Aptevo Therapeutics shares more than double on end of drug partnership

Shares of Aptevo Therapeutics Inc. more than doubled late Thursday after the tiny Seattle-based biotech company said it ended a partnership with German biotech company MorphoSys AG for a prostate cancer drug candidate and plans to develop the drug on its own. Aptevo shares soared 134% to $3.11 after hours. Aptevo said it ended a commercialization and development partnership with MorphoSys and plans to advance the drug APVO414 through early-stage clinical trials for the treatment of metastatic castration resistant prostate cancer.

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Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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