NASDAQ Morning Movers; (MAPP), (HMNF), (JAXB), (CREE)
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Visit: MAP Pharmaceuticals Inc.
New York, New York - January 23, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the top percentage gainers on the NASDAQ for January 23rd, 2013.
MAP Pharmaceuticals Inc., (NASDAQ:MAPP) trading at $24.73 jumped up $9.15 or .58.73% on a volume of 16,794,763 shares, making it today's top "morning mover",
Earlier today Allergan Inc. (AGN), the maker of the wrinkle filler Botox, agreed to buy Map Pharmaceuticals Inc. (MAPP) in a deal valued at $958 million to gain an experimental inhalable migraine treatment, Levadex. Based on this deal Allergan will pay Map investors $25 a share, a 60 percent premium over yesterday's closing price in New York for which the boards of both companies unanimously approved of. The deal is expected to close late in the first quarter or in the second quarter.
Map is seeking U.S. regulatory approval of Levadex for patients who have acute attacks, defined as fewer than 15 a month. Allergan's Botox is approved as a treatment for chronic migraine patients, those who suffer attacks more than 15 days a month. The companies agreed in January 2011 to co-promote Levadex should it gain approval.
The deal in question is currently being investigate by Bernstein Liebhard LLP is on whether the Board of Directors of MAP Pharmaceuticals, Inc. has breached its fiduciary duty to its shareholders in agreeing to sell MAP Pharmaceuticals to Allergan, Inc. The investigation is focused on the potential unfairness of the price to MAP Pharmaceuticals shareholders and the process by which the MAP Pharmaceuticals Board of Directors considered and approved the transaction.
HMN Financial Inc., (NASDAQ:HMNF) trading at $4.54 gained $1.14 or 33.53% on a volume of 76,925 shares.
Jacksonville Bancorp Inc., (NASDAQ:JAXB) trading at $2.20 moved up $0.45 or 25.71% on a volume of 87,966 shares.
Cree Inc., (NASDAQ:CREE) trading at $39.95 gained $6.48 or 19.36% on a volume of 8,098,398 shares.
Stocks in Cree rose earlier today as the company reported quarterly profit that jumped 69 percent as demand for its light-emitting diodes surged. Net income rose to $20.4 million, or 18 cents a share, from $12.1 million, or 10 cents, a year earlier. That beat the 14.5- cent average of 17 analysts' estimates compiled by Bloomberg.
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