The markets opened up slightly higher this morning before pulling back slightly, following some key economic data releases. Jobless claims were released at 8:30 AM ET, and net claims came in at 234K, while the consensus estimate was 237K. Additionally, International Trade in Goods data was released for the month of April 2017, balance came in at -$67.6B, while the consensus estimate was $64.6B. Imports rose by 0.7%, while exports contracted by 0.9%. Enough with economic data. There are some stocks moving, and here are some small cap stocks to watch today.
Aeries Pharmaceuticals Inc (NASDAQ: AERI) shares opened up over 40% higher, after the company reported the successful primary efficacy results for the company’s Phase III Mercury 2 registration trial last night. The company believes that if its Roclatan eye drops prove to be safe in its ongoing clinical trial, it would look to apply for the U.S. FDA review in the first half of 2018.
According to Aeries Pharma Chairman and CEO Dr. Vicente Anido, “With this positive Mercury 2 data, we now have two successful pivotal trials for Roclatan™. The topline efficacy results demonstrated in Mercury 2 are consistent with Mercury 1, confirming the potential for Roclatan™ to become the most efficacious IOP-lowering therapy to enter the market, if approved. Now that the efficacy results for both Mercury 1 and 2 have proven successful, and if the Mercury 1 12-month safety results are also successful, we expect to submit our Roclatan™ NDA (new drug application) in the first half of 2018.”
Check out AERI on the five-minute chart below.
Costamare Inc (NYSE: CMRE) started the day down just over 9%. The stock’s drop was attributed to its announcement of its public offering of common stock last night. CMRE announced its plans to offer 12.5M shares of its common stock, and member of the Konstantakopoulos family, who own a majority of the shares of common stock, collectively, indicated they intended to purchase around $10M worth of shares in the offering. As of May 24, 2017, the company had 36.46M shares floating and 86.37M shares outstanding.
Take a look at CMRE on the 15-minute chart.
Corium International Inc (NASDAQ: CORI) shares opened down over 9%, after the company announced the pricing of its follow-on public offering of 5.6M shares of common stock at an offering price of $6.25M. The expected gross proceeds to CORI is estimated to be around $35M.
Take a look at CORI on the five-minute chart.