Small
cap stocks making big moves on Wednesday, April 16, 2014 (as of 4 pm EST)
Zalicus Inc. (NASDAQ: ZLCS)
shares powered 31% higher to $1.35 on volume of more than 13.5 million shares
Wednesday after the biopharmaceutical company said it has entered into a
definitive agreement under which Epirus Biopharmaceuticals, Inc. will merge
with a wholly-owned subsidiary of Zalicus in an all-stock transaction.
Following closing, Zalicus will be re-named Epirus Biopharmaceuticals, Inc.,
and will operate under the leadership of the Epirus management team with Amit
Munshi serving as the President and Chief Executive Officer.
As well,
shares of Apricus Biosciences, Inc.
(NASDAQ:
APRI) climbed 19% to $2.39 as the pharmaceutical company reported that
Takeda Pharmaceuticals International GmbH, the company’s partner in the United
Kingdom, has accepted the first shipment of Vitaros, Apricus’ topical on-demand
treatment for erectile dysfunction.
Control4 Corp. (NASDAQ: CTRL),
meanwhile, was raised to ‘Strong Buy’ from ‘Outperform’ with a $24 price target
by Raymond James. Its stock price moved up 11% to $18.59 following the
announcement.
Finally,
shares of xG Technology, Inc. (NASDAQ: XGTI)
slipped 14% to $1.86 on more than 2.7 million shares traded after the developer
of a portfolio of wireless communications technologies announced the pricing of
an underwritten public offering of 5,265,000 shares of common stock at a public
offering price of $1.90 per share for gross proceeds of approximately $10
million.
