Alexza Pharmaceuticals ( ALXA) was soaring some 51% Monday on positive initial results for its proposed schizophrenia treatment, AZ-004. The Palo Alto, Calif., drugmaker said AZ-004 met the phase IIa trial's primary endpoint, demonstrating a statistically significant reduction in patients' acute-agitation symptoms compared with placebo two hours after drug administration. Alexza also announced that its migraine treatment, AZ-001, preliminarily met the primary endpoint of its phase IIb trial -- pain relief two hours after dosing. Shares were up $5.10, to $15.08, in recent trading. Los Angeles-based Tarrant Apparel ( TAGS) swung to a fourth-quarter profit of $1.7 million, or 6 cents a share, from a year-ago loss of $1.5 million, or a nickel a share. Sales rose 15.5% year over year to $57.4 million. Shares were surging 26 cents, or 17%, to $1.81. Novatel Wireless ( NVTL) jumped after boosting its first-quarter guidance far past Wall Street estimates. The wireless-products maker now expects to earn more than 35 cents a share on sales in excess of $100 million; analysts polled by Thomson Financial are looking for a dime a share on $80.7 million in sales. Previously, the San Diego-based company had called for 16 cents a share on $80 million in revenue. Shares were rising $1.68, or 11%, to $16.83. Spectrum Brands ( SPC) garnered a Prudential upgrade to neutral from underweight after reaching the analyst's $5 price target. The Atlanta-based company, which makes Rayovac batteries and other products, was bouncing 83 cents, or 15%, to $6.35.
Progressive Gaming International ( PGIC) plummeted more than 26% Monday after the Las Vegas-based maker of gambling equipment announced "irregular trading volume" in its stock Friday. The irregular trading came just before the media published "specific excerpts related to the company's risk factors" from its 2006 year-end financials. Progressive intends to report this incident to regulators. The filing contained a warning that bankruptcy may be in the cards due to a $39 million verdict from an antitrust lawsuit. Shares were losing $1.31, to $3.62, in recent trading. CV Therapeutics ( CVTX) slid after an analyst with Deutsche Bank cut the company's rating to sell from hold, forecasting that the drugmaker's value will drop more than 75% over the coming year after it publicizes complete late-phase results for Ranexa, its existing angina drug, which had undergone extensive testing for a new indication. Earlier this month shares plummeted on disappointing preliminary results. Today the stock was sinking $2.04, or 24%, to $6.52.