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Featured in today's hot stocks to watch list are a number of biotech companies providing promising updates on cancer treatments, a casual food chain soaring on robust sales, and a penny stock shipping company surging some 80% on a new eco-friendly fleet.
Take a look at 12 of Tuesday's hot stocks to watch, and find out what's behind their moves.
12 Hot Stocks to Watch Today
Aeroflex Holding Corp. (NYSE: ARX) starts off today's list of hot stocks to watch. The Plainview, N.Y. maker of wireless communication products for space, avionics, medical markets, and more is being acquired by British aerospace and defense supplier Cobham for $1.46 billion, or $10.50 a share. With the purchase, Cobham continues its quest for more commercial customers as its main defense clients continue to cut spending. ARX shares soared more than 25% to a 52-week high of $10.44.
Clovis Oncology Inc. (Nasdaq: CLVS) shares jumped more than 6% to $61.70 after the biotech company received U.S. Food and Drug Administration breakthrough therapy designation for CO-1686. The drug is used for the second-line treatment of EGFR-mutant small-cell lung cancer in patients with the T790 mutation. Patrick J. Mahaffy, president and chief executive officer (CEO) of Clovis, said the designation is "well-timed" and comes as "we are initiating our registration studies and preparing to submit our initial New Drug Application (NDA) by mid-2015."
Dendreon Corp. (Nasdaq: DNDN) shares soared 11% to $2.45 on brisk volume. Before noon, more than 4.5 million shares changed hands, nearly twice the stock's average daily volume. Behind the action was a report from the biotech company announcing positive data from Provenge, used to treat prostate cancer. Chief Medical Officer Andrew S. Sandler, M.D. said the data shows the "important role immunotherapy (like Provenge) plays in prescribing practices of urologists and oncologists" and may improve outcomes for patients.
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