Auxilium, General Moly, MannKind, Sirius: U.S. Equity Movers
Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 4 p.m. in New York.
Rare-earth mineral companies rallied after China cut its export quotas by 11 percent in the first round of permits for 2011. General Moly Inc. (GMO US) climbed 7.8 percent to $6.36, the highest level since September 2008. Rare Element Resources Ltd. (REE US) rose 10 percent to $12.94, the highest price since at least June 2004.
Auxilium Pharmaceuticals Inc. (AUXL US) slipped 2.5 percent, the most since Nov. 12, to $20.91. Repros Therapeutics Inc. (RPRX US) said it reanalyzed data from a previous trial, which showed Androxal significantly boosted testosterone levels in men with certain hormone levels compared with the placebo. Auxilium’s Testim is a competing treatment.
BioSante Pharmaceuticals Inc. (BPAX US) fell 20 percent to $1.61 for the biggest drop in the Russell 2000 Index. The developer of products for female sexual health and oncology said it’s selling 10.6 million shares of common stock and warrants to purchase as much as 5.3 million additional shares.
Caraco Pharmaceutical Laboratories Ltd. (CPD US) fell 10 percent to $4.63 for the third-biggest drop in the Russell 2000. The generic drugmaker said Sun Pharmaceutical Industries Ltd. exercised an option to end two distribution agreements, citing competitive pricing pressures. The agreements will expire in January 2012.
General Motors Co. (GM US) rose 2.1 percent to $35.32. The automaker was rated “overweight” in new coverage at JPMorgan Chase & Co., Barclays Plc and Morgan Stanley. GM was rated “outperform” at Credit Suisse Group AG and RBC Capital Markets, which also initiated coverage of the stock. Citigroup Inc. and Bank of America Corp. have a new “buy” recommendation for GM.
KBR Inc. (KBR US) rallied 4.7 percent to $30.90, the highest price since July 2008. The construction manager was raised to “buy” from “hold” at BB&T Capital Markets.
MannKind Corp. (MNKD US) gained 3.3 percent, the most in two weeks, to $8.23. U.S. regulators delayed a decision on the company’s inhaled insulin. The biotechnology company founded by the billionaire inventor Alfred Mann said the Food and Drug Administration isn’t able to meet tomorrow’s scheduled deadline for action on the diabetes drug, Afrezza, and will need about four more weeks to complete its evaluation.
Santarus Inc. (SNTS US) rose 3.2 percent to $3.27, the highest since Nov. 8. The drugmaker and its Dutch partner Pharming Group NV asked U.S. regulators to review their medicine Rhucin to treat acute angioedema attacks.
Sirius XM Radio Inc. (SIRI US) jumped 5.2 percent to $1.63, the biggest move in the Russell 1000 Index. Martin Pyykkonen of Wedge Partners LLC said a recent FCC ruling on net neutrality is a catalyst for the strength. The analyst said this was a perceived threat for several years.
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