Tag - Ista

Biocryst Pharmaceuticals Inc. (Nasdaq:BCRX), GHL Acquisition Units (Nasdaq:GHQ.U) and Electro-Optical Sciences Inc. (Nasdaq:MELA) are among the new 52-week highs in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Books-A-Million Inc. (Nasdaq:BAMM), Charlotte Russe Holding Inc. (Nasdaq:CHIC), American Realty Investors Inc. (Nasdaq:ARL), Flamel Technologies (Nasdaq:FLML), Network Equipment Technologies Inc. (Nasdaq:NWK) and Ista Pharmaceuticals Inc. (Nasdaq:ISTA).

Small-cap stocks remained higher into mid-session, supported by gains in gold stocks, banks and homebuilders but the rise was taking place on fairly light volume and in the shadow of Tuesday’s big collapse. At 12:27 p.m. ET, the Russell 2000 (NYSE:IWM) was up 3.29, or 0.74 at 449.06.

Investors continue to sit on their hands waiting for news out of Washington, as hearings on the first tranche of TARP spending take place. In addition, lawmakers still have to piece together the House and Senate versions of the stimulus bill to present to President Obama for signing. And of course, the biggie is to see whether or not the Administration can mount some type of spin control off the disastrous market response to the Treasury Department’s rollout of the bank bail out plan Tuesday.

The big question facing market watchers so far today is whether or not the rise is simply a dead cat bounce from hot money shorts booking profits from Tuesday’s swoon, or if there are legitimate buyers coming in to find bargains and beaten down shares. Light volume and limited ranges tilt the answer toward the dead cat side of the ledger, but it is comforting to see that the Russell held above the late January lows despite a breach from the Dow.

As for sector activity, gold bugs were a happy lot today; gold futures were up over 3% to four-month highs, the Gold and Silver Index was up 7.5% at midday, small-cap gold stock Golden Star Resources Ltd. (AMEX:GSS) built on morning gains to climb 12.5% and big-cap group leader Newmont Mining Corp. (NYSE:NEM) rose 8.4%.

Real estate services shares, homebuilders, insurance brokers and photo product companies were also doing well so far today, sharing the spotlight with diverse financial services firms, regional banks and asset management specialists.

That’s not to say that everything was peaches and cream today; constructional material firms, paper products companies, industrial real estate investment trusts, footwear companies, gas utilities and oil exploration firms were all on the losing side of the ledger. Energy stocks gave back morning gains to slip into the red as crude oil prices slipped off the highs following weekly inventory data that showed a . . .

This year hasn’t exactly been a banner year for specialty pharmaceutical companies that analysts might have forecasted. Year-to-date, the overall sector has seen a measly 2.2% return, compared with 9% in 2006. Small-cap specialty pharmaceuticals returned just 10.1% year-to-date, compared with a ripe 34.4% return in 2006. The last 30 days in particular have shown considerable underperformance, clocking in at -4.1%.

Despite a disappointing 2007, analyst Angela Larson with Susquehanna Financial said that “[a] robust calendar leaves us room for optimism for 2008.” Looking at 2007, the analyst concedes that the low base incurred this year may mean greater room for growth in the coming year.

Larson says the key catalysts for moving valuation going forward (in order of priority) include, successful FDA approval and launch of new products, successful completion of Phase 3 studies, successful completion of Phase 2 studies that can lead to Phase 3 and partnership discussions, the acquisition of products and the clarity in funds to achieve outlined goals.

Among the companies she covers, Larson says all but two companies are hitting one or more of these milestones in 2008. Small caps Anesiva and POZEN are both expected to launch products that should bring a new market opportunities to their respective companies, Larson says. Additionally, ISTA Pharmaceuticals and Salix have products on tap for 2008 that could, according to Larson, expand or protect the companies’ existing franchises.

Significant news flow on the Phase 3 data release is also expected in 2008, according to Larson, from companies including Allergan, Barrier Therapeutics, Cadence, DURECT, Endo, Inspire, ISTA, NeurogesX, Obagi, POZEN, Salix, Sciele and Shire.

“News events in 2007 have tended to carry greater risk than reward due to the market offering a negative bias on performance and expectations on good news being priced in early,” Larson wrote in a research note today. “However, we believe the news flow is more robust and varied this year, which may help re-cast the group sentiment.”

The small-cap specialty pharmaceuticals Larson has a positive rating on include Barrier Therapeutics (BTRX), Barrier Therapeutics (CADX), ISTA Pharmaceuticals (ISTA), NeurogesX (NGSX), Obagi Medical Products (OMPI) and POZEN (POZN).

Small-cap stocks jumped nearly 3% today, propelled by surprise earnings from Wal-Mart and an easing of credit fears. The Russell 2000 (NYSE: IWM) added 22.06 points, or 2.88%, to 789.15, snapping a two-day losing streak. The Dow Jones Industrial Average (INDU) gained 319.54 points, or 2.46%, to 13,307.09, its first rise in four sessions.

On a year-to-date basis, the Russell 2000 has advanced 0.22%, while the Dow has risen 6.67% and the S&P 500 has added 4.55%.

Trading got off to a bullish start this morning on news that Wal-Mart Stores Inc. (NYSE: WMT) saw a 7.9% increase in third-quarter profit at its U.S. stores, while revenue rose 8.9%.

The result pleasantly surprised analysts and eased fears that the U.S. consumer was cutting back on spending. Americans do about 10% of their shopping at the Bentonville, Ark.-based retailer, which began offering discounts two weeks earlier than last year to lure customers.

Stocks were gaining momentum, with the Russell 2000 adding more than 1% within the first 30 minutes of trading.

The bears had no chance, even after Bank of America Corp. (NYSE: BAC) said that it projects a fourth-quarter pre-tax charge of $3 billion due to its purchase of collateralized debt obligations that have plummeted in value because of the stagnating U.S. housing market. Collateralized debt obligations are loans—such as mortgages—that are pooled together and sold to institutional investors as a package.

Shares of ISTA Pharmaceuticals Inc. (Nasdaq: ISTA) took off this afternoon on news of a successful trial of the company’s anti-inflammatory drug.

The Irvine, Calif.-based maker of ophthalmic (dealing with the visual pathways, such as the eye and brain) drugs announced after the start of trading that its topical non-steroidal anti-inflammatory compound outperformed a placebo in a study of 500 patients who underwent cataract surgery.

Patients treated with Xibrom did not develop ocular inflammation within 15 days after the surgery and did not experience ocular pain beyond the first day. The positive results were reported at the ongoing annual meeting of the American Academy of Ophthalmology in New Orleans, La.

At 3:44 p.m. ET, shares of ISTA Pharmaceuticals Inc. (ISTA) had added $0.76, or 14%, to $6.27. The 52-week high of $10.74 was touched on April 25, while the 52-week low of $5.51 was established on Nov. 9.

Irvine, Calif.-based ISTA Pharmaceuticals, Inc. (Nasdaq: ISTA) reported is is selling up to $100 million in common and preferred stock.

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

The Russell 2000 is posting small gains this morning, following news of an expected rise in U.S. weekly jobless claims, as well as news of acquisitions activity.

At 10:15 a.m. ET the Russell 2000 had added 1.51 points, or 0.18 percent, to 849.71. Dow Jones Industrial Average was down 22.52 points, or 0.17 percent, to 13,554.78.

In economic news, U.S. jobless claims for the week ended June 30 increased 2,000 to 318,000 on a seasonally adjusted, the Labor Department said before the opening bell. That’s in line with economists’ projections.

In business news, private equity firm The Blackstone Group (NYSE: BX), which went public on June 22, has agreed to buy Hilton Hotels Corp. (NYSE: HLT) for $20 billion. That’s comes to a price of $47.50 a share, a 40% premium over Hilton’s Tuesday closing price.

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

The Russell 2000 is moving up this afternoon, while the Dow is flat. At 2:13 p.m. ET the Russell 2000 was up 7.71 points, or 0.93%, to 833.84. The Dow Jones Industrial Average was up 18.78 points, or 0.14%, to 13,356.44.

Shares of ISTA Pharmaceuticals Inc. (Nasdaq: ISTA) are appreciating following news it’s raising approximately $36.75 million through a private placement. Institutional investors will be offered 5.25 million shares at a purchase price of $7.00, the Irvine, Calif.-based company said before the start of trading. Closing is expected to occur on or about June 29. The stock is up $0.15, or 2%, to $7.47.

Labopharm Inc. (Nasdaq: DDSS) said it received a second approvable letter from the U.S. Food and Drug Administration, which said the company has not shown the efficacy of its once-a-day formulation for tramadol. Tramadol is an analgesic for the treatment of moderate to severe pain. The FDA letter said the statistical methods used by Labopharm in clinical trials did not sufficiently address missing data about subjects who dropped out. Labopharm, based in Laval, Canada, said it seeks to talk with the FDA as soon as possible to find out the best way to address the issue and to move forward toward final approval. Shares of Labopharm were down $3.01, or 48%, to $3.30 in after-hours trading.

Other small caps making news in after-hours trading:

CRA International (Nasdaq: CRAI), a management consulting company, said results for the second quarter ended May 11 would be below expectations, and it lowered guidance for full fiscal 2007. The Boston, Mass.-based company now expects 2007 revenue growth in the 10% to 12% range and earnings per share growth of 12% to 17% above 2006. For the second quarter, CRA International said preliminary results showed revenue would be about $88 million, compared with $84 million in the same quarter last year; analysts had expected $96.79 million. Net income is expected at $0.53 per share, including a net tax benefit, compared with $0.55 the previous year and forecasts for $0.64. Shares of CRA International were down $8.89, or 17%, at $44.00 in after-hours trading.

The Dow set a new record close while the small cap index stumbled on a day when news of a merger in the aluminum sector occupied investors’ minds.  Among specific Russell 2000 stocks, analysts lowered ISTA Pharmaceuticals, Inc.’s (Nasdaq: ISTA) target price while shares of Cell Therapeutics, Inc. (Nasdaq: CTICD) moved up on news of a fast-track status from the FDA.

The Russell 2000 lost 1.01 points, or 0.12 percent, to 831.87.  The Dow Jones Industrial Average closed in record territory for the fifth day in a row, adding 48.35 points, or 0.36 percent, to 13,312.97.

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

These are the biggest percentage losers among companies with market capitalizations under $500 million:

Shares of Irvine, Calif.-based ISTA Pharmaceuticals, Inc. (Nasdaq: ISTA) are in negative territory following news this morning that the U.S. Food and Drug Administration has rejected the company’s inflammatory eye condition treatment.  The stock is down $0.05, or 0.5%, to $9.62.

Seattle-based Jones Soda Co. (Nasdaq: JSDA) reported after Thursday’s close that its first-quarter profit fell short of analysts’ expectations.  The company said that an increase in revenue was offset by increased investments in sales personnel.  Nevertheless, shares are up $1.29, or 5%, to $25.21.