Small-Cap Snapshot: Pain Therapeutics shares sink after FDA rejects its non-opioid pain treatment

Pain Therapeutics Inc (NASDAQ:PTIE) was a top decliner after the US Food and Drug Administration rejected its non-opioid pain treatment. The FDA’s Complete Response Letter said that the benefits of the drug, which was designed to be a deterrent to opioid abuse, did not outweigh the risks. CEO Remi Barbier said it was a “bizarre conclusion to reach, especially during a time of staggering human and economic toll created by opioid abuse and addiction,” in a press release.

Shares of Pain Therapeutics fell more than 35% to US$1.52.

Allot Communications Ltd (NASDAQ: ALLT) shares were on the rise after receiving an analyst upgrade. Needham lifted the shares to a Buy from a Hold with a price target of US$6.35. The Israeli tech company is a software-as-a-service company providing network intelligence and security solutions.

Shares of Allot were up more than 6% to US$5.59 in Monday morning trading.

READ: Needham upgrades Allot Communications shares to Buy, sees profitability by 2019

SeaWorld Entertainment Inc (NYSE:SEAS) was a top gainer after swinging to a profit in its second-quarter results after a rise in attendance. The marine theme park welcomed 6.4 million guests, ahead of analyst estimates of 6 million. The attendance boost comes in spite of the park being called out by animal activists for its alleged mistreatment of the sea animals, specifically the orcas in captivity.

Shares of SeaWorld jumped nearly 14% to US$24.02.

Restoration Robotics Inc (NASDAQ:HAIR) saw its shares fall double digits after announcing a proposed public offering of common stock. The hair restoration company plans to offer up to US$25mln worth of its shares. The proceeds will be used to expand commercialization efforts and to launch its ARTAS iX system, a hair restoration system that operates through the use of robotics and artificial intelligence.

Shares of Restoration Robotics were down nearly 30% to US$2.05.

Story by ProactiveInvestors