Pre-market: Adolor down on poor drug results
Shares of Adolor Corporation (Nasdaq: ADLR) fell $0.09, or 1.02%, to $8.72 following news the company put on hold the development of a bowel disorder drug. The drug Entereg showed serious and adverse effects during preliminary tests, Exton, Pa.-based Adolor said after Monday’s close.
Princeton, N.J.-based pharmaceutical company Pharmacopeia Drug Discovery, Inc. (Nasdaq: PCOP) gained ground on news of positive results from clinical tests of a treatment for hypertension and diabetic nephropathy. Preliminary data show the treatment is well tolerated, Pharmacopeia said this morning. Shares are up $0.01, or 0.17%, to $5.94.
Shares of Accredited Home Lenders Holding Co. (Nasdaq: LEND) are down slightly on news the San Diego-based mortgage company has engaged independent public accountant Squar, Milner, Peterson, Miranda & Williamson, LLP. Squar Milner will begin immediate work on the company’s financial statements for the year ended Dec. 31, 2006, Accredited said this morning. Shares are down $0.41, or 4.25%, to $9.23.
Eye care services provider TLC Vision Corporation (Nasdaq: TLCV) will buy back $125 million of its common stock, the St. Louis, Mo.-based company said this morning. The board of directors has approved a modified “Dutch Auction” at a price per share not less than $5.75 and not greater than $6.25. Shares are down $0.05, or 0.92%, to $5.39.
News of flat comparable store sales lowered shares of specialty retailer Cache Inc. (Nasdaq: CACH) $0.39, or 2.21%, to $17.24. Comparable store sales (sales for stores open at least a year) in March 2007 were flat, compared with a 7% rise in March 2006, the New York based company said this morning.
Shares of Rochester, N.Y.-based research firm Harris Interactive Inc. (Nasdaq: HPOL) are up despite news of weak sales. Sales bookings for the third quarter of fiscal 2007 are expected at around $58 million, compared with $66 million in the second quarter, Harris said this morning. Shares are up $0.09, or 1.50%, to $6.11.
