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Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) stock gained more than 7 percent in reaction to the clinical-stage biopharmaceutical company's announcement on Tuesday of a development and commercialization agreement in China. The company said it has reached an exclusive licensing agreement with China's Everest Medicines Limited to develop and commercialize its eravacycline therapy in mainland China, Taiwan, Hong Kong, Macau, South Korea, and Singapore.

Pandora Media Inc (NYSE: P) was trading lower by 3 percent. The streaming music provider is scheduled to report its fourth quarter results after the market close. Analysts are modeling the company to lose 8 cents per share on revenue of $376.33 million.

Evofem Biosciences Inc (NASDAQ: EVFM) gained 6 percent after the clinical-stage specialty pharmaceutical company announced in FDA update. The company said the FDA granted a Fast Track designation for Amphora, a vaginal gel for the prevention of urogenital chlamydia in women.

Advance Auto Parts, Inc. (NYSE: AAP) gained more than 10 percent after the provider of automotive aftermarket parts reported its fourth quarter results. The company earned 77 cents per share in the fourth quarter on revenue of $2.04 billion, while Wall Street analysts expected the company to earn 63 cents per share on revenue of $2.02 billion.

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