Sean Mason | January 19, 2016 | SmallCapPower
Clinical trial progression caused one stock’s value to grow Tuesday, while a waste management merger seem to make sense from a tax perspective. Here’s some small stocks making big moves on Tuesday, January 19, 2016 (as of 4 pm EST):
Aeterna Zentaris Inc. (TSX: AEZ) shares surged 18% to $4.56 on Tuesday after the specialty biopharmaceutical company announced that it concluded a successful meeting of the clinical investigators for the confirmatory Phase 3 trial of Macrilen, an orally-active ghrelin agonist for use in evaluating adult growth hormone deficiency. As a result, the Company said it is confident that it will complete the confirmatory trial by year-end 2016.
As well, shares of Great Prairie Energy Services Inc. (TSXV: GPE) plunged 80% to $0.005 as the Canadian energy services company said it has received a formal demand for repayment from its lender of all outstanding monies owing under its credit facilities in the amount of about $13.4 million, as a result of certain defaults by the Company under the credit facilities.
Progressive Waste Solutions Ltd. (TSX: BIN), meanwhile, reported that it has agreed to be acquired by Waste Connections, Inc. (NYSE: WCN) in an all-stock transaction that creates a waste management company worth more than $8 billion. The newly-merged entity will be based in Canada, which will drop its corporate tax rate to 27% from 40%. Progressive Waste Solutions shareholders will receive 0.4815 of a share of Waste Connections for each share of Progressive Waste held. Progressive Waste Solutions stock moved up 11% to $37.38 following the announcement.
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