|Active Stocks: Echo Therapeutics, Rewalk Robotics, Repros Therapeutics, Lipocine Inc, VIVUS|
|By Marilyn Mullen|
|Thursday, 18 September 2014 13:39|
U.S. stocks jumped in afternoon trading on Thursday, with the S&P 500 hitting a record peak a day after the U.S. Federal Reserve renewed its commitment to keeping interest rates low.The Fed said Wednesday at the conclusion of a two-day policy meeting it would keep interest rates near zero for a "considerable time," language supportive of equities which some had expected to be dropped from the statement.
Echo Therapeutics Inc. (NASDAQ:ECTE) slumped 27% on huge volume of 248K shares – 8X average volume.Platinum Management, the firm's largest shareholder, delivered a letter to the BOD disclosing its intention to seek the return of its $5M investment associated with the December 10, 2013 Securities Purchase Agreement. It believes Echo entered into the contract in bad faith with no intention of performing its obligations or using the funds for the intended purposes.
Demonstrating a superb example of recent-IPO volatility, Rewalk Robotics Ltd. (NASDAQ:RWLK) fell 16% largely on profit booking. The stock debuted on Friday at $12 then exploded to a high of $43.71 on Tuesday before correcting.
Repros Therapeutics Inc. (NASDAQ:RPRX) gets slid 20% on almost 6x average volume in response to yesterday's Ad Comm meeting on testosterone therapy.
Lipocine Inc. (NASDAQ:LPCN) slumped 26% on high volume. The stock made a new low of $5.25 this mornings.NASDAQ halted trading yesterday pending news from the Ad Comm meeting on testosterone therapy.
The FDA approves a label expansion for VIVUS, Inc. (NASDAQ:VVUS) erectile dysfunction (ED) drug Stendra (avanafil) that reduces the time it can be taken before sexual activity from 30 minutes down to 15 minutes. It is the only ED drug approved for this indication. Auxilium Pharmaceuticals (NASDAQ:AUXL) has exclusive marketing rights to Stendra in the U.S. and Canada.