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Stocks Highlights: Joey New York, Inc. (JOEY), Destination Maternity Corporation (DEST), Flex Pharma, Inc. (FLKS)

Joey New York, Inc. (OTCBB:JOEY) was moving on trading-volume of 12,630.00 shares in the recent trading session versus its average trading volume of 16,228 shares. The share price declined -15.00% and reached at $0.085. The market capitalization of the stock remained 1.68 million.

Joey New York, Inc., through its subsidiary, RAR Beauty, LLC, manufactures and markets natural skin care and beauty products in the United States and Internationally. The company operates through The LABB, Aesthetic Beauty Bar; and Joey New York Cosmetics divisions. The LABB, Aesthetic Beauty Bar division provides injectable services, which eliminate unwanted wrinkles by performing Botox and filler injections. The company offers its products under the Joey New York brand. It offers its products through retailers, professional salons, spas, and beauty Websites.

Destination Maternity Corporation (NASDAQ:DEST), so far this trade, showed that 8.42 million shares were exchanged versus the average volume of 80.96K shares. The stock began today’s trade at $3.95 and was recently trading at $4.47, escalating 29.57%. The market capitalization after this change moved to 51.47 million.

Destination Maternity Corporation (DEST) recently announced financial results for the first quarter of fiscal 2018 ended May 5, 2018 compared to the first quarter of fiscal 2017 ended April 29, 2017.



First Quarter Fiscal 2018 Financial Results

  • Net sales for the first quarter of fiscal 2018 decreased 3.0% to $103.2 million from $106.4 million for the first quarter of fiscal 2017, which included $0.8 million related to a change in the method of accounting for gift card breakage.
  • Comparable sales for the first quarter of fiscal 2018 decreased 0.1%.
  • Gross margin for the first quarter of fiscal 2018 was 53.7%, a decrease of 70 basis points from the comparable prior year gross margin.
  • Selling, general and administrative expenses (“SG&A”) for the first quarter of fiscal 2018 decreased 6.8% to $51.9 million. As a percentage of net sales, SG&A decreased 210 basis points to 50.2%.
  • Adjusted EBITDA before other charges was $7.9 million for the first quarter of fiscal 2018, an increase of 24.2% compared to $6.3 million for the first quarter of fiscal 2017.
  • Net income for the first quarter of fiscal 2018 was $0.2 million, or $0.02 per share (diluted), compared to a net loss of $1.1 million, or $0.08 per share (diluted), for the first quarter of fiscal 2017.
  • Adjusted net income for the first quarter of fiscal 2018 was $1.0 million, or $0.07 per share (diluted), compared to the comparably adjusted net loss for the first quarter of fiscal 2017 of $0.7 million, or $0.05 per share (diluted).

In the current trading session, Flex Pharma, Inc. (NASDAQ:FLKS) traded 8.22 million shares versus the average volume of the stock remained 117.08K shares. The 52 week range of the stock remained $1.04 – $8.98. The stock was a bull and increased 47.12%, while its trading price stayed at $1.53. The market capitalization of the stock reached 18.37 million.

Flex Pharma, Inc. (FLKS) on June 13, 2018 announced that the Company is ending its ongoing Phase 2 clinical trial investigations of FLX-787 in amyotrophic lateral sclerosis (ALS) and Charcot-Marie-Tooth (CMT) due to oral tolerability concerns observed in both studies, in a subset of patients being treated, with the oral disintegrating tablet formulation at 30 mg, taken three times a day.




The Company’s Board of Directors and its management are in alignment that the Company’s best path forward to preserve stockholder value is to focus its resources on assessing strategic alternatives, including the potential sale or merger of the Company. The Board has established a Strategic Committee that will work with management to oversee this process. Wedbush PacGrow has been engaged to act as the Company’s strategic financial advisor. There can be no assurance that this process will result in any such transaction and the Company does not intend to disclose additional details unless and until it has entered into a specific transaction.

The Company will continue to operate with a reduced internal team that will focus their efforts on assessing the potential of FLX-787 in dysphagia (difficulty swallowing) and operating the HOTSHOT consumer business while the strategic review is ongoing.

In connection with these decisions, Flex Pharma will restructure its organization to reduce costs, including reducing its workforce by approximately 60 percent. Most of these changes are anticipated to be completed by June 30, 2018. As a result, the Company expects to realize annualized cost savings beginning in the third quarter of 2018. The Company estimates that it will incur one-time costs of approximately $0.8 million to $1.1 million related to the restructuring plan.

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