MARKET PULSE-Prosensa, Verenium, Cyclacel, Tibco
Sept 20 (Reuters) - U.S. stocks opened flat on Friday as investors digested comments by a senior Federal Reserve official, who said that the central bank's stimulus efforts could be scaled back from as early as October. Some U.S. stocks on the move:
** PROSENSA, $7.28, down 70 pct (9:56 a.m. ET)
** SAREPTA THERAPEUTICS, $37.21, up 1 pct
An experimental drug for Duchenne muscular dystrophy from GlaxoSmithKline and Prosensa failed to meet its goal in a late-stage clinical trial, the companies said on Friday. The drug, drisapersen, did not show a statistically significant improvement in the distance that patients could walk in six minutes compared to a placebo in the Phase three test.
Shares of rival Sarepta, which is also making a drug for Duchenne muscular dystrophy, also fell 8 percent in trade.
** VERENIUM CORP, $3.97, up 58 pct (9:56 a.m. ET)
The company announced that it has entered into a definitive merger agreement with BASF Corporation, a chemicals company, under which BASF will commence a cash tender offer for all of the outstanding shares of Verenium's common stock. Based on all outstanding shares and including all net financial liabilities, the enterprise value would be approximately USD62 million (approximately EUR 48 million).
** CARDINAL FINANCIAL CORP, $16.49, down 7 pct (09:39 ET) FBR cut its rating on the bank holding company's stock to "market perform" from "outperform" after it said that its mortgage banking volumes for the third quarter is expected to drop by 40 percent compared to the previous quarter. It also cut its price target to $16.50 from $19.
Raymond James also cut its rating to "outperform" from "strong buy."
** CYCLACEL PHARMACEUTICALS INC, $5.24, up 39 pct (9:55 a.m. ET)
The drugmaker said on Thursday that updated data from a clinical study showed its experimental product, sapacitabine, has activity against a majority of ovarian cancer samples taken from patients, including resistant tumors. The drug is currently being tested in late-stage studies as a as front-line treatment for acute myeloid leukemia in the elderly.
** TIBCO SOFTWARE INC, $26.35, up 4 pct (9:55 a.m. ET)
The company on Thursday said its contract pipeline for the next year was robust as customers become more willing to spend on large deals, and the business software maker added that its Americas business was "back to strength".
At least five brokerages, including Barclays and JP Morgan, raised their price targets on Tibco's stock on Friday. Susquehanna upgraded the stock to "positive" from "neutral".
** SOLARWINDS INC, $37.28, down 5 pct (9:54 a.m. ET)
Goldman Sachs downgraded the stock to sell from neutral, according to the website theflyonthewall.com.
** DARDEN RESTAURANTS INC, $47.11, down 4 pct (9:53 a.m. ET)
The restaurant operator reported a lower quarterly profit and higher sales on Friday and said President and Chief Operating Officer Drew Madsen would retire at the end of this quarter.
** TITAN INTERNATIONAL INC, $15.45, down 4 pct (9:52 a.m. ET)
The equipment parts supplier announced that it was withdrawing its fiscal 2013 guidance relating to revenue and EBITDA. It is unlikely to issue any updates until its fiscal 2014 guidance on January 2014, it said.
** BALTIC TRADING LTD, $4.75, down 7 pct (9:51 a.m. ET)
The drybulk shipper on Thursday said it was offering its common shares to fund vessel acquisitions, working capital and other activities.
** NGL ENERGY PARTNERS LP, $32.00, down 5 pct (9:50 a.m. ET)
The propane gas supplier on Thursday said it would offer 4.1 million units in an offering. The proceeds from the sale will be used to repay debt, the company said.
** JINKOSOLAR HOLDING CO LTD, $18.20, up 10 pct (9:50 a.m. ET)
The solar panel maker said on Thursday it would offer 3.8 million American depositary shares (ADS) priced at $16.25 each to expand its manufacturing capacity, develop solar projects and fund working capital.
** AK STEEL HOLDING CORP, $4.04, down 9 pct (9:48 a.m. ET)
The steel maker estimated a wider-than-expected loss for the third quarter as production was hit by a mechanical failure at its Ohio facility, sending its shares down 7 percent in after-market trading. The steelmaker said it expects to incur a loss of 22 cents to 27 cents per share. Analysts were expecting a loss of 11 cents per share, according to Thomson Reuters I/B/E/S.
** NAVIOS MARITIME PARTNERS LP, $14.05, down 6 pct (9:48 a.m. ET)
The shipping company said it plans to offer 5 million common units in a public offering. Navios expects to use the net proceeds to fund its fleet expansion and for general partnership purposes.
(Compiled by Varun Aggarwal)
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