Updated from 1:34 p.m. EDT
took it on the chin Monday after the Food and Drug Administration told the company it can't sell its anidulafungin candidate as a treatment for a yeast infection of the esophagus.
In a letter, the FDA told Vicuron that the drug wouldn't be cleared for the indication unless further trials show better results. "We intend to meet with the FDA to discuss all of our options with respect to the approval of anidulafungin as soon as possible, and intend to complete the Phase III trial in invasive candidiasis/candidemia by the end of this year," the company said."We also will take appropriate management action to reduce the expenses of the company in light of this delay."
Some 15.2 million shares changed hands in Monday action. Shares of Vicuron traded down $8.86, or 40%, to $13.04.
hostile bid to acquire the company for $1.5 billion, or $30 a share. The offer was rebuffed by NeighborCare's board in March, leading Omnicare to go public with its proposal Monday morning. Shares of NeighborCare traded up $10.24, or 58%, to $27.91 on volume of 12.4 million shares.
In addition to Vicuron and NeighborCare,
companies on the high-volume list included
high-volume leaders were
Among notable Nasdaq price movers,
rose after the company announced strong first-quarter results and upped its guidance for the full year. Earnings of 15 cents a share easily beat analyst expectations of a 5-cent loss. Revenue jumped 8.6%, to $126.9 million from a year ago.
Looking ahead, Hastings is now anticipating full year 2004 earnings of 50 cents to 53 cents a share vs. its previous estimate of 44 cents to 48 cents a share. Shares of Hastings Entertainment closed up $1.36, or 20.6%, to $7.96.
Magal Secures New Orders; All's Well for Wiser Oil
Magal Security Systems
rose after the company announced $1.4 million worth of new orders for various homeland security projects. One order, for a buried cable sensor technology and security monitoring and control system, is valued at $580,000.
The order was issued under the U.S. Army's Integrated Base Defense Security System contract. A U.S.-based nuclear power plant placed a second order worth about $460,000. Shares of Israel-based Magal traded up $3.29, or 21.5%, to $18.57.
rose after the company said its INVOS Cerebral Oximeter significantly decreased stroke rate and adverse clinical outcomes.
The company's Cerebral Oximeter, a brain oxygen monitoring system, showed reductions in stroke and adverse clinical outcomes in cardiac surgery patients. The INVOS system uses infrared spectroscopy to monitor regional oxygen saturation of blood in the brain.
Shares of Somanetics closed up $3, or 26%, to $14.50.
fell after the company said the uptake of its Plenaxis drug has been slower than originally forecasted. As a result, the company said, it could not confirm its previously issued 2004 sales guidance.
What's more, "the company cannot predict at this time what effect, if any, this could have on its longer-term capital position and previously disclosed expected timing for reaching profitability, but does not currently anticipate that it would be material," the company said in a press release. Shares of Praecis traded down 29 cents, or 6.4%, to $4.24.
changed adversely after the company announced an agreement to acquire American Coin Merchandising. Under the terms of the deal, Coinstar will pay American Coin $235 million in cash.
American Coin is an owner and operator of coin-operated amusement vending equipment, with more than 167,000 machines in 18,000 locations.
Coinstar and American Coin will have more than 40,000 distribution points after the acquisition. The deal is expected to close during the third quarter and is expected to be accretive to Coinstar's earnings within the first year. Shares of Coinstar traded down 27 cents, or 1.5%, to $18.
On the Big Board, shares of
gushed after the company announced that it is being acquired by
. The all-cash deal calls for Denver-based Forest Oil to pay Wiser shareholders $10.60 a share, or $170 million.
In all, the deal is worth about $330 million, after the inclusion of assumption of debt. The deal represents a 32.2% premium over Dallas-based Wiser's closing price on Friday of $8.02. Shares of Wiser traded up $2.51, or 31.3%, to $10.53.
rose after the auto-parts maker announced that it reached a tentative agreement over the weekend with union leaders at the IUE-CWA local 907. According to the company, the operating agreement covers 1,026 hourly employees at Visteon's Bedford-Ind., manufacturing facility. The agreement will run through 2010.
Shares of Visteon traded up 39 cents, or 3.9%, to $10.40.