|Healthcare Review: GlassesOff, Chimerix, La Jolla Pharmaceutical, bluebird bio, Provectus Biopharmaceuticals|
|By Staff and Wire Reports|
|Wednesday, 21 May 2014 14:15|
Shares of nano cap GlassesOff ($GLSO) jumped on robust volume in response to its closing of a private placement of 4M shares at $1.25. According to the company's most recent 10-Q, its cash balance had dwindled to only $645K.
Chimerix ($CMRX) longs finally get a reprieve as shares pop on a 10x surge in volume. Late yesterday, the company announced the pricing of its 7.3M share offering at $14.22/share. Underwriters over-allotment is 1.095M shares. Gross proceeds will be ~$104M.
Shares of La Jolla Pharmaceutical Company ($LJPC) continue their slide dropping below the 200-day MA on light volume. Prices have now retreated 62% from the March 11 high of $19.50 when shares spiked in response to the company's announcement of positive results from the Phase 2 clinical trial of GCS-100 for chronic kidney disease.
Shares of bluebird bio ($BLUE) are down big on a 50% surge in volume after the company wrapped up its third investor presentation this morning at the UBS Healthcare Conference. The stock had been on a tear since the day after its first presentation on May 8 at the Deutsche Bank Health Care Conference, followed by a second presentation on May 14 at Bank of America's Healthcare Conference. Shares peaked at $27.65 on May 20 representing a 59% gain from the May 9 low of $17.40. Shares are still down 58% from the July 17 high of $36.25.
Shareholders of nano cap Provectus Biopharmaceuticals ($PVCT) have had a rough ride since its debut on the NYSE MKT exchange last Friday. Shares peaked at $3.75 but quickly reversed and bottomed today at $1.55 on a 5x surge in volume. This represents a 59% smackdown in just a few days. It appears that there are some doubters about its prospects.