Arrowhead, CytRx Among Week’s Biggest MoversFriday, October 11, 2013
The Los Angeles Business Journal’s index of largest local public companies rose slightly for the week as the markets rebounded.
The weighted LABJ Stock Index closed up 0.4 percent to 171.25 for the trading week ended Oct. 11. Gainers outpaced decliners 91 to 64, with eight companies unchanged.
The biggest mover was Arrowhead Research Corp. jumping 33 percent to $8. The Pasadena drug developer sold $60 million in shares in a private offering and announced progress in the clinical trial of its Hepatitis B treatment.
Preferred Bank gained 7.5 percent to $19.22. Fig Partners initiated coverage on the downtown Los Angeles business bank with an “outperform” recommendation and a 12-month price target of $21 a share.
The biggest decliner was CytRx Corp., dropping 29 percent to $2.29. The Los Angeles cancer drug developer raised money by issuing 10 million new shares at nearly $1 below their market price.