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growthequities
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Marcus-Goetz Laun Vice President at Chardan Capital Markets Greater New York City Area Investment Banking Previous Knight Equity Markets, HYPE North America Inc., Brean Murray & Co. Inc Education MBA, Finance at Columbia Business School
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Growth Equities
  • SolarCity Has A ‘blazing' Opening; Rigel Falls As Anti-arthritis Drug Disappoints 0 comments
    Dec 13, 2012 3:01 PM

    California based SolarCity (NASDAQ:SCTY) had a blockbuster market debut as the shares surged more than 50% to touch $12.00 in intraday trade, on volumes of more than 7 million shares. SolarCity installs solar panels. SolarCity was forced to reduce the offer price of its shares earlier though. The company had originally offered shares $13-15 range which would have valued it at $1 billion and would have yielded $141 million in funds from investors.

    The IPO did raise $92 million, valuing the company at $600 million. The company said it plans to use the proceeds for working capital and to expand the business through acquisitions or investments. Read more on it here.

    Allot Communications Ltd. (NASDAQ:ALLT) continued to suffer in trade as the stock lost another 12% to fall to $17.65, down $2.45 from its previous close. The company has been hit with multiple downgrades on account of a significant fall in EPS in the recent quarter and unsustainable high valuations which saw the stock price ruling at a multiple of 62 to EPS. Here is one such downgrade.

    Allot Communications Ltd. engages in developing, selling, and marketing Internet protocol service optimization and revenue generation solutions in Europe, the Middle East, Africa, the Americas, Asia, and Oceania. Its solutions are used to create policies to monitor network applications, enforce quality of service policies that guarantee mission-critical application performance, mitigate security risks, and leverage network infrastructure investments.

    Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) fell on Thursday in the US market after reporting disappointing mid-stage study results for their experimental rheumatoid arthritis drug. The drug failed to show superiority to Abbot's Humira. The drug did meet its first goal of showing better results than a placebo after six weeks. But the study failed to achieve the second goal of proving it superior to Humira, the world's best-selling rheumatoid arthritis injection. Read more on the story here.

    Rigel's stock was trading at $5.42, down more than 35%, on volumes of nearly 5 million shares. Rigel engages in the discovery and development of novel, small-molecule drugs for the treatment of inflammatory and autoimmune diseases, as well as muscle disorders.

    Shares of Oncolytics Biotech Inc. (NASDAQ:ONCY) jumped 47% in trade on Thursday after the company announced positive top line data for the first endpoint in a randomized Phase III study of its Reolysin drug for head and neck cancers. The stock was trading at $3.21, up $1.04, from its previous close, adding tremendous value to investor wealth.

    Oncolytics Biotech Inc. is a biotechnology company which focuses on the development of oncolytic viruses as potential cancers therapeutics.

    In the media space, Dex One Corporation (DEXO) climbed more than 20% to reach $1.60 in trade, on strong volumes of 1.5 million shares. The major development has been the company reaching an agreement with its lenders regarding retirement of its debts.

    Dex One Corporation, a marketing solutions company, offers various solutions to promote businesses on the Internet through its proprietary search engine marketing product, DexNet.

    Growth Equities (http://s.tt/1wRMq)

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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