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Major Movers on June 3; CLVS, TSRO, MNKD, CBRL, FFIV

Shares of Clovis Oncology Inc. (NASDAQ: CLVS) catapulted about 120% by afternoon trade. The biopharmaceutical Company reported on Monday that its early stage clinical trials on a lung cancer treatment showed contraction in the size of tumor. The experimental treatment, dubbed as CO-1686, targets to cure non-small lung cancer (NSCLC) in patients with a transmutation in gene T790M.

Commenting over the result, Leerink Swann an analyst at Marko Kozul said, “The data was extremely impressive and we believe further highlights the drug’s paradigm changing potential for at least refractory NSCLC patients with (this) mutation,” according to the Wall Street Journal.

Shares of Tesaro Inc. (NASDAQ: TSRO) rallied about 19% by afternoon trade.

Tesaro, an oncology focused biopharmaceutical company, Breast International Group (BIG) and the European Organization for Research and Treatment of Cancer (EORTC) announced on Monday that they have forged a partnership for the Phase 3 clinical development of niraparib. Niraphib is an orally active potent poly (ADP-ribose) polymerase (PARP) inhibitor.

The partnership would allow Tesaro to make the most of BIG’s and EORTC’s scientific and clinical know-how. In addition, their (BIG and EORTC) association with collaborative groups, hospitals and oncology centers across the world will help in expediting the end of Phase 3 clinical trials involving niraparib on patients suffering from breast cancer. The move would also allow three collaborators to involve opinion leaders who in turn can help in creating an optimum clinical study design, data examination and planning.

Shares of MannKind Corporation (NASDAQ: MNKD) jumped about 12% by afternoon trade. The development stage Biopharmaceutical Company announced last week that all follow-up visits have been concluded for the patents who took part in experiment called as 171, a Phase 3 clinical study of AFREZZA. AFREZZA is an inhalation powder, which is believed to be a fast reacting mealtime insulin treatment. The Company expects to announce results from its clinical trials later during the summer.

Shares of Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) climbed about 4.30% by afternoon trade after the restaurant chain posted better-than-expected fiscal first quarter results on Monday.

For the recently concluded quarter, the Company reported a net income of $24.6 million or $1.02 a share up from a profit of $18.97 million or 81 cents a share, in the year earlier quarter. Analysts surveyed by Thomson Reuters were expecting earnings of 94 cents a share. Revenue rose 5.2% to $640.41 million from $608.51 million, in the same period of last year. Same-restaurant-sales increased 3.1% while average check rose 2.4%. Analysts’ consensus estimate was for revenue of $630.56 million. The restaurant chain also upwardly revised its full-year guidance. CBRL now expects non-GAAP earnings to be in the range of $4.75 to $4.85 a share up from its earlier guidance for $4.60 to $4.80 a share. Full year revenue is expected between $2.6 billion from $2.65 billion. Same-restaurant-sales are expected to increase by 2.5%. Analysts were expecting earnings of $4.79 a share on revenue of $2.63 billion.

Shares of F5 Networks Inc. (NASDAQ: FFIV) plunged about 6.50% by afternoon trade after analysts at Morgan Stanley downgraded their rating on the stock to “equalweight” from “overweight” in their research note on Monday.

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