket hours after the company, in its regulatory filing said that the U.S. government was monitoring its promotional practices. Just few days ago, health insurer Aetna had said that it will be tightening compensation criteria for Questcor’s primary drug.
28.1 million QCOR shares were traded by afternoon on Monday even as its daily average is of 4.2 million shares. QCOR 52 week trading range is $18.81-$58.91. QCOR market beta is 0.26.
H.P. Acthar Gel—Questcor’s primary drug is used in treatment of acute exacerbations for multiple sclerosis in adults, and as immunotherapy for the treatment of infantile spasms in infants and children under two years of age.
Peregrine Pharmaceuticals (NASDAQ:PPHM) nosedived 78.48% in regular trading hours; but recovered 6.90% in aftermarket hours on Monday. Share were hammered after PPHM test data revealed that there were major discrepancies between sample patient test results and patient treatment code assignments. While, on average about 4.4 million shares are traded daily, on Monday, the trading volume was very heavy, as 60.5 million shares were traded. PPHM market beta is 0.72 and its 52 week trading range is $0.39-$5.50. Peregrine Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company that develops and makes monoclonal antibodies used for the treatment of cancer and viral infections.
Bioline RX Ltd. (NASDAQ:BLRX) gained 9.91% on Monday. The Israel based drug maker said that U.S. patent office is considering granting a 20-year old patent on Bioline’s schizophrenia treatment. Nevertheless, shares lost 1.57% in aftermarket hours. Just about three weeks ago, Bioline announced that it entered in an exclusive licensing agreement with Biokine Therapeutics for the development and commercialization of BL-8040, a Phase II ready drug, having potential for the treatment of acute myeloid leukemia (AML), along with some other types of hematological cancer. According to the agreement, BioLineRx is required to pay a monthly development fee, varying from $50K to $100K for certain development services that Biokine is obligated to provide under the agreement. Bioline 52 week trading range is $2.20-$6.87.
Specialty lender, CIT Group Inc. (NYSE:CIT) leaped 5.91% on Monday. In aftermarket hours gained almost 1 %. CIT jumped after Stifel Nicolaus analyst Christopher Mutascio said on Monday that Wells Fargo & Co, (NYSE:WFC), United States Fourth largest U.S. bank—could bolster its profits even if it pays a 33 percent premium could boost its profits by buying CIT Group Inc even if it pays a 33 percent premium. According to Mutascio, depending on the mode of acquisition, that is, stock, cash or combination or two, Wells Fargo can offer $52 per share for CIT, or $10.5 billion, and boost its own earnings per share by 2 percent to 7 percent.
Shares of social networking giant, Facebook Inc. (NASDAQ:FB) slumped 9.06% on Monday; but narrowed its losses in aftermarket hours, gaining 0.19% on Monday after Barron’s cited FB’s sales and earnings multiples are too high even as it faces uncertain outlook with regard to FB’s growth. According to Barron’s FB should not be bought. Ever since FB was made an IPO at $38 in May, its shares have nosedived amid contracting ad revenue, slower new users’ growth and falling revenue per user.
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