MannKind, Jakks Pacific Among Week’s Biggest MoversFriday, June 6, 2014
The Los Angeles Business Journal’s index of largest local public companies rose for the week.
The weighted LABJ Stock Index closed up 2 percent to 195 for the trading week ended June 6. Gainers outpaced decliners 104 to 53, with five companies unchanged.
Among the biggest gainers was Valencia biotech firm MannKind Corp. Shares rose 20 percent to $10.23 amid optimism the company’s insulin drug Afrezza will gain approval from the Food and Drug Administration next month.
Also gaining was RadNet Inc. Shares of the Westwood outpatient imaging center operator rose 16 percent to $7.43 as the stock was upgraded by a Deutsche Bank analyst.
The biggest decliner was Puma Biotechnology. Shares of the Westwood drug developer fell 26 percent to $57.46 after the company released disappointing results from a trial of its cancer drug.
Also declining was Jakks Pacific. Shares of the Malibu toymaker fell 12 percent to $7.51 after the company announced it would issue $100 million in convertible notes.