Array BioPharma (NASDAQ:ARRY) was up more than 9% in pre-market trade after reporting positive study results for its asthma treatment. The company said, ARRY-502, an oral CRTh2 antagonist, was studied in a 184-patient placebo-controlled, randomized, double-blind Phase 2 trial in mild to moderate persistent allergic asthma, a population representing more than 12 million patients in the U.S.
ARRY-502 met the primary endpoint in the trial, showing improved pre-bronchodilator Forced Expiratory Volume in one second (FEV1), a measure of lung function, by 3.9% versus placebo, achieving statistical significance (p=0.02). FEV1 responses for the total cohort were statistically significant on a week by week basis. Array BioPharma (NASDAQ:ARRY) also said secondary efficacy endpoints achieved statistical significance.
SolarCity (NASDAQ:SCTY) was lower nearly 3% in recent pre-market trade after saying its earnings in 2012 and 2013 will be restated due to an error made in the overhead expenses in Q112. The provider of solar energy said the error was found in the formula for allocating overhead expenses between operating lease assets and the cost of solar energy system sales.
As of Sept. 30, 2013, GAAP is expected to be downward adjusted by approximately 2.5%-3.0% on the balance sheet primarily in Solar Energy Systems, Leased and to Be Leased. It also expects an increase in the cost of Solar Energy Systems sales of approximately $16 million to $20 million on the nine-month statement to Sept. 30, and an increase of approximately $20 million to $23 million to the same line item for FY12. It said it is evaluating the impact on 2011. The error will have no impact on net cash flows and will have no impact on key operating metrics already reported.
Nu Skin Enterprises (NYSE:NUS) shares were down 9% in pre-market trade Monday after it reported both Q4 revenue and Q1 guidance that fell short of the Street view. For Q1 2014, the company estimates revenue growth of 20% to 24%, or $650 to $670 million in revenue, and earnings of between $0.90 to $0.94. But the Street called for revenue of $755 million and Q1 earnings of $1.22 per share, according to Capital IQ estimates.
Nu Skin (NYSE:NUS) reported Q4 revenue of $1.056 billion, an 82% improvement over the prior-year period. Revenue was negatively impacted 4% by foreign currency fluctuations. Earnings per share for Q4 were $2.02, a 108% year-over-year improvement. The Street expected Q4 revenue of $1.069 billion and earnings of $1.98 per share, according to Capital IQ estimates. Nu Skin Enterprises, Inc. (NYSE:NUS) also today declared a 15% increase in its quarterly cash dividend to $0.345 per share, compared to the previous dividend of $0.30 per share.