Senomyx shares fall after offering priced
Shares of food flavoring company Senomyx Inc. dropped on Friday after the company priced an offering of 7.1 million shares at a 12 percent discount to the stock’s closing price on Thursday.
Late Thursday, Senomyx said it planned to sell $20 million in shares. On Friday, it priced a public offering of about 7.1 million shares at $2.80 per share, a 12 percent discount to the stock’s closing price Thursday of $3.17 per share.
Shares dropped 64 cents, or 20 percent, to $2.53 during midday trading. The stock has traded between $1.35 and $4.75 over the past year.
The company said it plans to use proceeds to fund research and development, plus general corporate purposes, including working capital.
Deutsche Bank Securities Inc. is book running manager for the offering and Roth Capital Partners LLC is acting as co-manager of the offering.
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King Pharmaceuticals Inc. named Kevin S. Crutchfield and Dr. Derace Lan Schaffer to its board of directors, according to a Securities and Exchange Commission filing Friday.
They will serve until the 2010 annual meeting or until their successors have been elected and qualified, the company said.
Crutchfield has served as CEO of Alpha Natural Resources, a supplier and exporter of metallurgical and thermal coal, since July 2009. Schaffer has served as CEO of The Lan Group, a venture capital firm he founded that specializes in health care and high technology investments, since 1990.
Shares of King Pharmaceuticals, based in Bristol, Tenn., fell a penny to $11.50 in afternoon trading.
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Shares of eHealth Inc., a Web site that markets health insurance to consumers and small businesses, fell Friday after the company’s fourth-quarter revenue results missed Wall Street expectations and application growth slowed.
The stock fell $1.60, or 8.9 percent, to $16.29 in afternoon trading. Shares have traded between $11.59 and $19.60 over the last 52 weeks.
Late Thursday, the company said it earned $4.8 million, or 20 cents per share, marking a 30 percent boost from $3.6 million, or 14 cents per share, during the same period a year prior. Revenue rose 17 percent to $34.4 million from $29.5 million.
Analysts polled by Thomson Reuters expected profit of 16 cents per share on revenue of $35.4 million.
During the quarter, submitted applications for individual and family insurance rose 6 percent to 122,300 applications. The rate of growth has been slowing for several quarters. [Read the full article]
Shares of real estate investment trust DuPont Fabros Technology Inc. rose Friday after a Raymond James analyst upgraded the stock to “Strong Buy,” saying the company’s success at leasing properties should help growth continue.
DuPont Fabros shares added 73 cents, or 4.3 percent, to $17.59 in afternoon trading. The stock has ranged from $4.60 to $18.50 over the past year.
In a note to clients, analyst William Crow increased his price target by a dollar to $20. His previous rating on the stock was “Market Perform.”
The analyst said the company’s leasing in Chicago and Virginia should lead to “significant” net operating income and net asset value growth in the next few quarters, and pre-leasing in New Jersey should also help.
Crow said the company’s fourth-quarter results, which were released Wednesday, were “slightly better than expected” and noted that the company’s outlook for 2010 was higher than analysts expected. [Read the full article]