The Week’s Biggest MoversFriday, April 5, 2013
The Los Angeles Business Journal’s index of largest local public companies rose slightly for the week.
The weighted LABJ Stock Index rose less than 1 percent to $154.63 for the trading week ending April 5. Decliners outpaced gainers 108 to 50, with 13 companies unchanged.
The biggest gainer was Obagi Medical Products Inc., jumping 25 percent to $25.42. The Long Beach company maker of physician-dispensed skin care products said its initial suitor, Valeant Pharmaceuticals International Inc., increased its bid for the company to more than $418 million in order to top a rival offer from Merz Pharma Group.
Virtual Piggy Inc. rose 15 percent to $1.75. The Hermosa Beach online payment firm signed a deal with a British payment processor.
MannKind Corp. gained 12 percent to $3.76. The Valencia biotech benefited from positive coverage on investor blogs.
The biggest decliner was Ixia, falling 16 percent to $17.79. The Calabasas network company disclosed in its 10-K annual financial report that it would have to restate financial results for 2010, 2011 and the first three quarters of last year.
Kythera Biopharmaceuticals Inc. fell 14 percent to $20.35. The Calabasas biotech disclosed in a regulatory filing that its chief medical officer had been replaced.