The small-cap indices were on the decline with the Russell 2000 and the S&P 600 seeing slight losses Thursday.
Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) shares doubled after a study of its experimental liver drug showed successful results. Its oral drug MGL-3196 treats non-alcoholic steatohepatitis, sometimes known as the “silent disease” since it is frequently undiagnosed. A build-up of fat in the liver causes inflammation and cell damage. Shares of the Pennsylvania-based pharma company more than doubled to US$246.55.
The Brink’s Company (NYSE:BCO) announced that it will acquire Dunbar Armored Inc, a rival cash-management company, in a US$520mln cash deal. Privately-held Dunbar operates 78 branches in the US and has a fleet of more than 1,600 armored trucks. The company increased its 2019 adjusted EBITDA target to US$685mln from US$625mln, assuming the acquisition is completed by the end of 2018. Shares of the cash transporter jumped more than 12% to US$76.90.
scPharmaceuticals Inc (NASDAQ:SCPH) shares plummeted after the company received a letter from the US Food and Drug Administration about deficiencies in its heart failure drug Furoscix, though the letter did not point out any specific issues. The clinical-stage pharmaceutical company aims to develop in-patient therapy into treatments that can be administered at home. Shares of the Massachusetts biotech fell more than 30% to US$9.54.
Build-A-Bear Workshop Inc (NYSE:BBW) lower-than-expected earnings didn’t give investors that warm and fuzzy feeling, sending its shares falling double digits. The interactive retail stores allow visitors to create their own furry friends, picking out and stuffing their own bears or other animals. The company is hosting a Stuffed With Hugs event where customers can make a stuffed animal free of charge to be donated to the Red Cross for children in need, expecting to give the charity around 7,000 toys. Shares of the St. Louis-based retailer fell more than 10% to US$8.40.