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AQXP

Aquinox

$2.73

-0.17 (-5.86%)

12:42
07/10/18
07/10
12:42
07/10/18
12:42

Aquinox fallls after disclosing restructuring plan, charge

Aquinox disclosed in a filing last night, that on July 3, the Compensation Committee of the Board of Directors of Aquinox Pharmaceuticals, approved a restructuring plan to reduce operating costs and better align the company's workforce with the needs of its business following the June 27 announcement that its Phase 3 LEADERSHIP 301 clinical trial evaluating once-daily, oral rosiptor for the treatment of interstitial cystitis/bladder pain syndrome failed to meet its primary endpoint. The company has halted all further development activities with rosiptor. Under this plan, the company reduced its workforce by 30 employees and closed its office in San Bruno, California. Affected employees are eligible to receive severance payments and outplacement services. Employee severance benefits are contingent upon an affected employee's execution of a separation agreement, which includes a general release of claims against the company. In connection with the restructuring, the company estimates that it will incur aggregate restructuring charges of approximately $2.5M related to one-time termination severance payments and other employee-related costs and the shut-down of its San Bruno office. The majority of the cash payments related to the personnel-related restructuring charges will be paid during the third quarter of 2018, with the remainder to be paid during the fourth quarter of 2018. The charges that the Company expects to incur in connection with the workforce reduction is subject to a number of assumptions, and actual results may differ materially. The company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction. Shares of Aquinox are down 5.5% in afternoon trading.

  • 12

    Jul

AQXP Aquinox
$2.73

-0.17 (-5.86%)

06/28/18
ADAM
06/28/18
DOWNGRADE
ADAM
Hold
Aquinox downgraded to Hold from Buy at Canaccord
06/28/18
NEED
06/28/18
DOWNGRADE
NEED
Hold
Aquinox downgraded to Hold from Buy at Needham
Needham analyst Alan Carr downgraded Aquinox to Hold from Buy after the company's Phase 3 trial of rosiptor in Interstitial Cyrstitis failed to demonstrate efficacy, with no evidence of activity at any point or within any subset of patient subset. The analyst notes that the management is planning to evaluate its strategic options and willl await an update on its corporate strategy.
06/28/18
ADAM
06/28/18
DOWNGRADE
Target $3
ADAM
Hold
Aquinox downgraded to Hold after trial failure at Canaccord
As reported previously, Canaccord analyst Arlinda Lee downgraded Aquinox to Hold from Buy following its announcement that its lead drug candidate rosiptor failed to show benefit in a Phase 3 trial in bladder pain syndrome/interstitial cystitis. Given that rosiptor development is being ceased, Lee lowered the price target on Aquinox shares to $3 from $22.
06/28/18
06/28/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AeroVironment (AVAV) downgraded to Hold from Buy at Stifel with analyst Joseph DeNardi citing valuation, but he continues to maintain a positive bias on the stock. 2. Beacon Roofing (BECN) downgraded to Sector Perform from Outperform at RBC Capital with analyst Michael Eisen saying he sees a threat to consensus estimates based on the higher oil price and freight costs amid declining industry demand. 3. Green Plains (GPRE) downgraded to Equal Weight from Overweight at Stephens with analyst Farha Aslam stating that its restructuring plan is a long-term positive, but in the near-term the company may be "forced to cut muscle." 4. Mattel (MAT) downgraded to Underperform from Neutral at DA Davidson with analyst Linda Bolton Weiser noting that the stock price has risen 29% from its April low even though the company's fundamentals have not improved. 5. Aquinox (AQXP) downgraded to Hold from Buy at Needham with analyst Alan Carr noting that the company's Phase 3 trial of rosiptor in Interstitial Cyrstitis failed to demonstrate efficacy, with no evidence of activity at any point or within any subset of patient subset. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here

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