Small
cap stocks making big moves on Wednesday, June 18, 2014 (as of 4 pm EST)
Insmed Incorporated (NASDAQ: INSM)
shares powered 43% higher to $17.78 on volume of more than 11.8 million shares Wednesday after
the FDA granted its only drug candidate, Arikayce/Arikace, a breakthrough
therapy designation for the treatment of adults with nontuberculous
mycobacterial (NTM) lung disease who are treatment refractory.
As well,
shares of Endocyte, Inc. (NASDAQ: ECYT)
slid 14% to $6.64 on more than 5.1 million shares traded as the
biopharmaceutical company said it has regained rights to the experimental
cancer drug vintafolide from Merck & Co., which decided to discontinue
development of the drug after a failed study last month.
MeetMe Inc. (NASDAQ: MEET)
stock, meanwhile, moved up 23% to $2.37 after Wunderlich Securities initiated
coverage of the social media company with a “buy” rating and a $4.50
price target, adding that it expects MeetMe will increase its number of active
mobile users, its monetization levels, and its 2015 full year revenue through
enhancements in its mobile app, advertising deals and expanding trends with
younger users.
Finally,
ZS Pharma, Inc. (NASDAQ: ZSPH)
shares soared 58% to $28.38 in its first day of trading Wednesday. The
biopharmaceutical company is developing treatments for kidney, cardiovascular,
liver and metabolic disorders.
