Unusual 11 Mid-Day Movers 01/14: CRDC, GRAN, LAB, ETRM Higher; ROSG, MRNA, PEIX, MED Lower
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Cardica (Nasdaq: CRDC) 59.9% HIGHER; the stock appears to be breaking out on technicals today. The $2 level seems to have been an area of resistance and the price hasn't held over this level since May of last year. Volume is very heavy today.
Bank of Granite (Nasdaq: GRAN) 44.7% HIGHER; continuing higher today for the sixth day in a row. Over the last 9 trading sessions, shares of GRAN have surged more than 160%. Volume continues to be very strong. This is clearly a hot momo trade.
LaBranche (NYSE: LAB) 43.9% HIGHER; to sell NYSE designated market maker. Sees a charge of $69.7 million. Raises its buyback authorization from $23.4 million to $100 million. Click here to see the full report.
EnteroMedics Inc. (NASDAQ: ETRM) 37% HIGHER; today announced clinical results from two studies of VBLOC vagal blocking therapy, including additional data from its EMPOWER study in obesity and interim clinical results from its ongoing VBLOC-DM2 ENABLE study in diabetes using the next-generation rechargeable device. For all studies, the Maestro System continues to meet its safety goals, with no therapy-related serious adverse events reported across the various study populations.
Rosetta Genomics Ltd. (NASDAQ: ROSG) 30.4% LOWER; today announced that it has received commitments from certain institutional investors to purchase approximately $5.1 million of securities in a registered direct offering. Rosetta expects to receive net proceeds of approximately $4.5 million after deducting placement agent fees and other offering expenses. Rosetta has entered into securities purchase agreements with these investors pursuant to which Rosetta has agreed to sell an aggregate of 2,530,000 shares of its ordinary shares and warrants to purchase up to 1,265,000 additional ordinary shares. Each unit, consisting of one ordinary share and a warrant to purchase 0.50 of an ordinary share, will be sold for a purchase price of $2.00.
MDRNA, Inc. (NASDAQ: MRNA) 25.2% LOWER; announced today that it has entered into a definitive agreement with investors to raise gross proceeds of $5.5 million through a registered direct offering. Under the terms of the agreement, the Company will sell 5,385,557 shares of its common stock at $1.02125 per share. As part of the transaction, the investors also will receive warrants, with a 5-year term, to purchase 3,500,612 shares of common stock at an exercise price of $1.00 per share. Notably, the stock jumped more than 46% yesterday.
TerreStar Corporation (NASDAQ: TSTR) 21.9% HIGHER; the FCC granted TerreStar Networks, a subsidiary of TerreStar Corp., authority to integrate terrestrial use of TerreStar's 20 MHz S Band spectrum into its next generation mobile wireless network. TerreStar plans to use this authority to enhance coverage, capacity and throughput in its integrated mobile satellite and terrestrial communications network that will provide ubiquitous North American access to voice and data services through conventional wireless devices. Click here to see the full report.
ParkerVision (Nasdaq: PRKR) 20.9% HIGHER; not hearing any company-specific news that would justify today's mid-day move higher. Technicians may be buying the stock in anticipation of a possible crossover of the 50-day smooth moving average.
Pacific Ethanol (Nasdaq: PEIX) 15% LOWER; the stock continues to give back gains today. After rising more than 170% from 1/7-1/12, the stock fell 9% yesterday and is adding onto losses today.
Medifast, Inc. (NYSE: MED) 14.4% LOWER; Barrack, Rodos & Bacine is investigating potential violations of the federal securities laws by Medifast. The investigation focuses on the sustainability of the Company's rapidly growing direct sales distribution channel and the possibility that management made false and misleading statements regarding Medifast's revenues and earnings results and growth potential. Click here for the full report. A release by Medifast in which the company defends itself against Barry Minkow's Fraud Discovery Institute has failed to buoy the stock this afternoon.
Cell Therapeutics, Inc. (NASDAQ: CTIC) 12.7% LOWER; today announced that it has entered into an agreement to sell $30 million of shares of its Series 3 Preferred Stock and warrants to purchase shares of its common stock in a registered offering to two institutional investors. Each share of Series 3 Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 823 shares of common stock at a conversion price of $1.21375 per share of common stock, for a total of approximately 24,690,000 common shares. In connection with the offering, the investors received warrants to purchase up to 8,640,000 shares of common stock.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Bank of Granite (Nasdaq: GRAN) 44.7% HIGHER; continuing higher today for the sixth day in a row. Over the last 9 trading sessions, shares of GRAN have surged more than 160%. Volume continues to be very strong. This is clearly a hot momo trade.
LaBranche (NYSE: LAB) 43.9% HIGHER; to sell NYSE designated market maker. Sees a charge of $69.7 million. Raises its buyback authorization from $23.4 million to $100 million. Click here to see the full report.
EnteroMedics Inc. (NASDAQ: ETRM) 37% HIGHER; today announced clinical results from two studies of VBLOC vagal blocking therapy, including additional data from its EMPOWER study in obesity and interim clinical results from its ongoing VBLOC-DM2 ENABLE study in diabetes using the next-generation rechargeable device. For all studies, the Maestro System continues to meet its safety goals, with no therapy-related serious adverse events reported across the various study populations.
Rosetta Genomics Ltd. (NASDAQ: ROSG) 30.4% LOWER; today announced that it has received commitments from certain institutional investors to purchase approximately $5.1 million of securities in a registered direct offering. Rosetta expects to receive net proceeds of approximately $4.5 million after deducting placement agent fees and other offering expenses. Rosetta has entered into securities purchase agreements with these investors pursuant to which Rosetta has agreed to sell an aggregate of 2,530,000 shares of its ordinary shares and warrants to purchase up to 1,265,000 additional ordinary shares. Each unit, consisting of one ordinary share and a warrant to purchase 0.50 of an ordinary share, will be sold for a purchase price of $2.00.
MDRNA, Inc. (NASDAQ: MRNA) 25.2% LOWER; announced today that it has entered into a definitive agreement with investors to raise gross proceeds of $5.5 million through a registered direct offering. Under the terms of the agreement, the Company will sell 5,385,557 shares of its common stock at $1.02125 per share. As part of the transaction, the investors also will receive warrants, with a 5-year term, to purchase 3,500,612 shares of common stock at an exercise price of $1.00 per share. Notably, the stock jumped more than 46% yesterday.
TerreStar Corporation (NASDAQ: TSTR) 21.9% HIGHER; the FCC granted TerreStar Networks, a subsidiary of TerreStar Corp., authority to integrate terrestrial use of TerreStar's 20 MHz S Band spectrum into its next generation mobile wireless network. TerreStar plans to use this authority to enhance coverage, capacity and throughput in its integrated mobile satellite and terrestrial communications network that will provide ubiquitous North American access to voice and data services through conventional wireless devices. Click here to see the full report.
ParkerVision (Nasdaq: PRKR) 20.9% HIGHER; not hearing any company-specific news that would justify today's mid-day move higher. Technicians may be buying the stock in anticipation of a possible crossover of the 50-day smooth moving average.
Pacific Ethanol (Nasdaq: PEIX) 15% LOWER; the stock continues to give back gains today. After rising more than 170% from 1/7-1/12, the stock fell 9% yesterday and is adding onto losses today.
Medifast, Inc. (NYSE: MED) 14.4% LOWER; Barrack, Rodos & Bacine is investigating potential violations of the federal securities laws by Medifast. The investigation focuses on the sustainability of the Company's rapidly growing direct sales distribution channel and the possibility that management made false and misleading statements regarding Medifast's revenues and earnings results and growth potential. Click here for the full report. A release by Medifast in which the company defends itself against Barry Minkow's Fraud Discovery Institute has failed to buoy the stock this afternoon.
Cell Therapeutics, Inc. (NASDAQ: CTIC) 12.7% LOWER; today announced that it has entered into an agreement to sell $30 million of shares of its Series 3 Preferred Stock and warrants to purchase shares of its common stock in a registered offering to two institutional investors. Each share of Series 3 Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 823 shares of common stock at a conversion price of $1.21375 per share of common stock, for a total of approximately 24,690,000 common shares. In connection with the offering, the investors received warrants to purchase up to 8,640,000 shares of common stock.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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