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Oct 29, 2009 - 2:42 PM EDT
Transcept Pharmaceuticals (TSPT) received disappointing news from the FDA regarding the company's New Drug Application for its insomnia treatment. The treatment is intended to help people who have trouble returning to sleep after waking up in the middle of the night. But the FDA was concerned that patients could take the wrong dose with just a few hours until morning, and be left with residual effects that could impair morning driving. Transcept said its next move may be to conduct additional studies focusing on safety concerns. Shares plunged more than 47% on Thursday. Cytokinetics (CYTK) reported its third quarter results, with a net loss of 14 cents per share. The company had lost 33 cents in Q3 of last year. The company focuses its research on the cytoskeleton, a complex biological infrastructure that plays a fundamental role within every human cell. The company is developing one of its drug candidates in collaboration with GlaxoSmithKline (GSK). Shares of Cytokinetics fell 20% in Thursday trading. First Solar (FSLR) posted a third quarter profit of a dollar 79 per share, which is up from a dollar 20 in the same quarter last year, but marked a decline from the prior quarter, when the company earned 2 dollars and 11 cents. Revenue followed the same pattern, up from the same quarter last year, but down from the prior quarter. Shares of First Solar fell 17%. And health club operator Town Sports International Holdings (CLUB) reported a 7 cent loss for the quarter, and said a 4.5% membership decline over the past year will continue to weigh on earnings in the fourth quarter and into next year. Comparable club revenue was down 7% year over year. Shares fell nearly 15%. For MarketNewsVideo.com, I'm Sayoko Murase.Source: Market News Video (Oct 29, 2009 - 2:42 PM EDT)
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