Morning Buzz: ImmunoCellular Therapeutics Ltd (IMUC), Merrimack Pharmaceuticals (MACK), Lipocine Inc (LPCN), Avanir Pharmaceuticals (AVNR)

Shares of ImmunoCellular Therapeutics Ltd (IMUC) are up almost 14% to $1.03 in pre-market trading Wednesday after the company announced that it has established a licensing agreement with the California Institute of Technology (Caltech) for exclusive rights to novel technology for the development of certain antigen specific T-cell immunotherapies for the treatment of cancer.

Andrew Gengos, ImmunoCellular Chief Executive Officer, said in a press release that “The Baltimore et al. novel approach to generating antigen-specific T-cells for cancer therapy has potential advantages over other T-cell therapeutic approaches. Our goal is to generate a first clinical candidate from this new discovery platform, and expand our existing dendritic cell expertise into the adjacent fields of stem cells and T-cells.”

IMUC, currently valued at $55.25M, has a median Wall Street price target of $3.50 with a high target of $4.00.

In the past 52 weeks, shares of Calabasas, California-based firm have traded between a low of $0.65 and a high of $4.00. Shares are down 66.48% year-over-year and 2.16% year-to-date.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

Merrimack Pharmaceuticals Inc (MACK) is a big mover this pre-market session, as its shares are up nearly 26%. The surge came after the biotechnology company announced an exclusive license and collaboration agreement with Baxter International (BAX) that includes an upfront payment of $100 million. Through the agreement, Merrimack gains exclusive commercialization rights for its pancreatic cancer treatment in the U.S., while Baxter will have exclusive rights outside the U.S. and Taiwan. Marrimack sait it will also be eligible to receive $120 million in regulatory milestone payments related to the first pancreatic cancer indication as these milestones are achieved, and $280 million in development and regulatory milestone payments for a second pancreatic cancer indication.

Merrimack shares recently traded to $7.19. In the past 52 weeks, shares of Cambridge, Massachusetts-based company have traded between a low of $2.05 and a high of $8.25. Shares are up 88.22% year-over-year and 34.87% year-to-date. Currently, there are 3 analysts that rate MACK a ‘Strong Buy’ and 4 that rate it a ‘Buy’. No analysts rate it a ‘Sell’.

Ticker has a median Wall Street price target of $14.00 with a high target of $16.00.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

Shares of Lipocine Inc (LPCN) are up almost 5.36% to $5.50 in pre-market trading Wednesday following an announcement that the company will host a conference call and webcast tomorrow, September 24, 2014 at 8:45 a.m. Eastern time to discuss top-line results from its Study of Oral Androgen Replacement (“SOAR”) pivotal Phase 3 clinical study. Lipocine said it plans to issue a press release detailing top-line results tomorrow prior to the conference call.

In the past 52 weeks, Salt Lake City, Utah-based LPCN has traded between a low of $4.77 and a high of $11.33, which is almost 138% above that low price. Over the past 5 trading sessions however, the stock has declined 31.68%. Ticker is down 73.90% year-over-year and 36.73% year-to-date.

The chart below shows where the stock has traded over the last year, with the 50-day and 200-day moving averages included.

Avanir Pharmaceuticals, Inc. (AVNR), currently valued at $1.94B, is trading 4% higher this morning after the company announced the pricing of a public offering of 18,200,000 shares of its common stock in an underwritten public offering at a price to the public of $11.00 per share, before underwriting discounts. In a press release AVNR said J.P. Morgan (JPM), Deutsche Bank Securities (DB) and Bank of America (BAC) are acting as joint book-running managers for the offering. Piper Jaffray and JMP Securities are acting as co-managers for the offering.

Aavanir Pharmaceuticals shares have a t-12 price-to-sales ratio of 18.53. EPS is ($0.47). Currently there is one analysts that rates AVNR a ‘Strong Buy’ and 4 that rate it a ‘Buy’. No analysts rate it a ‘Hold’ or a ‘Sell’. AVNR has a median Wall Street price target of $16.00 with a high target of $17.00.

In the past 52 weeks, shares of Aliso Viejo, California-based company have traded between a low of $2.62 and a high of $13.09 and are now at $11.70. Shares are up 160% year-over-year and 236.61% year-to-date.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

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