Drug Targets Schizophrenia, Bipolar
The pharmaceuticals company said late Friday that it has won approval by the Food and Drug Administration for Adasuve, the company's treatment for schizophrenia and bipolar disorder, but the move might already have been priced into the stock. ALXA is down 11.05 percent to $5.15 on my tradeMONSTER extended-hours platform.
Mellanox Slips on Competition Fears
The Israel-based technology company was hit by a downgrade late last week amid concerns that Intel will steal market share. Mellanox has seen demand rise for its InfiniBand products, which are used to store and transfer data, but Maxim Group lowered the name to "hold" from "buy" on Friday. MLNX is off 2.23 percent to $59.98 in pre-market trading.
Needham Lifts Estimates for Facebook
The investment-banking firm today raised its price target on the social-networking stock to $33 from $25, citing increased optimism over the company's growth in mobile revenues. Analysts at the firm increased their 2013 earnings estimate for Facebook to $0.65 from $0.59 per share and lifted revenue projections to $6.5 billion from $6.27 billion. FB is up 1.71 percent to $26.71 this morning.
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