Wednesday's Winners & Losers: MannKind
Pfizer
(PFE) - Get Report
and
Nektar
(NKTR) - Get Report
said Wednesday that in a review of data they found more diabetes patients taking their inhaled insulin treatment Exubera developed new lung cancer than those who were in a control group. Furthermore,
it will spend no more money on the program and will cease attempts to find a partner for it.
Nektar shares dropped 25% to $5.39. Shares of fellow inhaled insulin developer,
MannKind
(MNKD) - Get Report
, fell 59.8% to $2.35 as investors speculated about the
feasibility of its inhaled insulin product
, which is in late-stage development.
Shares of GPS-based navigation devices maker
Garmin
(GRMN) - Get Report
continued to slide following a
by its rival
TomTom
on Tuesday. Garmin's stock shed $2.57, or 5.3%, to $45.90.
IT security company
Websense
(WBSN)
was up $1.22, or 6.6%, to $19.86 after the company reaffirmed its guidance for the year and said it expects first-quarter profit above Street expectations. Websense forecast revenue for fiscal 2008 between $325 million and $335 million and EPS, excluding charges, in the range of $1.15 to $1.25. Analysts are expecting revenue of $334.04 million and EPS of a $1.23.
Dutch biotech
Crucell
( CRXL) said Wednesday that in an early-stage 40-patient study in South Africa, its tuberculosis vaccine prompted an immune response and met safety goals. Shares rose 6% to $18.95.
Shares of
The Pantry
(PTRY)
, a Sanford, N.C.-based operator of a convenience store chain, fell 25%, well below its 52-week low, to $16.43. The company forecast a second-quarter loss of between 24 cents and 30 cents a share, including a one-time charge of 23 cents. Analysts polled by Thomson Financial, who do not typically include one-time items, expect a profit of 17 cents a share.
Morgan Stanley
(MS) - Get Report
subsidiary
MSCI
( MXB), which provides investment decision support tools, plummeted 10.7% to $27.51. MSCI announced that Morgan Stanley will sell up to 28 million shares of MSCI class A common stock, par value a penny a share and said that Morgan Stanley may divest completely. MSCI also reported first-quarter financial results that showed a 17.1% drop in net income to $17.9 million, or 18 cents a share.
This article was written by a staff member of TheStreet.com.
