Double Digit Losers on Monday (PGNX, SLXP, STP, CBI)
Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) shares declined 47.69% to $5.65 after failing to gain U.S. approval to expand use of its constipation medicine Relistor licensed to Salix Pharmaceuticals Ltd. (SLXP). The U.S. Food and Drug Administration asked for more data about the treatment for opioid-induced constipation in adult patients with chronic, non- cancer pain, the companies said in a statement July 27.
Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) stock plunged 12.13% to $46.74 after The FDA has asked Salix Pharmaceuticals for more information regarding a drug candidate. Salix and partner Progenics Pharmaceuticals, previously submitted a request with the FDA for a broadened use of a drug called Relistor, which would treat constipation in patients on pain medication. Additionally, the shares of the company had its “buy” rating reaffirmed by research analysts at Wells Fargo & Co. in a report released today.
Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) stock fell 15.92% to $1.32 after the company said that hundreds of millions of euros of bonds it was pledged to guarantee its investment in a solar development fund may not have existed and it may have been the victim of fraud. The company also said it was assessing the potential impact of the suspected fraud on its previous results and hence may delay its earnings announcement for the second quarter of 2012.
Chicago Bridge & Iron Company N.V. (NYSE:CBI) shares dropped 14.25% to $34.90 after the company announced that it has entered into a definitive agreement to acquire Shaw Group. The acquisition is expected to close in early 2013. CB&I will acquire Shaw for $46.00 per share in cash and stock. Shareholders will receive $41.00 in cash and $5.00 in CB&I equity (0.12883 shares based on an agreed upon recent average stock price of $38.81 per share) for each share of Shaw stock at closing.