Horizon Pharma Surrenders Some Early Gains After Q2 Beat And Raise

Horizon Pharma PLC HZNP shares are trading higher by 60 cents (5.6 percnet) at $13.30 in Monday's session.

The catalyst for the rally is a Q2 EPS beat of 31 cents along with a sales beat of $52.50 million. The company raised its FY 2017 guidance for net sales and adjusted EBITDA.

Immediately following the report, Horizon hit $15.50 in pre-market trading, but has come nowhere near that level in the regular session. After a higher open, it rallied only another 9 cents to $14.05 and reversed course.

So far, the ensuing decline has found support ahead of the top of Friday's range ($12.70) as $13.03 stands as the lows for the session as of 11:00 a.m. EST.