Idenix Pharmaceuticals Soared On Positive News (IDIX, GEVO, TEF, VQ, CHH)
Idenix Pharmaceuticals Inc (NASDAQ:IDIX) jumped up 15.80% to $10.85. The Company announced results from an ongoing phase IIb study of IDX184 in combination with pegylated interferon and ribavirin. The company also announced positive data from a 3-day proof-of-concept study evaluating IDX719 in infected patients.
Gevo Inc (NASDAQ:GEVO) climbed up 25.51% to $7.46. The Company has signed a collaborative agreement with the intent to site a cellulosic biomass isobutanol facility in Southeast Asia. Chris Ryan, President and Chief Operating Officer of the Company signed the collaborative agreement with representatives from the Malaysian government’s East Coast Economic Region Development Council, Malaysian Biotechnology Corp and the State Government of Terengganu. Canaccord Genuity maintained a buy rating on the stock with a price target of $16.00.
Telefonica S.A. (ADR) (NYSE:TEF) went up 0.64% to $12.58. Moody’s Investors Service lowered the credit rating of Telefonica S.A. Telefonica’s long-term debt rating was lowered one level to Baa2, the second-lowest investment grade. The ratings could be reduced further as Spanish consumers scale back spending and the government’s credit profile worsens. According to Reuters, the Company has no intention to interfere in a hostile bid for KPN by Carlos Slim’s America Movil.
Venoco Inc (NYSE:VQ) decreased 2.73% to $10.70. The Company announced that it has been informed by Timothy Marquez, Venoco’s chairman and CEO, that Mr. Marquez has received a “highly confident” letter regarding a portion of the financing necessary to complete the proposed merger between Venoco and an affiliate of Mr. Marquez.
Choice Hotels International Inc (NYSE:CHH) augmented 7.87% to $41.25. The Company plans to offer $400 million aggregate principal amount of senior notes due 2022. The notes will be unsecured, unsubordinated obligations of the Company and will be guaranteed by certain U.S. subsidiaries of the Company. The Company plans to use net proceeds to pay special cash dividend of approximately $600 million for 2012 to the Company’s stockholders.