Dermira Inc (NASDAQ:DERM) (MarketWatch)
In a major surprise for Dermira Inc. and Wall Street alike, Dermira’s acne drug failed to meet the co-primary endpoints of two important, late-stage clinical trials. The biopharmaceutical company DERM, -62.92% expects to discontinue development of the therapy, olumacostat glasaretil, which was intended for moderate-to-severe acne. Company shares dropped nearly 63% in roaringly heavy Monday morning trade. Acne — meaning blackheads, whiteheads, cysts and more on places like the face, back and arms — is an enticing, if not particularly lifesaving, market for drugmakers. It’s the most common skin condition in the U.S., per the American Academy of Dermatology, and affects up to 50 million people a year.
Intrepid Potash, Inc. (NYSE:IPI) (The Motley Fool)
What happened: Shares of Intrepid Potash, Inc. (NYSE:IPI) took flight on Monday and were up more than 14% at 11 a.m. EST after an analyst issued a bullish commentary on fertilizer stocks. So what: An analyst at Cowen upgraded several fertilizer stocks today after a meeting with South American agricultural companies that yielded “game-changing” data. The analyst believes that there will be a major crop shortage in South America; in Argentina, for example, the corn and soybean crops might fall 10 million to 15 million metric tons short of expectations.
Sparton Corporation (NYSE:SPA) (Benzinga)
Sparton Corporation declined 24.3 percent to $17.28 after the company reported termination of merger agreement with Ultra.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (CNBC)
Valeant Pharmaceuticals — Analysts at Deutsche Bank upgraded Valeant shares to “buy” from “hold.” In a note to clients Monday, they said the company “has undergone significant change over the last two years under the new management team, which we applaud for managing near-term debt maturities, returning the core franchises … to growth, and resolving some legacy legal issues.”