NEW YORK (TheStreet) -- Arena Pharmaceuticals (ARNA) was one of several stocks trading near $5 poised to move on above-average volume Thursday after the biopharmaceutical company announced a marketing agreement for its weight-loss drug.
Arena Pharmaceuticals said Eisai will market lorcaserin in the U.S. following approval from the Food and Drug Administration. Arena will receive an upfront payment of $50 million from Eisai and is eligible for up to an additional $90 million in milestone payments after regulatory approval and delivery of product supply.
Arena is also eligible to receive $1.16 billion in one-time purchase price adjustment payments based on annual sales levels of lorcaserin and up to an additional $70 million in regulatory and development milestone payments.
Shares of Arena Pharmaceuticals jumped by 63 cents, or 20.5%, to $3.70 in the premarket session. The 50-day average daily volume for Arena is 2.77 million, according to the Nasdaq.Elsewhere, Alliance Fiber Optic Products (AFOP) jumped by 16 cents, or 11.5%, to $1.55 in the premarket session after the fiber optic components manufacturer upped its second-quarter revenue guidance to $11.5 million from prior guidance of $10 million. The 50-day average daily volume for Alliance Fiber Optic is 105,000. Smith & Wesson (SWHC) shares rose by 16 cents, or 3.9%, to $4.25 in the premarket session after the firearms producer posted fourth-quarter adjusted earnings of 8 cents a share, doubling the Thomson Reuters average estimate. Sales of $103.8 million was also better than analysts had forecasted. The 50-day average daily volume for Smith & Wesson is 1.03 million. On the other hand, Sunesis Pharmaceuticals (SNSS) plunged by 10 cents, or 21.2%, to 37 cents in Wednesday's aftermarket session after the company said it had priced a $28.5 million offering of common stock at 27.5 cents per share. The 50-day average daily volume for Sunesis is 3.75 million. Exelixis (EXEL) slid by 29 cents, or 8.4%, to $3.18 after yesterday's closing bell after the cancer treatment developer said that Michael Morrissey has been promoted to President and CEO from his current position as President of Research and Development. Morrissey replaces George Scangos, who will leave the CEO position on July 15 to becomes head of Biogen Idec (BIIB). The 50-day average daily volume for is 1.46 million.
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