A big mover to the upside late Wednesday was Transcept Pharmaceuticals (TSPT), whose stock soared after the company announced a plan to resubmit the new drug application for its proposed insomnia drug Intermezzo by the end of the month.
The shares jumped 13.8% to $3.80 on extended-session volume of almost 280,000.
Transcept is seeking approval for the tablet "for use as-needed for the treatment of insomnia when a middle of the night awakening is followed by difficulty returning to sleep." The plan to resubmit the application follows the company meeting with the FDA and reaching a general agreement with the regulator to reduce the recommended dosage for women to 1.75 milligrams from 3.5 milligrams, while leaving the 3.5 milligram dosage in place for men.The company added that, based on its discussions with the FDA, it doesn't expect to conduct additional clinical studies of Intermezzo prior to resubmitting the new drug application. It also proposes to include additional instructions on safe usage of the drug. Another stock in action after the close included Ascena Retail Group (ASNA), whose stock lost 8% to $25.96 on volume of more than 30,000 after the Suffern, N.Y.-based company's fiscal fourth-quarter earnings came in a penny short of analyst expectations. --Written by Michael Baron in New York.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV