And Centerline (CHC) shares continued to plunge following Friday's news that it will slash its dividend and take a hit of between $45 million and $55 million from securitizing its $2.8 billion affordable-housing-bond portfolio with Freddie Mac (FRE). The asset manager also cut its 2007 forecast for cash available for distribution by at least 14 cents to between $1.70 and $1.75 a share. Centerline shares fell another 1% to $7.62 a share in heavy volume.
Among the financial winners, however, was Legg Mason (LM). After the close on Friday, the asset manager said it has cut its exposure to structured investment vehicles, or SIVs, to 3.2% of its total liquid assets. That should result in a charge of $22.2 million, or 15 cents a share. Still, Legg Mason shares were up $1.92 to $73.15.
IDM Pharma (IDMI) said that Sanofi-Aventis (SNY) dropped the development of IDM's Uvidem, an investigational therapy for melanoma. Consequently, IDM will restructure, cut staff and review the assets and costs associated with products under development. The company will dish the restructuring plan in full in the first quarter.
IDM, which regained all rights to Uvidem, gave up 15 cents, or 16%, to 79 cents.Heading in the other direction, Oxigene (OXGN) said Monday that its lead product candidate, zybrestat, successfully completed the first stage of an ongoing midstage trial for ovarian cancer. The study is evaluating the combination of Oxigene's Zybrestat with carboplatin and paclitaxel in patients with advanced, hard to treat ovarian cancer. The trial met its first primary endpoint and will thus enroll 25 patients and move to the next stage. Oxigene's shares rose 31 cents, or 14.2%, to $2.49.