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While the market studied the possible affects of an SEC ban on 'flash orders' and SEC Commissioners were talking of overhauling the S&P, Fitch and Moody's ratings services, buyers came in early with significant volume and Boston Financial (BPFH), Syneron Medical (ELOS) and Cytokenetics (CYTK) all benefited with good news.
Gaining 28.01% ($1.51) is S&P SmallCap 600 company Boston Private Financial Holdings Inc., (BPFH) http://www.bostonprivate.com/ which is currently trading on the Nasdaq in the $6.90 range. BPFH has a new market cap of $473 million. BPFH has a 3-Month average daily trading volume of 782,308 shares and it nearly tripled that in the first hour and a half of trading; topping 2,012,378 shares traded.
BPFH announced yesterday that it had sold its Gibraltar Private Bank and Trust unit to a group of private investors. The sale generated $93 million for BPFH and will take $50 million off its non-performing assets and will decrease its troubled loan by $91 million.
Also after market yesterday, BPFH management announced that it intends to sell another business unit; RINET Company. BPFH will sell the wealth advisory firm to the RINET management team. BPFH will then reallocate its resources to other business interests.
The news-on-news cycle started this morning with RBC Capital Markets upgrading BPFH from Sector Perform to Outperform and that's when the stock took off this morning.
BPFH operates as a multi-bank holding company in the United States. BPFH offers traditional banking services and offers financial planning, tax planning and preparation, estate and insurance planning, retirement planning, charitable planning, and intergenerational giving planning.
At $6.90, BPFH is below its 52-week high of $13 set on 09-22-08 and is above its 52-week low of $2.07 set on 02-20-09. At $6.90, BPFH is ahead of both its 50-day and 200-day moving averages. BPFH has trailing twelve month revenues of $191 million. BPFH is widely held by institutions. Its shares out versus float ratio is near-parity.
Gaining 6.62% ($0.61) this morning is Syneron Medical Ltd., (ELOS) http://www.syneron.com/ currently trading in the $9.73 range on the Nasdaq. ELOS has a new market cap of $267 million. ELOS has a 3-Month average daily trading volume of 189,711 and had nearly doubled that two hours into the session toping 378,506 shares traded.
ELOS got a news-on-news push this morning from Oppenheimer which upgraded the stock from Perform to Outperform on the heels of Wednesday's ELOS news.
Wednesday, ELOS announced it was going to buy its rival, Candela Corp., (CLZR) in a $65 million stock deal. Candela shareholders will receive 0.2911 shares of Syneron for each Candela share held. Overall, Syneron will issue 6.7 million shares, at approximately $2.84 per share, representing a 51% premium to Candela's closing price of $1.88 Tuesday. The purchase by ELOS is expected to close by the end of the year, with ELOS shareholders owning 80% of the combined company.
The combined company will have annual proforma revenue of more than $180 million, based on the most recent quarter, with about 62% of revenue coming from international sales, ELOS and CLZR said in a joint statement.
ELOS makes and sells aesthetic medical products. The company develops products based on its proprietary ELOS technology, which combines conducted radiofrequency energy, an electrical energy; and light or laser-based energy, an optical energy. Its products target a range of non-invasive aesthetic medical procedures, including hair removal, wrinkle reduction, rejuvenation of the skin's appearance, acne treatment, leg veins treatment, and dental laser treatment.
At $9.73, ELOS is below its 52-week high of $15.80 set on 09-26-08 and is above its 52-week low of $4.55 set on 03-10-09. At $9.73, ELOS is pennies ahead of its 50-day moving average and two dollars+ ahead of its 200-day moving average. ELOS has trailing twelve month revenues of $68 million. ELOS is widely held by institutions. Its shares out versus float ratio is near-parity.
Gaining 11.08% ($0.39) this morning is Cytokinetics Inc., (CYTK) http://www.cytokinetics.com/ currently trading on the Nasdaq in the $3.85 range. CYTK has a new market cap of $238 million. CYTK has a 3-Month average daily trading volume of 268,929 and it easily surpassed that two hours into today's session.
CYTK announced that it is giving a broad, company update by management and industry insiders this morning via webcast that will elaborate on its drug pipeline highlights and its research and development activities.
CYTK said in a press release: "We believe that our productive research and development activities have yielded a pipeline of multiple compounds that are specifically engineered to potentially address key liabilities of existing drugs. In particular, we believe each of our clinical programs focused to cardiac and skeletal muscle may have the potential to define new paradigms for the treatment of severe diseases that are increasingly amongst the major contributors to the mortality, morbidities and excessive costs associated with aging demographics."
A Review and Presentation of the CYTK pipeline...
CYTK management will discuss this morning the drugs Omecamtiv mecarbil (formerly CK-1827452) and its Phase IIa clinical trials data and CK-2017357 and its Phase I clinical trial data.
CYTK is a clinical-stage biopharmaceutical company. CYTK engages in the discovery and development of small molecule drug therapeutics for the treatment of cardiovascular diseases and cancer. Other CYTK drugs in development include: SB-743921, which is in Phase I/II trials to treat patients with non-Hodgkin or Hodgkin lymphoma; and GSK-923295, centromere-associated protein E inhibitor, which is in Phase I clinical trials to treat patients with refractory solid tumors. CYTK has strategic alliances with several major drug manufacturers.
At $3.85, CYTK is below its 52-week high of $5.50 set on 09-22-08 and is above its 52-week low of $1.39 set on 03-02-09. At $3.85, CYTK is ahead of both its 50-day and 200-day moving averages. CYTK has trailing twelve month revenues of $81 million and a trailing twelve month diluted EPS of $035. CYTK is widely held by institutions. It shares out versus float ratio (60m/45m) is close enough not to raise any red flags.
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