What’s Moving These Hot Stocks: Logitech, Repligen, Leap Wireless
Logitech International SA (NASDAQ:LOGI) President Bracken Darrell remarked that, “I expect most of this restructuring to be completed by the end of the current quarter, freeing up resources to pursue our growth opportunities. The restructuring should result in a reduction of approximately $80 million in annual operating costs.”.
Repligen Corporation (NASDAQ:RGEN) reported that it was notified by the FDA on midday Wednesday, that its meeting with the FDA Advisory Committee meeting previously scheduled for May 31 to review RG1068 for pancreatic imaging, has been cancelled. RG1068 is a synthetic version of human secretin which was studied in a Phase 3 trial, and is for use in improving detection of pancreatic duct abnormalities in combination with MRI in patients with pancreatitis. Repligen does expect, however, a Complete Response letter on the previously announced June 21 PDUFA date requesting additional clinical trial data to support the New Drug Application.
Leap Wireless International Inc. (NASDAQ:LEAP) and MetroPCS (NYSE:PCS) shares slump following their first quarter results that post significant year-to-year decreases in major additions, as well as the implication that nationwide competition is hacking away at their margins. Leap’s cost per gross addition increased 18.8 percent year-to-year to $228, while for the same period Metro’s virtually tripled, from $78 to $235. In addition, Leap’s free cash flow fell by $111 million and MetroPCS’ by $8 million.
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