U.S. stocks extended losses on Thursday, with the Nasdaq briefly dropping 1 percent, as investors recalibrated for upcoming negotiations over the "fiscal cliff," which overshadowed a batch of positive economic data. Investors worry that if no deal is reached in Congress over some $600 billion in spending cuts and tax increases due to kick in early next year, it could derail the U.S. economic recovery and lead to a recession. Following are the notable movers at mid day on Thursday:-
DUSA Pharmaceuticals, Inc. (NASDAQ: DUSA) shares climbed 37.72% to $7.96 in the early hour. Block & Leviton LLP announced that it has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of DUSA Pharmaceuticals Inc. (DUSA or the Company) with regards to the proposed acquisition of the Company by Sun Pharmaceutical Industries Ltd. (Sun) in a cash transaction announced November 8, 2012. Under the terms of the agreement, Sun will acquire DUSA in a cash tender offer for approximately $8.00 per share. Tekmira Pharmaceuticals (Nasdaq: TKMR) (TSX: TKM) surged over 15% to a mid-day high of $5.19 in anticipation of the firm's November 14th court date against Alnylam Pharmaceuticals (ALNY). A report filed by Doug Macron of GenomeWeb's Gene Silencing News helped fuel the rally by revealing that Alnylam was estimating damages in the Tekmira Suit could reach $1.5 billion.
InterMune, Inc.(NASDAQ: ITMN) shares gained 15.63% to $9.44 after the company reported third-quarter net loss of $45.4 million or $0.70 per share, as compared to $38.2 million or $0.63 per share in the same quarter last year. Total revenues for the quarter rose to $7.5 million from $0.1 million in the comparable quarter last year. Analysts expected a loss of $0.84 per share on revenues of $6.16 million.
BioScrip Inc.(NASDAQ: BIOS) shares climbed 12.77% to $9.98 in the early hour. The company announced 2012 third quarter financial results. Third quarter revenue from continuing operations were $170.4 million and the net loss from continuing operations was $0.6 million, or $0.01 per diluted share. Consolidated Adjusted EBITDA for the third quarter was $11.6 million versus $11.7 million for the third quarter of 2011.
Repligen Corporation (NASDAQ: RGEN) shares climbed 8.63% to $5.41 after the company reported net income for the three-month period ended September 30, 2012 of $1,806,000 or $0.06 per diluted share, as compared to $605,000 or $0.02 per diluted share for the same period in 2011, an increase of 199%. Total revenue was $15,104,000, as compared to $8,631,000 for the same period in 2011, an increase of 75%.
OraSure Technologies, Inc. (OSUR) stock fell 14.09% to $7.43 after the company's consolidated revenues were $22.1 million for the third quarter of 2012, a 2% increase from the comparable quarter of 2011. Consolidated net loss for the third quarter of 2012 was $2.4 million, or $0.04 per share, which compares to a net loss of $3.9 million, or $0.08 per share, for the third quarter of 2011.
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