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 Chesapeake Energy Corp. explained a potential reason for the latest big drop for its beleaguered stock late Tuesday, sending shares higher in late trading. In a news release, the company announced that NGP Energy Capital Management LLC, distributed its 310.8 million shares to the partners of investment funds that NGP manages before the market opened Tuesday. According to FactSet, the 310.8 million shares is the largest stake held in the company at 15.9%, though it lists the owner by a slightly different name, Natural Gas Partners LLC. "Chesapeake continues to strongly believe our current capital and operating program, coupled with the planned 30% reduction in capital expenditures in 2020, will strengthen the financial position of the company for the long term," Chief Executive Doug Lawler said in Tuesday's announcement. Chesapeake shares fell to their lowest prices in more than 25 years on Tuesday, continuing a losing streak that has destroyed its valuation. In late trading, Chesapeake shares gained 7.3% after the announcement.
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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Shares of Amarin Corp. rose about 20% on Nasdaq-leading volume after a Food and Drug Administration committee released documents saying that the company' prescription fish-oil pill Vascepa has a "favorable benefit/risk profile" for a cardiovascular indication. The FDA's Endocrinologic and Metabolic Drugs Advisory Committee is expected to meet Thursday to discuss the company's application for the new indication. Amarin's net product revenue rose 104% to $112.3 million in the third quarter of 2019, up from $55 million in the like-period a year ago. That increase was driven by higher sales of Vascepa, Amarin's only FDA-approved drug. The company also said last week that it plans to double the size of its sales force to 800 from 400 in preparation of a potential FDA approval for the new indication. The FDA action date for approval is Dec. 28. Shares of Amarin are up 41.51% year-to-date, while the S&P 500 has risen 23%.
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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