This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Graymark, Orexigen: Volume Movers

Stocks in this article: GRMHOREX

BOSTON ( TheStreet) -- Graymark Healthcare (GRMH) was one of several stocks trading below $10 poised to move on above-average volume Thursday as shares surged on the announcement of an agreement between the company and Walgreen (WAG).

Graymark Healthcare said late Wednesday it will sell the assets of 18 ApothecaryRx pharmacies to Walgreen. Terms of the agreement were not disclosed, although the companies said the transaction is expected to close in the fourth quarter. Stanton Nelson, Chairman and CEO of Graymark, said the divestiture will help the company focus on its sleep apnea business.

Shares of Graymark Healthcare jumped by 25 cents, or 22.9%, to $1.34 in Wednesday's after-market session. The average daily share volume for Graymark is 9,000.

Elsewhere, Orexigen Therapeutics (OREX) shares rallied by $1.02, or 22.2%, to $5.61 in the premarket session after the company entered into a partnership with Takeda Pharmaceutical to commercialize obesity drug Contrave in North America. Orexigen will receive an upfront cash payment of $50 mln from Takeda for exclusive marketing rights in the U.S., Mexico and Canada. Orexigen retains the right to co-promote with Takeda in the U.S. and will be eligible to receive regulatory and sales-based milestone payments of over $1 billion. The average daily share volume for Orexigen is 1.12 million.

TheStreet's Adam Feuerstein notes that Contrave is similar to Vivus' (VVUS) Qnexa in that "it's a two-drug combination designed to help patients lose weight." Feuerstein adds that "none of the large U.S.-based pharmaceutical companies have been willing to sign obesity drug deals."

Cardiome Pharma (CRME) climbed by 81 cents, or 13.1%, to $7 in Wednesday's late trading session after the company and partner Merck (MRK) received a marketing approval related to an intravenous formulation of their Brinavess brand vernakalant cardiovascular drug in the European Union, Iceland and Norway. The average daily share volume for Cardiome is 306,000.

K-Sea Transportation Partners (KSP) may trade on increased volume after the company said it would raise up to $100 million by selling about 18.4 million convertible preferred units to KA First Reserve. Proceeds from the preferred unit sale will be used to repay debt, the company said. K-Sea also amended its credit facility to reduce lenders' commitments to $115 million from $175 million.

In addition, K-Sea posted a fiscal fourth-quarter adjusted loss of 37 cents a share, which was wider than the 33-cent-a-share loss analysts had predicted, according to Thomson Reuters. Revenue in the quarter fell by 8% from a year ago to $66.7 million, although that was above the consensus target of $65.9 million.

On Tuesday, K-Sea postponed its fiscal fourth-quarter earnings conference call as the tugboat and barge fleet operator worked with its lenders to extend a waiver period that expired Tuesday. The average daily share volume for K-Sea Transportation is 88,000.

-- Written by Robert Holmes in Boston.



>To contact the writer of this article, click here: Robert Holmes.

>To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet.

>To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs