Acuray Incorporated, Inc. (NASDAQ: ARAY) is up 9.92% premarket to $6.87, relative to a 52-week range of $5.36-$7.75.

BSD Medical corporation (NASDAQ: BSDM) is down 5.35% to $5.00, losing some ground after a massive gain yesterday.

Cypress Bioscience (NASDAQ: CYPB) is up 13% on very heavy volume to $6.47 relative to a 52-week range of $2.06-$6.28. It was just announced that the stock would be purchased by Ramius LLC.

Joy Global Inc (NASDAQ: JOYG) is up 5.35% to $84.50, relative to a 52-week range of $42.45-$81.85.

ATC Technology Corporation (NASDAQ: ATAC) is trading up after the firm announced a definitive merger to be acquired by GENCO Distribution System for $25.00 per share in cash in a deal worth more than $500 million.  Shares are trading up 40% at $24.47 on under 100,000 shares.

BP plc (NYSE: BP) managed to hold the cap on the well and the firm has approval for another day of capped pressure tests, although government pressure has shares lower by over 2% this morning in early trading.

Cypress Biosciences, Inc. (NASDAQ: CYPB) is soaring after Ramius offered to acquire Cypress Bio for $4.00 per share in cash.  The market cap was only $96 million before this offer.  Shares are up almost 40% but at $3.46 on active volume.

Google Inc. (NASDAQ: GOOG) was defended by Barron’s after a big drop Friday.  Barron’s said in its cover story that shares are perhaps 35% undervalued.  Shares are trading up almost 1% around the $463 handle.

PetMed Express Inc. (NASDAQ: PETS) did not make the grade on its earnings report.  Shares are down 17% at $14.60 on only about 25,000 shares.

VIVUS, Inc. (NASDAQ: VVUS) is weak again after a 55% drop on Friday.  Shares are indicated down almost 1% at $5.36 on relatively thin volume.

JON C. OGG

American Express (AXP) Cut to Underweight at JPMorgan.
Atmel (ATML) Cut to Market Perform at FBR.
Blackstone (BX) Cut to Market Perform at KBW.
China Telecom (CHA) Cut to Sell at Citigroup.
Cypress Bioscience (CYPB) Cut to Perform at Oppenheimer.
Hewlett-Packard (HPQ) Started as Outperform at RBC.
Silicon Laboratories (SLAB) Cut to Market Perform at FBR.
UBS (UBS) Cut to Underperform at KBW.
Williams-Sonoma (WSM) Cut to Underweight at Barclays.

JON C. OGG

• Brookfield Asset Management (BAM) Started as Buy at TD.
• Cephalon (CEPH) Started as Buy at Piper Jaffray.
• Cypress Bioscience (CYPB) Started as Buy at Piper Jaffray.
• FuelCell Energy (FCEL) Started as Overweight at Thomas Weisel.
• Kroger (KR) Raised to Neutral from Underweight at JPMorgan.
• Safeway (SWY) Raised to Neutral from Underweight at JPMorgan.
• Xenoport (XNPT) Started as Buy at Piper Jaffray.

Jon C. Ogg
December 16, 2008

• Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY) is enjoying upgrades after a positive earnings release Thursday. The company’s partnership with Swiss drug maker Roche on RNA-interference drugs drove its fourth quarter profit. RNA-interface drugs work by turning off genes that cause illnesses. The prospect of more deals and partnerships in the future is driving up the stock, up over 7% at mid-day to $32.61. The 52 week range is $14.87 to $37.35.
• Ariad Pharmaceuticals Inc. (NASDAQ: ARIA) down almost 6% at mid-day despite improved financial results and positive guidance. The stock is trading at $3.14 at mid-day on thin trading volume.
• Cephalon Inc. (NASDAQ: CEPH) paid lobbyist group Capitol Decisions $80,000 to push their drug for alcoholism, Vivitrol. Along with a downgrade and resignation of executive VP, John Osborn, the stock is down 7% to $59.08 at mid-day, a new 52 week low. The 52 week range is $62.93 to $84.83.
• Business Week’s "Inside Wall Street" has a note today on Cypress Bioscience (NASDAQ: CYPB) showing hedge fund interest based upon the future of its treatment for fibromyalgia that is in Phase III studies.  It lists the drug candidate as having $1 billion potential sales, or the blockbuster drug category, although shares are essentially flat today at $8.38.
• GTC Biotherapeutics Inc. (NASDAQ: GTCB) announced plans to raise $6 million to fund day-to-day operations by issuing new stock at $0.87 per share. Their lead drug, ATryn, an anti-clotting drug, is currently in clinical trials. Shares down at $0.76 mid-day.
• InterMune, Inc. (NASDAQ: ITMN) was down over 3% at mid-day to $15.81 after fourth quarter losses.

This week we also noted how many of the stocks that are involved in stem cell research may be the winners of this week’s Super Tuesday presidential primaries over the long haul.

Rachel Lopez
February 8, 2008

Milnacipran is the first of a new class of agents known as norepinephrine serotonin reuptake inhibitors, or NSRIs, which exerts its effect by preferentially inhibiting the reuptake of norepinephrine over serotonin, two neurotransmitters known to play an essential role in regulating pain and mood. It has been approved for the treatment of depression in over 32 countries and has been used safely by more than 5 million patients during more than seven years of commercial availability outside the U.S. Milnacipran is being developed for fibromyalgia in the United States market jointly by Forest and its licensor, Cypress Biosciences, Inc.

FMS is chronic and debilitating with widespread pain and stiffness throughout the body, accompanied by severe fatigue, insomnia and mood symptoms.  FMS is estimated to affect over six million people in the United States alone.  Despite the high prevalence and severity of this syndrome, there are no treatments specifically approved for FMS in the United States or elsewhere and the addressable patient population is not yet well established.

Since this is a new indication, this one could go far beyond what Cypress and Forest were originally targeting.  The population base and widespread number of potential patients make this even morelucrative if the results turn out to be as they initially look.

Cypress-CYPB is trading up 110% at $17.75 to highs not seen since 2001 (market cap may be close to $600M now after the jump) and Forest-FRX is even trading up 9% at $56.70 in pre-market trading (FRX has a $16.5 Billion market cap before the pop).

Jon C. Ogg
May 23, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.