OXiGene: Small-Cap Winners
NEW YORK (TheStreet) -- Small-caps were out of favor on Thursday, but a select few stocks managed to grab investors' attention.
Bioanalytical Systems (BASI), which provides contract development services and research equipment to pharmaceutical, medical research, and biotechnology companies, was up 21% at $2.25 after it reported a turnaround in second-quarter profit. For the second quarter ended March 31, income came in at $483,000, or 10 cents a share, versus a loss of $1.2 million, or 25 cents per share. Revenue increased 21% to $8.4 million compared to $6.9 million for the second quarter of fiscal 2010.
Shares of Discovery Laboratories (DSCO) was shooting up 19% to $2.60 on heightened volumes after its losses narrowed to $3.8 million or 21 cents per share from $6.05 million or 66 cents per share.
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OXiGene (OXGN) was a notable gainer, rising 14% to $5.57, with volumes soaring to more than 5 million shares in mid-morning trading. The biotech company announced Thursday morning that it had commenced phase 1 trials of an anticancer compound used the treatment of patients with acute myelogenous Leukemia.
The stock has been topping the small-cap charts in recent trading sessions, gaining 56% since Friday's close. Cloud Peak Energy (CLD), the third-largest U.S. coal producer, announced its successful $297.7 million bid for the West Antelope II North Coal Tract, which has an estimated 350 million tons of mineable coal, according to the Bureau of Land Management. Insurance company MBIA (MBI) was up 5% at $10.08. The company recently reported a narrower loss, with adjusted results swinging to a profit as the company slashed expenses. -- Written by Shanthi Bharatwaj in New York>To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: tips@thestreet.com.
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