Tag - Nbix

Shares of Neurocrine Biosciences, Inc. (Nasdaq:NBIX) leaped in pre-market trading this morning after the biopharmaceutical company focused on neurological and endocrine diseases and disorders reported positive safety results late Tuesday night from its third Phase II clinical trial in patients with endometriosis. 

Shares jumped 19%, or $1.01, to $6.25 in pre-market trading. For detailed price information and news stories on Neurocrine Biosciences, click NBIX. 

Medivation Inc. (Nasdaq:MDVN), Gilat Satellite Networks Ltd. (Nasdaq:GILT) and RTI Biologics Inc. (Nasdaq:RTIX) are among the most actively traded companies in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Neurocrine Biosciences Inc. (Nasdaq:NBIX), TiVo Inc. (Nasdaq:TIVO), China Sunergy Co Ltd. (Nasdaq:CSUN), James River Coal Co. (Nasdaq:JRCC), Sykes Enterprises Inc. (Nasdaq:SYKE) and ShengdaTech Inc. (Nasdaq:SDTH).

Here are the most actively traded companies among small caps:

Shares of Neurocrine Biosciences, Inc. (Nasdaq: NBIX) are falling on news before the start of trading that the drug maker is laying off more than half of its workforce.

The San Diego, Calif.-based company, which develops drugs for the treatment of neurological and endocrine-related diseases, announced today that it will lay off about 130 employees as a part of its restructuring program to prioritize its research and development programs. The reduction will leave Neurocrine with about 120 employees.

“It is with great disappointment that we have to make this difficult decision that will have such an effect on so many of our employees and their families,” said president and CEO Gary Lyons in a statement. “However, in order to meet our goals on other high priority programs, we have to refocus our resources as quickly as possible.”

The downsizing comes in response to a letter received from the U.S. Food and Drug Administration on Thursday, asking that Neurocrine do additional study of its insomnia drug Indiplon.

The Russell 2000 (NYSE: IWM) fell today on news that high energy costs led to a jump in U.S. producer prices. The small-cap index dropped 2.25 points, or 0.29%, to 769.46. The Dow Jones Industrial Average (INDU) gained 44.06 points, or 0.33%, to 13,517.96.

On a year-to-date basis, the Russell 2000 is down 2%, while the Dow has moved up 8.36% and the S&P 500 has added 5.07%.

Producer prices, the prices received by domestic producers for their output, jumped 3.2% in November, according to the U.S. Labor Department. The increase, the biggest in 34 years, was led by a 14.1% surge in the price of energy goods.

Economists were expecting to see an increase of 1.5% following October’s rise of 0.1%.

The core producer price index, which excludes food and energy, added 0.4%, also more than projected.

The statistics raised fears of an uptick in inflation, which would make it less likely that the U.S. Federal Reserve will move to lower its target interest rate in the near future.

Small and large-cap stocks opened in negative territory and stayed there throughout the morning. A cautious rally took hold in the final two hours of trading, but the Russell 2000 was incapable of clearing the flat line the way the Dow did.

The Russell 2000 (NYSE: IWM) is falling on news that U.S. producer prices for November increased the most in three decades.
 
At 10:44 a.m. ET, the small-cap index had lost 8.87 points, or 1.15%, to 762.84. The Dow Jones Industrial Average (INDU) was off 55.52 points, or 0.41%, to 13,418.38.

Producer prices, the prices received by domestic producers for their output, jumped 3.2% in November, the U.S. Labor Department reported before the start of trading. The increase, the biggest since 1973, was partially attributed to a 14.1% surge in the price of energy goods.

Producer prices increased 0.1% in October. Prices are up 7.2% on a year-to-date basis.

The core producer price index, which excludes food and energy, added 0.4%.

Both figures are well above what economists were expecting, which raises fears of inflation. An increase in inflation makes it less likely that the U.S. Federal Reserve will move to lower interest rates.

Stocks opened with a drop as investors focused on the producer price index and disregarded news that U.S. retail sales for November were surprisingly strong.

The Census Bureau reported before the opening that retail sales increased 1.2% to $385.8 billion. That’s beyond the projected increase of 0.6%. Retail sales in October rose 0.2%.

The Russell 2000 (NYSE: IWM) futures are down and the small-cap index will likely open in negative territory.

Investors appear to be in a bearish mood even though U.S. retail sales for November were surprisingly strong. The Commerce Department reported that retail sales climbed 1.2%, well above the projected increase of 0.6% and higher than October’s 0.2% increase.

That result is surprising because economists expect consumer spending to slow in the closing months of 2007.

But there is also disappointing economic news.

The U.S. Labor Department reported that November producer prices, the prices received by domestic producers for their output, jumped 3.2%. That’s the biggest monthly increase in more than 30 years.

The core producer price index, which excludes food and energy, added 0.4%.

Both figures are well above what economists were expecting, which raises fears of inflation.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Rigel Pharmaceuticals, Inc. (RIGL), up 78% on news its treatment for rheumatoid arthritis demonstrated good results in a clinical trial.
• Advanta Corp. (ADVNB), up 7%.
• Cynosure Inc. (CYNO), up 6%.

Neurocrine Biosciences, Inc. (Nasdaq: NBIX) said this morning that it made a sale and leaseback agreement with Veralliance Properties for its real estate assets for $108 million.

Under the terms of the asset purchase agreement, Neurocrine said it anticipates that it will receive approximately $60 million in cash net of fees, expenses and existing indebtedness. The small cap said it has certain options to repurchase all of the properties included in the transaction during the term of the lease.

Along with the closing of the deal, which is expected to close before year’s-end 2007, Neurocrine said it will lease back its corporate headquarters under a lease with a 10 year term.

Shares of Neurocrine Biosciences (NBIX) gained $0.40, or 4.32%, to $9.65 in pre-market trading. Shares of Neurocrine Biosciences have been trading in the range of $7.51 to $14.88 for the past 52 weeks.

Accredited Home Lenders Holding Co. (Nasdaq: LEND), Abatix Corp. (Nasdaq: ABIX) and Eddie Bauer Holdings, Inc. (Nasdaq: EBHI) are among the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $500 million:

Chinese phone maker and distributor Qiao Xing Universal Telephone Inc. (Nasdaq: XING) said Wednesday that will need more time to file its 2006 annual report on account of “accounting matters.”

Franklin Bank Corp. (Nasdaq: FBTX) announced it will sell $23.3 million of its common stock at $15.70 per share to a group of investors as well as its officers, employees and directors.

Law firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP filed a class action suit on behalf of an institutional investor against Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today.

These are the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $500 million: