Transition Therapeutics Inc (USA) (NASDAQ:TTHI) is soaring over 97% in early morning trading after news that the company would be acquired by OPKO health in a deal worth $60 million. Those who own transition securities will receive 6.4 million where of OPKO common stock. The transaction is expected to close in the second half of 2016, subject to Transition shareholder approval and other conditions. Following the announcement, CEO of Transition, Tony F. Cruz, Ph.D, stated, “OPKO is ideally positioned to leverage the potential of Transition’s clinical programs and bring these novel therapeutics to market for the benefit of patients.” He continued, “Further, OPKO has a strong pipeline of products coming to market that can provide future value for Transition Therapeutics stockholders.”
According to TipRanks, only 2 analysts rated the stock in the past 3 months, both with a Hold rating and no price target.
Ampio Pharmaceuticals Inc (NYSEMKT:AMPE) is down a staggering 70% in early-morning trading after the company released results from a trial that failed to meet its primary endpoint. The PIVOT trial examined in the safety and efficacy of Ampion , an intra-articular injection for osteoarthritis of the knee. The trial failed to reach its primary endpoint, which was a change in WOMAC A pain at week 12 compared to salene.
Kingtone Wirelessinfo Solutions Hldg Ltd (NASDAQ:KONE) is falling 59% in early morning trading after the company reported earnings for the first 6 months of 2016 ended March 31, 2016. The company reported revenues of $0.5 million for the first half of the year, down a whopping 94% y/y from the $8.5 million for the first 6 months ended March 31, 2015. Gross profit decreased 95.2% y/y and gross margin decreased to 42.2% from 51.5% a year earlier. The company reported a loss per share of $(0.48), compared to earnings of $1.87 per share the year earlier. CEO Mr. Peng Zhang stated, “”We had a tough first half of the fiscal year. While the business conditions deteriorated rapidly, we faced strong competition in our wireless system solution business. Since the “Jingbian Integration Project” completed, we have not signed any big contracts which led our revenue significantly dropped in this first half year.