Pre-market: PacificNet narrows profit
Shares of Chinese gaming technology provider PacificNet Inc. (Nasdaq: PACT) are trading lower on news this morning that the company’s quarterly profit narrowed. The net income for the three months ended March 31 was $0.31 million, or $0.03 per share, compared with a net income of $0.8 million, or $0.07 per share. Analyst estimates were unavailable. The stock is down $0.04, or 1%, to $3.93.
Bethesda, Md.-based Micromet, Inc. (Nasdaq: MITI) has entered into an exclusive collaboration with Denmark’s Nycomed to develop antibodies that may be useful for the treatment of inflammatory and autoimmune diseases, the pharmaceutical company said this morning. Shares are down $0.01, or 0.41%, to $2.45.
Scottsdale, Ariz.-based TASER International, Inc. (Nasdaq: TASR) has received three orders from domestic law enforcement agencies, the maker of advanced electronic control devices said this morning. Shares are up $0.32, or 3%, to $9.54.
Shares of Emisphere Technologies, Inc. (Nasdaq: EMIS) are moving down on news this morning that the Tarrytown, N.Y.-based biopharmaceutical company has initiated a Phase III clinical program of its drug candidate for the treatment of osteoarthritis, a chronic, irreversible and degenerative condition. Shares are down $0.08, or 3%, to $3.10.
San Diego-based La Jolla Pharmaceutical Co. (Nasdaq: LJPC) announced this morning that three separate studies show that its lupus treatment was well tolerated by volunteers who were given the drug. Lupus is a disease of the immune system. Still, shares are down $0.16, or 3%, to $5.47.
Shares of A.P. Pharma, Inc. (Nasdaq: APPA) are lower following news this morning that the pharmaceutical company’s stockholders have approved a reverse stock split of outstanding shares of common stock at a ratio within a range of 1:2 to 1:4. A.P. Pharma is implementing an immediate 1-for-4 reverse stock split, which will be effective upon the beginning of trading today. The company previously had 25.4 million common shares outstanding. The stock has dropped $0.02, or 3%, to $0.75.
