What’s Moving These Hot Stocks: Savient Pharmaceuticals, Arena Pharmaceuticals, Synchronoss, Scotts Miracle-Gro
Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) reports that it has reached definitive agreements with certain holders of its currently outstanding 4.75 percent convertible senior notes due in 2018. Pursuant to the customary terms and closing conditions, which are expected to occur on May 9, Savient will raise approximately $44 million in net proceeds and extend the maturity date of approximately one halfof the Existing Notes by approximately 15 months.
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Arena Pharmaceuticals, Inc. (NASDAQ:ARNA): The FDA has asked its advisers to evaluate as to whether Arena Pharmaceuticals has adequately addressed the potential risks of mammary tumors from use of its experimental weight loss pill, lorcaserin. This request comes in the form of draft questions posted by the FDA for an Endocrinologic and Metabolic Drugs Advisory Committee meeting scheduled for May 10. In addition, the panel is asked to see if the data presented are sufficient to rule out a clinically meaningful increase in the risk for valvular heart disease in patients treated with lorcaserin.
Synchronoss Technologies, Inc. (NASDAQ:SNCR) reiterates its revenue outlook for 2012 of between $280 million and $290 million, against consensus of $287 million, in a guidance issued in Monday night’s conference call. Further, the 2012 gross margin is forecast at the high end of a 60 to 61 percent range.
The Scotts Miracle-Gro Co. (NYSE:SMG) stands behind a fiscal year 2012 revenue growth projection of between 6 and 8 percent, against consensus of $3.06 billion.
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