Research Solutions, Lions Gate Among Week’s Biggest MoversFriday, March 21, 2014
The Los Angeles Business Journal’s index of largest local public companies fell slightly for the week.
The weighted LABJ Stock Index fell 0.38 percent percent to 189.28 for the trading week ended March 21. Gainers outpaced decliners 99 to 54, with seven companies unchanged.
Among the biggest gainer was Research Solutions Inc. Shares rose 14 percent to $2.28. The Los Angeles provider of scientific and medical digital document delivery services announced it had won a large contract with the Samuel Curtis Johnson Graduate School of Management at Cornell University.
Virtual Piggy Inc. gained 13 percent to $1.60. The Hermosa Beach online payment system for kids signed a partnership with Europe Games Group that will allow 15 million gamers to purchase in-app items via the company’s Oink payment system.
Staar Surgical Co. rose 10 percent to $16.61. A Food and Drug Administration advisory panel recommended U.S. marketing approval for one of the Monrovia company’s implantable eye lenses.
The biggest decliner was Lions Gate Entertainment Corp., down 14 percent to $27.60. Investors were concerned by mixed reviews for the Santa Monica studio’s latest young-adult film franchise and prospects for other movies in its pipeline.
Herbalife fell 14 percent to $49.54. The downtown Los Angeles nutritional supplement company said the U.S. Federal Trade Commission had opened an inquiry into its operations, which have been under attack by an activist hedge fund manager.
CytRx Corp. fell 8 percent $3.82. The West L.A. drug developer was hurt by reports regarding the company’s stock promotion.