Trader’s Buzz: CytRx (CYTR), Sorrento Therapeutics (SRNE), BroadSoft, Inc. (BSFT), Tesla (TSLA), Aerie Pharmaceuticals (AERI)

Shares of CytRx Corporation (CYTR) are higher by nearly 30% to $4.79 in early trading on Monday after the company announced an interim analysis from its two ongoing phase 1b aldoxorubicin combination studies. The company said the combinations appear to be well tolerated, and even at the lowest dose level of aldoxorubicin, impressive tumor responses have been observed so far in patients with bone cancer.

“I am very excited so far with both the tolerability and activity of these combinations,” said in a statement Dr. Sant Chawla, Principal Investigator and Director of the Sarcoma Oncology Center, Santa Monica, CA. “Our first patient with osteosarcoma treated with ifosfamide plus aldoxorubicin had a PET-demonstrated complete tumor response after only five cycles of the combination that has persisted for over six months.”

Sorrento Therapeutics, Inc. (SRNE) shares surged 9.47% to $11.33 after Monday’s open following news of positive results from recently analyzed pharmacokinetic (PK) data from its TRIBECA registrational trial (10.35 )

Sorrento Therapeutics said data analysis suggests that Cynviloq meets the bioequivalence [BE] criteria for both total and unbound paclitaxel. The ongoing safety assessment from treated patients continues to reveal no unexpected adverse events and the safety data is consistent with the toxicity profile reported in the literature with albumin-bound paclitaxel.

SRNE’s trading volume jumped on the news with the issue currently trading more than 600K shares, compared to the average volume of 296K shares a day.

BroadSoft, Inc. (BSFT) shares climbed 13.44% to $36.68 after the company reported better-than-expected Q1/15 result, beating EPS by $0.07. The telecommunications software company posted earnings of $0.24 per share on revenues of $55.7 million, up about 27% from $43.9 million a year ago. Analysts were expecting EPS of $0.17 on revenues of $54.26 million.

For Q2/15, BSFT provided EPS guidance of $0.24 – $0.36 versus consensus of $0.32 per share. The company also issued revenue projection of $59 – $64 million, compared to the consensus revenue estimate of $61.54 million.

Tesla Motors, Inc. (TSLA) has gained $5.41, or 2.39%, to $231.48 in midday trading on Monday following a report [via Barron’s] from Credit Suisse (CS) analyst Dan Galves. In his report Galves notes that while he doesn’t expect revs/eps from Tesla’s battery business, which was launched last Thursday, to be particularly material over the near-term, the business is “more evolved than we’d thought.”

“Assuming decent success, this secondary business substantially de-risks the gigafactory, the car business, and Tesla’s valuation”, he added.

Aerie Pharmaceuticals, Inc. (AERI) shares are up $1.40, or 14.97%, to $10.77 in midday trading. The move comes on a big volume too with the issue currently trading more than 1.65 shares, compared to the average volume of 897K shares. Not seeing any news or rumors to account for the move.

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