Alexza Pharmaceuticals (ALXA - Get Report) was soaring some 51% Monday on positive initial results for its proposed schizophrenia treatment, AZ-004. The Palo Alto, Calif., drugmaker said AZ-004 met the phase IIa trial's primary endpoint, demonstrating a statistically significant reduction in patients' acute-agitation symptoms compared with placebo two hours after drug administration.
Alexza also announced that its migraine treatment, AZ-001, preliminarily met the primary endpoint of its phase IIb trial -- pain relief two hours after dosing. Shares were up $5.10, to $15.08, in recent trading.
Los Angeles-based Tarrant Apparel (TAGS) swung to a fourth-quarter profit of $1.7 million, or 6 cents a share, from a year-ago loss of $1.5 million, or a nickel a share. Sales rose 15.5% year over year to $57.4 million. Shares were surging 26 cents, or 17%, to $1.81.
Novatel Wireless (NVTL) jumped after boosting its first-quarter guidance far past Wall Street estimates. The wireless-products maker now expects to earn more than 35 cents a share on sales in excess of $100 million; analysts polled by Thomson Financial are looking for a dime a share on $80.7 million in sales. Previously, the San Diego-based company had called for 16 cents a share on $80 million in revenue. Shares were rising $1.68, or 11%, to $16.83.Spectrum Brands (SPC) garnered a Prudential upgrade to neutral from underweight after reaching the analyst's $5 price target. The Atlanta-based company, which makes Rayovac batteries and other products, was bouncing 83 cents, or 15%, to $6.35.