BlackBerry Gets Downgraded, Vanda’s Meteoric Rise, and 3 More Hot Stocks
BlackBerry Ltd. (NASDAQ:BBRY): Channel checks have revealed ”a pick-up in the pace of services erosion at US enterprise customers,” according to Macquarie’s Kevin Smithen, who downgraded BlackBerry to Underperform from Neutral citing his belief that a breakup is less likely following the company’s $1 billion convertible debt agreement. He now expects BlackBerry to finish fiscal 2015 with 46.8 million subscribers, down from 53.7 million.
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA): Vanda shares are spiking more than 14 percent as both Food and Drug Administration staff and Ad Com panel members have given the company’s Non-24-Hour Disorder treatment tasimelteon a favorable nod; Vanda shares have seen a roughly 120 percent gain since Monday.
Diana Shipping Inc. (NYSE:DSX): Diana Shipping announced its time charter contract with RWE Supply & Trading for one of its dry bulk vessels at a gross charter rate of $18,350 per day for around 22 months; a contract to purchase the vessel with final delivery at a future date has already been agreed upon.
Cell Therapeutics Inc. (NASDAQ:CELL): Cell Therapeutics shares are soaring after the company formed a licensing agreement with Baxter (NYSE:BAX) for the development and commercialization of pacritinib, a drug that is currently in Phase III testing for myelofibrosis. Cell Therapeutics will receive upfront payments of $60 million, $30 million of which is an equity investment; Cell Therapeutics is also eligible for milestone payments up to $112 million and sales milestone payments assuming approval.
Barrick Gold Corp. (NYSE:ABX): Barrick Gold and Goldcorp have apparently hired the Bank of Montreal to sell the Marigold mine in Nevada, which the two own jointly; it is expected to fetch at least $200 million. Marigold is 67 percent owned by Goldcorp and 33 percent owned by Barrick, and yielded about 81,000 ounces of gold in the first six months of this year.