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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Icagen, MannKind: After-Hours Trading

Stocks in this article: ICGN PFE MNKD UFPI

NEW YORK ( TheStreet) -- Shares of Icagen (ICGN) soared on very light volume late Friday after Pfizer (PFE) said it's considering a strategic transaction with the company, possibly a merger.

Pfizer owns roughly 1.1 million Icagen common shares, a 14.2% stake in the company, stemming from a research and licensing agreement that the Dow component entered with Icagen back in 2007.

In a Securities and Exchange Commission filing after Friday's closing bell, Pfizer detailed the stake and said it's now "evaluating the possibility of entering into a strategic transaction" with Icagen, and disclosed that representatives of both parties have held preliminary talks about a potential deal and amended prior agreements to allow Pfizer to conduct some due diligence.



Icagen, based in Research Triangle Park, N.C., issued its own statement after the close, acknowledging it's "currently engaged in preliminary discussions with Pfizer" and adding that "no definitive agreement has been reached."

Icagen shares were last quoted at $5, up more than 100%, on volume of roughly 15,000, according to Nasdaq.com. Based on a regular session close at $2.40, the stock was already up more than 35% so far in 2011.

Other stocks active in Friday's after-hours action included MannKind (MNKD), which rose nearly 8% to $4.30 on volume of 350,000. The company said after the closing bell that two separate studies of its proposed diabetes treatment Afrezza found the drug showed no increased risk of cardiac events.

MannKind also said a separate study found type 1 diabetes using Afrezza, an insulin inhalation powder, have a "more positive view of therapy" compared to compared to standard insulin therapy. MannKind shares are down almost 40% in the past 52 weeks.

Universal Forest Products (UFPI) was also active, falling more than 15% to $22.25 on volume of more than 25,000 after the Grand Rapids, Mich.-based company said it's reducing its workforce and taking other cost-cutting actions because of weak sales.

"Retail sales during what is historically our busiest selling season didn't materialize as expected this year, and in order to preserve our opportunity for profitability and to ensure we're properly sized for our business opportunities moving forward, we have undertaken additional cost-cutting measures," said CEO Michael Glenn, in a statement.

1 of 2

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 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

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