Geron DISCONTINUING Imetelstat Study and 4 Hot Stocks Buzzing Today
American International Group, Inc. (NYSE:AIG) stated on Sunday that the Treasury Department has launched an offering of an additional $18 billion of its holdings in AIG common stock. This is the largest single offering of its holdings in the New York-based insurer that Washington accumulated after a government-led rescue of AIG at the 2008 financial crisis’ peak. The Treasury is to grant underwriters a 30-day option to purchase as much as $2.7 billion in additional AIG shares if necessary to satisfy investor demand. It is predicted that this newest offering should minimize the Treasury’s ownership stake in AIG lower than the 50 percent level. Connected with the offering, AIG intends to purchase up to $5 billion of its stock at the initial public offering price, beneath a share-repurchase authorization that was approved by AIG’s board last week. Shares of American International Group, Inc. are trading 1.47% lower today.
Liberty Media Corp (NASDAQ:LINTA) set the per-share subscription price on as well as the commencement and expiration dates for a rights offering. The moves comes in connection with the creation of Englewood, Colorodo-based Liberty Interactive’s new Liberty Ventures tracking stock. Subscription rights to purchase the shares of Liberty Ventures Series A common stock are priced at $35.99 a share, Liberty Interactive sated, and the rights offering will begin on Wednesday, coinciding with the beginning of Nasdaq trading in the Series A rights beneath the symbol LVNAR, andit will expire Oct. 9 at 5 p.m. Eastern time, unless extended.
Titan Machinery Inc. (NASDAQ:TITN) backs FY13 revenue totalling $1.95 billion to $2.1 billion, consensus $2.02 billion. Shares of Titan Machinery Inc. are trading 21.85% lower today.
Peregrine Pharmaceuticals (NASDAQ:PPHM) reports its Q1 revenue totalling $4.25 million, consensus $3.96 million. Shares of Peregrine Pharmaceuticals are trading 9.33% higher today.
Geron Corporation (NASDAQ:GERN) announced that, due to an unplanned interim analysis, it will discontinue its randomized Phase 2 study of imetelstat in metastatic HER2-negative breast cancer since median progression-free survival, or PFS, in the imetelstat arm was shorter than in the comparator arm. Furthermore, the Company announced that it will continue its randomized Phase 2 study of imetelstat in advanced non-small cell lung cancer, or NSCLC. However, although a separate interim analysis of the NSCLC study indicated a modest trend of efficacy in favor of the imetelstat arm, the pre-specified success criteria in this trial will probably not be reached, causing it to be doubtful that Geron will take imetelstat forward into Phase 3 development for NSCLC. Shares of Geron Corporation are trading 56.38% lower today.
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