Early Hour Top Movers (VRTX, GTSI, ARNA, MGIC)
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) stock surged 44.40% to $54.02 in the early hour after the company announced an interim analysis of data from an ongoing Phase 2 study of VX-809 and KALYDECO that showed significant improvements in lung function among adults with cystic fibrosis (CF) who have two copies (homozygous) of the most common mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene, F508del.
A planned interim analysis was conducted after approximately half of the study patients had completed 56 days of treatment.
GTSI Corp. (NASDAQ:GTSI) stock surged 47.33% to $7.72 in the morning hour after the company has agreed to be acquired by Unicom Systems Inc. in a roughly $75 million cash deal. The agreement offers GTSI shareholders $7.75 a share, a 48% premium to its Friday closing price.
The company in March reported fourth quarter revenue that slumped 43% from a year earlier, though a sharp reduction in costs helped it record a stronger bottom-line for the period.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares climbed 6.18% to $2.75 in the early hour. On May 10, Arena Pharma is scheduled to appear before a FDA panel of experts that will make a recommendation on Lorcaserin, Arena’s obesity medication. The 52 week trading range for the company is $1.23 – $3.47. The shares of the company have soared over 100% in the last one year.
Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares gained 0.80% to $6.26 in the morning hour after the company’s first quarter revenues increased 18% to $30.0 million, as compared to $25.5 million in the same period last year. Non-GAAP net income increased 60% to $4.6 million, compared to $2.9 million in the same period last year. First quarter net income increased 35% to $4.2 million compared to $3.1 million in the year ago period.