Health Care Sector Update for 01/21/2015: ADXS,NVIV,OCLS - NASDAQ.com
In company news, Advaxis ( ADXS ) plunged Wednesday, with shares of the biotech company falling under $10 for https://twitter.com/alexsimring the first time since Jan. 8 after a short-seller posted a negative Seeking Alpha article today, writing trial data for the company's ADXS-HPV lead drug candidate overstates its ability to fight tumors. Blogger Richard Pearson dismisses many of the factors helping lift ADXS shares more than 60% since November, arguing the company's stock is soon poised for a steep drop. In particular, he directs much of his scorn at Mission IR and its "Dream Team Group," which he accuses of "dumping" favorable articles onto stock research websites as part of a broader effort to push ADXS' share price higher. "This is simply another heavily promoted, retail-driven microcap stock being traded by technical day traders for the moment," Pearson said, later adding it and similar stocks lacking broad institutional support are often subject to "wild swings on [investor] sentiment." ADXS shares were down over 22% at $9.14 each, erasing nearly all of its gains this month after the company Jan. 7 announced a collaboration pact with the GOG Foundation to work on Phase III testing of ADXS-HPV in patients with cervical cancer. The stock has traded within a 52-week range of $2.46 to $13.74 a share, rising more than 83% over the past year prior to today's drop. In other sector news, (+) NVIV, Reports improved motor, sensory, bowel and bladder function and no serious adverse events during the first three months following installation of its neuro-spinal scaffold in patients with acute spinal cord injury. (-) OCLS, Prices public offering of 6.25 mln shares at $1 each, a 14% discount to Tuesday's closing price.
The company also plans to issue 30-day options to underwriters to buy up to 150,000 additional shares to cover possible over-allotments. It did not specify how it will spend the new funds, saying it will provide those details in an upcoming prospectus for the offering. PBYI shares recently were down over 8% at $199.43 each after earlier sinking to a session low of $195.00 a share. The stock has traded within a 52-week range of $53.63 to $279.37 a share, rising more than 55% over the past 12 months prior to today's decline. In other sector news, (+) NVIV, (+21.8%) Reports improved motor, sensory, bowel and bladder function and no serious adverse events during the first three months following installation of its neuro-spinal scaffold in patients with acute spinal cord injury. (-) OCLS, (-26.3%) Prices public offering of 6.25 mln shares at $1 each, a 14% discount to Tuesday's closing price. Pockets $6.3 mln in gross proceeds, which will be used to expand the company's direct sales force and for new research and development. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc. Copyright (C) 2014 MTNewswires.com.
Health Care Sector Update for 01/21/2015: PBYI,NVIV,OCLS - NASDAQ.com