Vitae Pharmaceuticals Inc (NASDAQ:VTAE) shares are up nearly 17%, and earlier hit a record high of $12.00, after the company announced positive top-line results from clinical trials in the treatment and prevention of Alzheimer's disease. The two Phase 1 trials studied BI1181181/VTP-37948, an orally active beta secretase (BACE) inhibitor discovered by Vitae Pharmaceuticals Inc (NASDAQ:VTAE) and developed by privately-held Boehringer Ingelheim. Results showed a greater than 80% reduction of cerebral spinal fluid amyloid beta levels, an Alzheimer's Disease biomarker. Based on the results of both trials, Boehringer Ingelheim expects to initiate additional Phase 1 studies, including a multiple rising dose trial which is expected to complete in the first half of 2015. VTAE last traded at $10.10 with a new 52-week range of $5.41 - $12.00.Pandora Media Inc (NYSE:P) shares slumped Friday, after the Internet-radio provider late Thursday reported weaker-than-expected growth in listeners, even as its Q3 results and Q4 guidance exceeded analysts' expectations. Pandora Media Inc (NYSE:P) was down 13% at $20.23 in recent trading shortly after Friday's open, near the lower end of the 52-week range between $19.91 and $40.44. Late Thursday, in its Q3 report, the company said its listener hours rose 25% to 4.99 billion in the quarter while active listeners rose 5.2% to 76.5 million. According to Reuters, analysts polled by market research firm StreetAccount had expected listener hours to reach 5.02 million and active listeners to reach 76.7 million.Adding to investors' disappointment, on a conference call with investors after the results were released late Thursday, Pandora said it doesn't expect listener hours and active listeners to grow at the same pace as before. Pandora reported Q3 adjusted EPS of $0.09, a penny ahead of the analyst consensus on Capital IQ. Revenue was $239.6 million, vs. expectations of $238.9 million. For Q4, the company expects revenue of about $273 million to $278 million, vs. the Street view of $272.7 million. It sees Q4 EPS at $0.17 to $0.19, vs. expectations of $0.17 per share.AMC Networks Inc (NASDAQ:AMCX) edged up Friday morning after the U.S. cable television programmer said it signed a long-term partnership, under which it will invest $200 million to acquire a 49.9% stake in cable television channel BBC America. Based on the terms of the deal, AMCX will take operational control of BBC America, including affiliate and advertising sales, as it plans to consolidate the results of the joint venture in its financial statements. In Friday's morning session, AMC Networks Inc (NASDAQ:AMCX) was up 0.4% at $58.68, with a 52-week range of $52.73 - $78.39.
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