TetraLogic Pharmaceuticals (TLOG) shares are up more than 19% in early trading Monday after the clinical-stage biopharmaceutical company, said it has partnered with Merck (MRK) to study combination therapy to treat solid tumors.
The stock recently changed hands at $4.87, slightly below a session high of $5.29. The 52-week range is $3.51 – $6.86. Merck is up 1.6% at $57.83 and has a spread of $52.49 – $63.62. The Phase 1 study will evaluate the safety and efficacy of birinapant, TetraLogic’s SMAC-mimetic, in combination with KEYTRUDA, MRK’s anti-PD-1 therapy, in patients with relapsed or refractory solid tumors.
The study is expected to begin in late 2015. Under the terms of the agreement, TLOG will sponsor and fund the study and MRK will provide KEYTRUDA. The companies have formed a Joint Development Committee to collaboratively oversee the conduct of the study. Results from the study will be used to determine the path for further clinical development of the combination.
“Both molecules are designed to help the body’s immune system better attack cancer cells, and we think the combination could be very promising,” said Kevin Buchi, President and Chief Executive Officer of TLOG.
Hasbro (HAS) shares jumped to a fresh lifetime high Monday morning after the toy and board-game maker reported Q1 financial results that handily beat analysts’ expectations. Shares were up 7.5% in recent trading at $70.85, after earlier climbing to their new high of $71.62. The stock’s previous 52-week high was $66.32.
The company posted Q1 net income of $26.7 million, or $0.21 per diluted share, compared with the prior-year period’s $32.1 million, or $0.24 per diluted share. The prior-year period included $0.10 per share in favorable tax adjustments. Analysts polled by Capital IQ were expecting EPS of $0.08 for the latest quarter.
Revenue was $713.5 million, up from $679.5 million in the same quarter last year and surpassing analysts’ mean estimate for revenue of $660.3 million. The company said the continued growth momentum in the quarter was led by its Entertainment and Licensing Segment, with net revenue rising 74% to $60.6 million. Segment growth was driven by Franchise Brands, particularly the increase in license revenue from My Little Pony and Transformers during the 2014 holiday period. Hasbro also cited underlying strength in demand across international markets, including the emerging markets.