Puma, Mannkind Among Week’s Biggest MoversFriday, May 17, 2013
The Los Angeles Business Journal’s index of largest local public companies continued to gain this week, in line with the larger markets.
The weighted LABJ Stock Index rose 1 percent to 169.07 for the trading week ending May 17. Gainers outpaced decliners 103 to 60, with six companies unchanged.
One of the biggest gainers was Puma Biotechnology Inc., jumping 31 percent to $37.36. Shares of the Westwood cancer drug developer appeared to benefit from clinical study data released on a GlaxoSmithKline Plc experimental cancer drug.
Mannkind Corp. rose 30 percent to $5.19. The Valencia developer of an inhalable insulin product received new analyst coverage with a “buy” rating on shares.
Overhill Farms Inc. gained 28 percent to $4.96. The Vernon frozen-meal maker agreed to be acquired by Bellisio Foods Inc. of Minneapolis for $81 million.
This week’s biggest decliner was Point.360, a Los Angeles provider of integrated media management services fell 28 percent after disclosing in a regulatory filing that it no longer met Nasdaq QMX Group listing requirements following the resignation of one of its three independent directors. It had jumped 39 percent the week before on a better-than-expected fiscal third quarter.