In this report: Soligenix Inc. (OTCBB:SNGX), YRC Worldwide (NASDAQ:YRCW), Patriot Coal (NYSE:PCX).
Soligenix Inc. (OTCBB:SNGX) is trading more than 1.7 percent lower today after the company was downgraded by an analyst at Brean Murray from a ‘Buy’ rating to ‘Hold’. The downgrade was made in a research note issued to investors on Friday. Soligenix fell by more than 79 percent during trading on Thursday after the company announced that an ‘independent Data Safety Monitoring Board (DSMB) recently completed a pre-specified interim analysis for safety and futility for Soligenix’s confirmatory Phase 3 clinical trial of orBec® an oral formulation of beclomethasone dipropionate (BDP) in acute gastrointestinal Graft-versus-Host disease (GI GVHD)’. The DSMB went on to recommend that the study be stopped due to the unlikelihood of achieving the primary objective of the test.
YRC Worldwide (NASDAQ:YRCW) is trading by more than 64 percent lower today after the company completed a financial restructuring that has essentially wiped out any shareholder equity. The company will raise $100 million in new capital due to the financial restructure which will see the company merge into a newly formed subsidiary. The decision was made after a meeting between a group of lenders, bondholders and labor union members on Friday which seen them take control of the U.S. trucker.
Patriot Coal (NYSE:PCX) is trading by more than 9.8 percent lower today after the company announced that it expects coal costs to increase as it sees production drop by about 450,000 tons in the third quarter. The company has seen a slowdown in production at its Federal and Panther mines in West Virginia due to ‘geological issues’. The company had previously forecast that the average cost per ton at its Appalachia mines would be somewhere in the mid $70 range but the company now says that cost is expected to be around several dollars higher. Patriot Coal currently trades at $12.92 a share.
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