Vertex, GTSI, Insmed, DISH Most Active Stocks in Monday Morning Trading
Vertex Pharmaceuticals Inc (NASDAQ:VRTX): Vertex announced an interim analysis of data from an ongoing Phase 2 study of VX-809 and KALYDECO that showed significant improvements in lung function among adults with cystic fibrosis who have two copies of the most common mutation in the cystic fibrosis transmembrane conductance regulator gene, F508del. A planned interim analysis was conducted after approximately half of the study patients had completed 56 days of treatment. Today’s results are based on data from 37 homozygous F508del patients who completed treatment in the 56-day study and 11 patients with one or two copies of the F508del mutation who received placebo. There was a statistically significant improvement in lung function across the combined treatment groups relative to baseline compared to placebo. Of those who received VX-809 and KALYDECO, approximately 46 percent experienced an absolute improvement from baseline to Day 56 in lung function of 5 percentage points or more, and approximately 30 percent experienced an absolute improvement from baseline to Day 56 of 10 percentage points or more. None of the patients treated with placebo achieved a 5-percentage point or more improvement from baseline to Day 56 in lung function. Most adverse events were mild or moderate in severity and comparable between treatment and placebo groups. Shares of Vertex Pharmaceuticals Incorporated are trading 43.76% higher today.
Cognizant Technology Solutions Corp (NASDAQ:CTSH): The five major India-based IT services providers grew 23.8% last year, compared with 7.7% for the IT services market worldwide, according to Gartner, Inc., reports the Economic Times. Cognizant (NASDAQ:CTSH) passed Wipro to become the third largest Indian IT services provider, as it had the highest growth rate of 33.3% amongst the top five which also include TCS, Infosys (NASDAQ:INFY)and HCL Technologies. Shares of Cognizant Technology Solutions Corp are trading 18.04% lower today.
GTSI Corp. (NASDAQ:GTSI): GTSI Corp. has entered into a definitive agreement to be acquired through a cash tender offer at $7.75 per share by an affiliate of UNICOM Systems in a transaction with an expected total value of approximately $76.67M. Under the terms of the agreement, which was unanimously approved by a special committee of independent GTSI directors and GTSI’s full Board of Directors, the tender offer is not subject to any financing contingencies. The per share purchase price of the tender offer represents a premium of approximately 47.9% over GTSI’s closing stock price as of May 5, 2012 and approximately 65.6% over its one-year average closing stock price. Under the terms of the definitive merger agreement, GTSI is permitted to solicit alternative acquisition proposals from third parties through June 6, 2011 and intends to consider any such proposals. Shares of GTSI Corp. are trading 47.14% higher today.
Insmed Incorporated (NASDAQ:INSM): Insmed announced that the FDA has lifted the clinical hold previously placed on ARIKACE in Cystic Fibrosis patients with Pseudomonas lung infections. Insmed has reached agreement with FDA on a revised CF clinical trial population consisting of adult patients who have chronic Pseudomonas lung infections and FEV-1 % predicted between 25% and 75%. The company is continuing discussions with the agency in an effort to finalize additional details of the phase 3 study protocol for the potential clinical trial. At the same time, the company is evaluating possible next steps for the ARIKACE U.S. CF clinical program given the current progress and anticipated resource requirements of the ongoing ARIKACE CF and U.S. non-tuberculous mycobacteria clinical programs. Shares of Insmed Incorporated are trading 58.15% higher today.
DISH Network Corp. (NASDAQ:DISH): This compares to approximately 58,000 additions in Q1 of 2011. DISH Network ended the latest quarter with approximately 14.071M subscribers. Shares of DISH Network Corp. are trading 2.62% lower today.
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