Pharmasset Inc. (VRUS) jumps on drug findings

Posted on Tuesday, September 6th, 2011

Pharmasset Inc. (Nasdaq: VRUS) shares rose 5.2% to $67.55 after the drug developer released preliminary findings from a study of its Hepatitis C treatment. Volume for the stock was 658,000 shares, or about half its daily average.

A news release out September 6 noted that the Princeton, New Jersey-based company announced today sustained virologic response (SVR) results from its phase 2b PROTON study with PSI-7977 400 mg dosed once daily in combination with peginterferon alfa 2a and ribavirin (Peg-IFN/RBV) in subjects with hepatitis C virus (HCV) genotype 1 who have not been treated previously.

In all, 95 treatment-naive patients with HCV genotype 1 were enrolled into two open-label arms of the PROTON trial, receiving either PSI-7977 200 mg QD (N=48) or 400 mg QD (N=47) for 12 weeks. Individuals in both arms received Peg-IFN/RBV for 24 weeks and were followed post-treatment to assess SVR12.

What’s more, 26 subjects were enrolled in a placebo control arm and are receiving 48 weeks of Peg-IFN/RBV. Results from this study through the SVR12 endpoint are scheduled to be presented as part of a Presidential Plenary Session at the American Association for the Study of Liver Diseases (AASLD) meeting on Tuesday, November 8, 2011.

“I am very pleased with the results of this study which clearly demonstrate the benefit of the 400 mg dose of PSI-7977 with only 24 weeks of interferon for all subjects,” Dr. Eric Lawitz, the study’s principal investigator, was quoted in the release as saying. “HCV therapy is becoming overly complex, and the elimination of 24 weeks of interferon and ribavirin as well as all response guided criteria for patients with HCV genotype 1 would be a welcomed simplification.”

Pharmasset is a clinical-stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections.

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Ciena Corp. (CIEN) pops on narrower Q3 losses

Posted on Thursday, September 1st, 2011

Ciena Corp. (Nasdaq: CIEN) shares climbed 18.9% to $14.55 after the network-equipment maker reported losses narrowed in its fiscal third quarter. Volume for the stock proved to be 24.4 million shares, or nearly four times its normal daily average.

The company put out a news release Sept. 1, saying that, for the fiscal third quarter 2011, Ciena reported revenue of $435.3 million. On the basis of generally accepted accounting principles (GAAP), Ciena’s net loss for the fiscal third quarter 2011 was $31.5 million, or $0.33 per common share, which compares to a GAAP net loss of $109.9 million, or $1.18 per common share, for the fiscal third quarter 2010.

Ciena’s adjusted (non-GAAP) net income for the fiscal third quarter 2011 was $8.3 million, or $0.08 per common share, which compares to an adjusted (non-GAAP) net loss of $8.0 million, or $0.09 per common share, for the fiscal third quarter 2010.

Ciena CEO Gary Smith was quoted in the same release as saying, “Our third quarter results, which included a favorable product mix and reduced operating expense to achieve an as-adjusted operating profit, demonstrate our early progress in delivering additional operating leverage from the business.”

Smith continued, “Despite current macroeconomic headwinds that could cause the rate of market growth to be moderated, we believe that we are well-positioned to capitalize on the continued modernization of today’s networks and to grow faster than the market.”

The Maryland-based Ciena offers leading network infrastructure solutions, intelligent software and a comprehensive services practice.

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Movado Group Inc. (MOV) moves on profit picture

Posted on Thursday, September 1st, 2011

Movado Group Inc. (NYSE: MOV) shares gained 8.5% to $14.93 after the watch manufacturer reported second-quarter profit that topped Wall Street’s expectations. Share volume for the company totaled more than 142,000, nosing out its all-day average of 121,000 shares before noon ET Thursday.

A news release dated Sept. 1, noted that the company, based out of Paramus, N.J., announced net sales in the second quarter of fiscal 2012 increased 32.6% to $113.2 million, compared to $85.4 million in the second quarter of fiscal 2011, driven by growth in every brand category. On a constant dollar basis, net sales increased 25.5% compared to the prior year period.

Gross profit in the second quarter of fiscal 2012 was $60.9 million, or 53.8% of sales, compared to $44.4 million, or 52.0% of sales, in the second quarter last year. The increase in gross margin percentage is primarily the result of leverage gained on certain fixed costs as well as a favorable shift in channel and product mix.

The same release quoted Movado CEO Efraim Grinberg as saying, “We are very pleased with our second quarter and year-to-date performance. Our strategic initiatives coupled with solid execution have continued to benefit our results as we recorded another period of double-digit sales growth while also increasing our profitability.

Grinberg  continued, “While we experienced broad-based sales growth across all of our brand categories, our results continue to be driven by particularly strong performances in Movado and licensed brands both domestically and internationally.”

Movado Group, Inc. designs, sources, and distributes MOVADO®, EBEL®, CONCORD®, ESQ® by Movado, COACH®, TOMMY HILFIGER®, HUGO BOSS®, JUICY COUTURE® and LACOSTE® watches worldwide, and operates Movado company stores in the United States.

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Fresh Market Inc. (TFM) jumps on better earnings

Posted on Wednesday, August 31st, 2011

Fresh Market Inc. (Nasdaq: TFM) shares advanced 11.6% to $38.88 after the grocery chain raised its outlook for 2011 earnings. Volume for the stock topped 942,000 shares, whereas it normally trades around 651,000 for a single day.

A news release out August 31 declared that the company announced unaudited sales and earnings results for its second quarter ended July 31, 2011. In the second quarter of fiscal 2011, net sales increased 13.6% to $259.5 million and comparable store sales increased 4.6%, compared to the corresponding period in 2010. Net income in the second quarter of fiscal 2011 was $10.5 million, compared to pro forma net income of $6.9 million in the corresponding period in 2010. Diluted earnings per share in the second quarter of fiscal 2011 was $0.22, compared to pro forma diluted earnings per share of $0.14 in the prior-year period, an increase of 52.1%.

The same release had CEO Craig Carlock as saying, “We are happy to report another healthy quarter of both sales and earnings growth. Our comparable store sales grew 4.6 %, and this marked our seventh consecutive quarter of comparable sales growth of 4.0% or greater. As revenues grew, we also continued to expand our margins. In the second quarter, we increased our operating margin from 5.2% last year to 6.5% this year despite pressure from rising food and commodity costs and despite the additional costs incurred related to being a publicly-traded company. Additionally, we were excited to open five new stores and to relocate one existing store during the quarter and we are happy with their performance so far.”

Carlock concluded, “We are pleased with the momentum in the business through the first half of fiscal 2011, and even with recent macroeconomic uncertainty, we are increasing our EPS guidance from a range of $1.01 to $1.05 to a range of $1.03 to $1.06.”

The Fresh Market, Inc. based in Greensboro, North Carolina, is a high-growth specialty retailer

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Response Genetics, Inc. (RGDX) wins new assignment, stock soars

Posted on Wednesday, August 31st, 2011

Response Genetics, Inc. (Nasdaq: RGDX) shares hiked 10.6% to $2.40, on word of a new contract. Volume for the stock was a mere 500 shares, in contrast to a daily average of 12,000.

A news release out August 31 declared that XIFIN Inc., the company revolutionizing revenue cycle management for diagnostic service providers, announced today that Response Genetics had implemented XIFIN’s revenue cycle management system to optimize billing and claims management and help manage cash collections.

The release quoted David O’Toole, Vice President and CFO at Response Genetics as saying, “We believe XIFIN’s expertise in molecular diagnostic billing best positioned us to effectively manage RGI’s cash flow while bringing billing and collections in-house during a period of tremendous company growth and also to meet the stringent regulatory requirements for public companies.”

The Los Angeles-based Response Genetics, Inc., a leading developer of molecular diagnostic tests for cancer including ResponseDX: Lung(TM), ResponseDX: Colon(TM) and ResponseDX: Gastric(TM), has implemented XIFIN’s revenue cycle management system to optimize billing and claims management and help manage cash collections.

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