Tag - :LJPC

U.S. stocks are trading lower across all indices following news of a sell-off in China

At 10:10 a.m. ET the Russell 2000 was down 2.05 points, or 0.24 percent, to 835.48.  Dow Jones Industrial Average was down 19.18 points, or 0.14 percent, to 13,502.16.

The Shanghai Composite Index lost 6.5% on Wednesday, its worst performance since the fall of 8.8% on Feb. 27 that sent shockwaves through the world’s markets.

The sell-off was triggered when China’s Ministry of Finance decided to triple a trading transaction fee to 0.3% from 0.1% in order to cool the booming stock market.

China’s stock market has nearly quadrupled in the past 18 months, and nearly 300,000 brokerage accounts are being opened daily, leading to fears that speculation is creating bubble.

The following were the most actively traded companies in Wednesday's trading among those with market capitalizations under $500 million:

Shares in Bioenvision, Inc. (Nasdaq: BIVN) are trading heavily in pre-market activity on news the New York City-based biopharmaceutical company agreed to be acquired by Genzyme Corp. (Nasdaq: GENZ). Genzyme Corp. announced Tuesday morning it agreed to buy Bioenvision for $5.60 per share, or approximately $345 million in cash. The offer is 6.7% above Friday’s closing price, but only $0.01 above Tuesday’s closing price. By purchasing Bioenvision, Genzyme will gain exclusive rights to the leukemia drug clofarabine. Genzyme said in a statement it is looking to broaden the use of clofarabine, which is used to treat children with acute lymphoblastic leukemia who have had relapses or failed other treatment.

In pre-market trading, shares in Stratagene Corp. (Nasdaq: STGN) are down $0.01 to $10.84 on Tuesday evening news the company received a notice of a writ of summons filed by Applera Corp. (Nasdaq: ABI). Applera, the Norwalk, Conn.-based biotechnology company, alleges Stratagene, the La Jolla-Calif.-based biotechnology company, infringed upon Applera’s patents in The Netherlands, France and other European countries, according to StreetInsider.com.

Cell Therapeutics, Inc. (Nasdaq: CTIC) shares are down $0.10 to $4.92 in pre-market trading. The Seattle-based developer of cancer-fighting drugs announced after the close of trading on Tuesday it will be making a presentation about the lung cancer drug Xyotax at the 43rd American Society of Clinical Oncology Annual Meeting, being held June 1-5 in Chicago.

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million:

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million:

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million:

The following were the most actively traded companies in Thursday's trading among those with market capitalizations under $500 million:

These are the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $500 million:

The following are the most actively traded companies in Thursday's trading among those with market capitalizations under $500 million:

U.S. stocks are little changed this morning following news of a smaller-than-expected rise in durable goods orders in March.

At 9:57 a.m. ET the Russell 2000 was up 0.25 points, or 0.03 percent, to 836.79.  Dow Jones Industrial Average was up 27.22 points, or 0.2 percent, to 13,552.87.

Orders for durable goods increased 0.6% in April, the Commerce Department reported before the opening bell.  That’s below economists’ median estimate of a rise of 1%.  The figures for March were revised upward to 5% from a previously reported increase of 3.7%. 

In other economic news, the number of American worker applying for jobless benefits increased last week.  Jobless claims rose 15,000 to a seasonally-adjusted level of 311,000 during the week ended May 19, the Labor Department said before market open.  Economists were expecting an increase of 17,000.

The following are the most actively traded companies in Thursday's trading among those with market capitalizations under $500 million:

Shares of Chinese gaming technology provider PacificNet Inc. (Nasdaq: PACT) are trading lower on news this morning that the company’s quarterly profit narrowed.  The net income for the three months ended March 31 was $0.31 million, or $0.03 per share, compared with a net income of $0.8 million, or $0.07 per share.  Analyst estimates were unavailable.  The stock is down $0.04, or 1%, to $3.93.

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million:

The Russell 2000 lost big today, while the Dow managed a small rise.  Among specific small cap stocks, QAD Inc. (Nasdaq: QADI) said it expects to report a loss in the first quarter of fiscal 2008, while shares of Source Interlink Companies, Inc. (Nasdaq: SORC) sagged on news of a $1.2 billion media acquisition.

The Russell 2000 lost 7.21 points, or 0.87%, to 822.33.  The Dow Jones Industrial Average added 20.56 points, or 0.15%, to 13,346.78.

Shares of La Jolla Pharmaceutical (Nasdaq: LJPC) rose slightly this morning despite the San Diego-based biopharmaceutical company posting a wider first quarter net loss.

For the first quarter ended March 31, La Jolla reported a net loss of $11.9 million, or $0.36 per share, compared with a net loss of $10.9 million, or $0.33 per share for the 2006 first quarter. The firm has yet to record revenue.

Shares of La Jolla Pharmaceutical Co. (Nasdaq: LJPC) got a boost this morning after the San Diego-based biopharmaceutical company announced it got patent approval covering its lupus drug candidate, Riquent, in Europe and in the People’s Republic of China.

The news is significant in terms of commercial potential for the treatment, according to La Jolla President and CEO Dr. Deirdre Y. Gillespie, because Europe, China and the United States are the world’s largest lupus markets.

The patent grants should also help the company in its talks with potential commercial partners concerning Riquent.

La Jolla Pharmaceuticals has seven issued patents related to Riquent and 12 patent applications pending in the United States. The issued patents also cover the DNA, linkers and platforms that make up Riquent, as well as methods of synthesis and methods of treatment.

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million (at 8:55 ET):

A.G. Edwards initiated coverage of La Jolla Pharmaceutical Co. (Nasdaq: LJPC) today with a “buy” rating.