Genetic Technologies Soars Over 51% GENE, VSEC, AFCE, MNOV)
Genetic Technologies Limited (ADR) (NASDAQ:GENE) shares soared 51.14% to $5.38 in the morning hour. On May 22, 2012, the company provided an update on BREVAGen™ sales and the “credentialing” process with the top ten U.S. Preferred Provider Organizations (“PPOs”). To date, the Company has executed credentialing contracts with four PPOs which represents an estimated 13 million covered lives in the U.S. Progress with these leading PPOs has been a key driver of improved BREVAGen™ revenue collection.
Total revenue received from BREVAGen sales in the period from January to April 2012 represented over 63% of all revenues received since the test was launched in June 2011.
VSE Corporation (NASDAQ:VSEC) stock climbed 14.85% to $24.60 in the early hour after the company announced that it has been awarded a prime contract by the National Institutes of Health (NIH), an agency of the Department of Health and Human Services (HHS). The 10-year, multiple-award, indefinite-delivery/indefinite-quantity (IDIQ) government-wide acquisition contracts (GWAC), have a cumulative ceiling value of approximately $20 billion. The ceiling dollars are to be 100% federally funded.
AFC Enterprises, Inc. (NASDAQ:AFCE) stock surged 10.66% to $20.04 in the morning hour after the company’s first-quarter earnings rose a better-than-expected 15% as same-store sales improved, led by growth in the U.S.
The company posted first quarter earnings of $8.3 million, or $0.34 a share, as compared to $7.2 million, or $0.28 a share in the same quarter last year. Adjusted income rose to $0.35 a share. Total revenue rose 13% to $52.8 million. Analysts most recently expected earnings of $0.31 a share.
MediciNova, Inc. (NASDAQ:MNOV) stock plunged 50.55% to $1.36 in the early hour after the company said that the preliminary results from a Phase 2b clinical study did not yield statistically significant results for its MN-221 asthma treatment. The company said patients with acute exacerbations of asthma who were treated with MN-221 in the trial did not see statistically significant improvement in forced expiratory volume in one second, compared to the placebo group.