Diamonds and Dogs
9/23/14Galmed Pharmaceuticals Ltd. (GLMD)
Galmed is trading in the green today, up 43.21% to $9.28. The pharmaceutical company which focuses on liver diseases and cholesterol gallstones saw its shares jump after news that the FDA approved a fast track designation of their drug, Aramchol. The fast track designation means that the FDA will expedite its review of Aramchol, which treats Non-Alcoholic Steato-Hepatitis (NASH). There are currently no drugs to treat NASH, and Galmed expects to start its Phase IIb trials later this year. Shares of Galmed climbed as high as $11.48 today, but still remain under their 52-week high of $18.73.
Ascena Retail Group Inc. (ASNA)
Ascena Retail is scaring its investors today, down 16.70% to $13.77. The apparel retailer for women and teens saw its shares plummet after announcing a decline in earnings year-over-year. For the fourth quarter Ascena management reported a net income of $15.7 million or $0.10 per share. Last year, net income came in at $29.8 million or $0.19 per share. The company also released its full year earnings guidance at $0.90-$1.00 per shares, which is well below the analysts' estimates of $1.24 per share. Ascena stated that decline was due to "challenging tween market conditions." Shares of Ascena hit a new 52-week low of $13.60 intraday.