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.
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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.”
Clearside Biomedical Inc (NASDAQ:CLSD) (MarketWatch)
Clearside Biomedical Inc. shares surged 53% in premarket trade Monday, after the company announced positive results in a late-stage trial of a treatment for macular edema associated with non-infectious uveitis, a swelling that affects the back of the eye. The company said the trial of its suprachoroidal CLS-TA involving 160 patients met its primary and secondary endpoints.
XL Group Ltd (NYSE:XL) (The Motley Fool)
What happened: Shares of XL Group Ltd (NYSE:XL) are up by more than 29% as of noon EST Monday after the company agreed to be acquired by AXA (NASDAQOTH:AXAHY), a French insurance company. The all-cash deal values XL Group stock at $57.60 per share. So what: XL Group is about one-third reinsurer and two-thirds insurer, and it makes its money underwriting policies in the United States and abroad. The company had a rough 2017, as hurricane- and storm-related losses weighed on the entire industry.
ITUS Corp (NASDAQ:ITUS) (Benzinga)
ITUS Corp shares gained 10.8 percent to $3.61 after the company reported a partnership with Serametrix for ITUS’ Cchek.
Tiger Brands Ltd (ADR) (OTCMKTS:TBLMY) (BusinessDailyAfrica.com)
Shares in South Africa’s biggest consumer foods producer Tiger Brands and RCL Foods fell on Monday after the government linked a deadly listeria outbreak to cold meat products known as “polony” made by Tiger unit Enterprise Food. Both firms suspended processed meat production at their plants after health authorities ordered a recall of cold meats linked to a deadly listeria outbreak from both domestic and international outlets. Health Minister Aaron Motsoaledi said on Sunday the outbreak had killed 180 people since January 2017 and that it had been traced to meat called“polony” from a Tiger Brands factory in the northern city of Polokwane. He said a plant owned by RCL Foods was being investigated.
