Prosensa Holding N.V. (NASDAQ:RNA)’s stock surged 27.04% to $8.41. The company on May 20 reported financial results for the first quarter ending March 31, 2014 and provided an update on the next steps for its exon-skipping platform for the treatment of Duchenne Muscular Dystrophy (DMD). Revenue for the three months ended March 31, 2014 was EURO14.8 million, compared with EURO2.4 million in 2013. Net income for the three months ended March 31, 2014 was EURO7.3 million or EURO0.20 per share (EURO0.19 diluted income per share), compared to a loss of EURO3.5 million or EURO0.12 per share (EURO0.12 diluted loss per share), for the comparative period in 2013.
The Fresh Market, Inc. (NASDAQ:TFM)’s shares climbed 5.43% to $30.26. The company on May 22 announced unaudited sales and earnings results for its thirteen week first quarter ended April 27, 2014. Earnings per diluted share (“EPS”) under U.S. generally accepted accounting principles (“GAAP”) in the first quarter of fiscal 2014 were $0.34, compared to $0.46 per diluted share, in the first quarter of fiscal 2013. GAAP net income in the first quarter of fiscal 2014 was $16.6 million, compared to $22.1 million in the first quarter of fiscal 2013. Net sales increased 17.6% to $431.0 million and comparable store sales increased 2.5% from the first quarter of fiscal 2013.
Liquid Holdings Group, Inc. (NASDAQ:LIQD)’s shares gained 3.89% to $1.87. The company on May 21 announced that the company has signed a joint marketing agreement with ConvergEx Prime Services LLC, the prime services division of ConvergEx Group LLC. Under the terms of the agreement, ConvergEx Prime Services will offer the Liquid platform as an option to its broad portfolio of prime brokerage clients including hedge funds, family offices, mutual funds, and registered advisors, and Liquid will refer its clients to ConvergEx for prime brokerage services.
Eanings Review: Rambus Inc. (NASDAQ:RMBS), Revlon Inc (NYSE:REV)
Revlon Inc(NYSE:REV) +2.5% after-hours after announcing that President and CEO Fabian Garcia is stepping down “to pursue other opportunities,” and Executive Vice Chair Paul Meister will oversee operations on an interim basis.
REV also says it expects Q4 revenues of $785M, below $801M from the year-earlier quarter but ahead of analyst consensus estimate of $743M, and a $60M-$80M net loss for the quarter due to a charge related to the recent tax law changes.
REV expects Q4 adjusted EBITDA of $110M-$115M vs. $115M analyst consensus.
CFO Chris Peterson also denies rumors that the company is considering a material asset transfer that would shield assets from lenders.
Rambus Inc.(NASDAQ:RMBS) shares are down 5.5% aftermarket following Q4 results that beat revenue estimates and met on EPS. In-line Q1 guidance (under ASC 605 accounting change) has revenue from $94M to $100M (consensus: $100.38M) and EPS from $0.17 to $0.23 (consensus: $0.18).
Revenue breakdown: Royalties, $77.9M (+10% Y/Y); Product, $8.5M (-27%); Contract and other revenue, $15.5M (+2%); Licensing billings, $76.6M (+18%).Key metrics: Non-GAAP operating margin, 31%; total operating expenses, $67.5M; cash and equivalents, $172.2M; cash flow from operations, $33.3M.
ADTRAN, Inc. (NASDAQ:ADTN) Hits New Lows After Issuing disappointing Earnings Forecast
ADTRAN, Inc.(NASDAQ:ADTN) slumped to a 52-week low after forecasting below consensus guidance for Q4, revising its revenue estimate downward to $125M from $155M-$165M earlier and seeing EPS of ~$0.01; analysts had expected EPS of ~$0.14 and revenue of $161.2M.
ADTN also projects Q1 to come in at roughly the same as Q4, misses analyst consensus of $167.5M.
CEO Tom Stanton says Q4 results have been hurt by a merger-related review, which ADTN expects to be completed in 60-90 days, and slowdown in the spending at a domestic Tier 1 customer.
MKM Partners analyst Michael Genovese believes the customer is CenturyLink (CTL -2%), which accounted for 24% of ADTN’s total sales in 2016.
The analyst thinks the weakness should prove temporary, adding that ADTN’s performance likely will accelerate into 2019 as the company stands to benefit from 5G spending; MKM trims its ADTN target price to $25 from $27 but keeps its Buy rating.
Big IPO Coming: Celator Pharmaceuticals Inc(NASDAQ:CPXX), Moleculin Biotech’s (MBRX)
Today at 10am Eastern, Moleculin Biotech ticker symbol MBRX will debut on the Nasdaq stock exchange and is being considered as one of the most highly anticipated IPO’s of 2016 by the street. The excitement and anticipation is arising from many experts saying that Moleculin Biotech’s (MBRX) drug annamycin is far superior to Celator Pharmaceuticals Inc(NASDAQ:CPXX) drug daunorubicin.
CPXX which has been bought out by Jazz Pharmaceuticals plc – Ordinary Shares(NASDAQ:JAZZ) for $1.5 Billion Dollars last week, share price ran from $1.6 to $31 in 2 months. Moleculin Biotech’s share structure is a 1.5m public float Priced at $6.